The mobile apps have become indispensable to the people, but still, the people are not ready to buy the idea of digital wallets. Despite, the promise of convenience, ease of use, and great popularity, the people show resistance to digital wallet use. The reason for people hesitation towards or the barrier to digital wallet adoption is mainly security.
They are ready to embrace the digital payment solution, but in the internet world, the cases of over-sharing, malware attacks, and loss of phones put the hard-earned money in risk. That’s why they are taking a big step back. There is a real incidence of a millennial who lost nearly $4.6 million when he mistakenly disposed of a computer having 7,500 bitcoins stored on it.
Some of these reasons are not letting digital wallets go into the mainstream.
The technology that has made the lives of people simpler, easier, and faster has an answer to this problem- “How to keep the digital wallets secure while making transactions?” The layer of encryption is certainly added to the Ewallet apps during the development, but the net of safety can easily get past by the hackers and then cracking the range of complicated credentials will be a work of an average Joe.
It indicates it’s highly important to combat fraud and protect the wallet’s privacy and security because soon the digital payments are projected to become the part and parcel of payment of the nation’s economy.
Here are the couple of tactics that can ramp up the digital wallet security:
- Keep all the devices password-protected
Every time, it’s not essential that you are trading or using the digital wallet on a mobile device only with password protection turned on. There exist chances that you are using the desktop or tablet to access and transact using the wallet. So the better way is to keep all the devices password-protected that you are using to access the wallet. Else, the little inconvenience that you want to escape from by avoiding password typing may cost you pretty penny.
- Beware when using a shared device
While traveling, it’s risky to access the wallet online through a desktop that’s not yours or the ones that boot as a dedicated virtual machine. Conducting large transactions using shared devices is unsafe and expose the digital wallet to outside threats. Also, ensure the places where you are carrying out even the small transactions through mobile digital wallet, they don’t store the sensitive information. Otherwise, the likelihood of getting a digital wallet and data stolen is higher.
- Make certain the network connections are secure
The digital wallets cannot just be hacked on devices or third-party vendor’s machines, while the crucial data can eavesdrop in transit on network connections. It’s vital to check the type of network on which you will connect the device and make payments. The public wi-fi networks are not secure and trustable and you can identify them with labels- ‘WEP’ connections. It’s preferable to use the network connections that are password-protected and you can identify them as “WPA or WPA2.”
- Don’t install apps that collect your private data
Every free stuff is not always good. It can be a mobile app that entertains you at zero installation cost, but when you download the app, you risk the personal data get illicitly collected. It’s not a good deal. Before downloading the app, don’t forget to check the app’s credibility, integrity, and trust quotient through reviews and rating on app stores or social channels.
Besides, no app asks for the user’s financial data or private information and when you mistakenly respond to such emails, phone inquiries, or messages, you are handing over the sensitive information in the hands of fraudsters who will control your wallet. Never share the private stuff.
- Don’t store login credentials in plain view
Presently, the user doesn’t install just one digital wallet on their mobile, instead, the phone space is occupied by the numerous apps where each app has its unique credentials. Memorizing the several passwords in the brain is a little difficult. Additionally, technology experts disagree to store them in a file or write it down for easy access because they are susceptible to misuse.
Therefore, you can consider the password manager apps such as LastPass where the password of different apps stored online in an encrypted fashion which gives you peace of mind. Still, your brain is the safest place to store passwords securely.
- Store the currency offline
In the events of phone lost or online data hacking, the virtual money stored on the wallet gets lost. It can be avoided by storing money offline and using it when payment has to be made where the internet connection is required for the limited time.
The cryptocurrency wallets are the best instances of it where the bitcoins are stored as cold (offline) and the internet connectivity is required only when bitcoins have to be transferred, which makes the wallet robust secure and hacking the data through internet impossible.
- Some additional precautions to take
To increase the safety level of wallets to unmatched level, you should be aware of whom to contact when any fraudulent activity accidentally occurs, disable the automatic logins from various devices, after every transaction take the backup of your wallet to encrypted storage, and make certain the wallet encrypt the data from end-to-end.
In the digital universe, surviving without digital wallets seems impossible because from a café to retailer to the hospital, every offline and online institute prefer to accept the payment through digital wallets. Even, post-digital wallet revolution, the people don’t want to make payment using cash or plastic cards, but security factor dragging them behind. Here, seven tactics come to the rescue. Follow the security tips to use, access, and make payment through wallets with a peace of mind.
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