Mobile payment is a widely used method of paying for products and services. It has replaced cards and lining up in the bank to access cash. As more people own smartphones, it simplifies access to virtual wallets. Although experts vouch for this type of payment, it still has risks that require attention. Thus, you can also incur losses if you are not careful enough when using such services. Here is more insight into the risks of using mobile payment.
- Malware
Hackers grow smarter day after day while investing their time in crafting undetectable malware. They then use the malware to steal personal details, including the passwords of the victim’s mobile wallets. Malware attacks mostly occur among ignorant phone users who follow lousy links and install questionable apps. Computers are more susceptible to viruses than android devices but mobile malware is becoming more popular.
Malware may also be hidden in some popular apps and steal insignificant amounts of money from the users. For instance, a report by the Check Point software company revealed an Android malware that charges its victims for non-existent premium services. The malware, ExpensiveWall, affected some apps on Google Play Store.
- Loss of a device
Provided that you use mobile banking, losing your android phone is as dangerous as misplacing your credit card at a public spot. There are low odds that your lost device falls into the hands of someone generous enough to return it. A hacker, or someone with ill intent, can find a method of unlocking your phone and ruin your financial prosperity.
Smartphones have an in-built security feature that detects unauthorized attempts at getting access. However, such features won’t limit the capabilities of someone who wants a piece, if not all, of your money.
- Data breaches
The leakage of private information is common among public Wi-Fi users. You can unknowingly send your confidential data to a hacker by using insecure Wi-Fi connections. Consumers of mobile payment services are more likely to suffer huge damage in case any form of data breach takes place. Phishing scams also play a significant part in data breaches since a potential victim may not distinguish between something fake and real. This social engineering technique mostly occurs through forged emails and online chats.
Five ways to stay safe as a mobile payment user
The best way to secure your money is to follow measures that protect your mobile wallet. Below are some of the ways.
- Using a VPN
It is essential to encrypt your financial information by downloading a VPN. VPNs mask your identity and protect you especially while using insecure Wi-Fi networks. Hackers won’t get to your money as they lack all the necessary details.
- Install an antivirus application
Download a tested antivirus to help you get rid of the malware. Premium apps offer better protection against viruses. Perform occasional manual scans even if the scanning process is automatic.
- Enable two-step authentication on your device
Having an extra factor in your smartphone to authorize access into it is crucial. You may set up one or more of the features of facial recognition, fingerprint, pattern, and password. As a result, it becomes difficult for a stranger to get your information.
- Manage your wallet at trusted locations
Home is the best place to view your wallet information. If you are far from home, make sure the network you use is secure. You can use a trustworthy Internet Service Provider.
- Report suspicious ads and links where possible
This step protects not only you but also other mobile banking users. Such ads and links occur in social platforms, emails, and some sites. Be careful before clicking on a link and avoid entering personal details when it prompts you.
Mobile payment methods are generally secure but you also need to take some precautions. By doing so, you are offering additional security to your hard-earned money. Thus, the chances of someone ever interfering with your financial data reduce drastically.
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