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Gone are the days when you had to use cash or even plastic money to conduct transactions. As per Global Payments Report, 52% of online purchases are done via digital wallets. Also, there has been a 42% decline in cash as a mode of traditional payment. These days you can perform a myriad of financial transactions with the help of an app that you can easily access on mobile, laptop, computer, or any other device. Hence, the concept of Digital Wallets has come into being.
Digital Wallets, as the name suggests, are digital payment tools in the form of apps or websites. Here you can add your payment details such as account details, credit/ debit card number, UPI ID, contact details, etc.
When you initiate a transaction using your digital wallet, the app or website accesses your bank account details to pay up to the vendor or to whomever the transaction is initiated. Digital wallets have made our lives super simple and comfortable as we can, for instance, pay vendors and people anywhere in the world. We can even pay bills, activate services, do shopping, and so on.
But as it is rightly believed, with every good, a bad too surfaces. This advancement in technology has given birth to many security issues which raise questions like – are digital wallets safe? There is no black and white answer for this. If you practice digital wallet safety measures, you are in a safe zone. Here are some digital wallet security practices –
Best Digital Wallet Security Practices
It is not that you should always sweat or be worried when using a digital wallet. Having said that certain practices like the ones mentioned below will help you enhance your digital wallet’s safety –
– Download Digital Wallet App Only From Trusted Names
Be it your bank’s digital wallet app or some of the most renowned names such as Google Pay, PayPal, Apple Pay, Samsung Pay, etc, you should download such applications only from trusted sources. This means you should preferably use platforms like Google Play Store, Apple Store, and the likes to download digital wallet apps. And, if not these, it is advisable that you head to the company’s website. Apart from that, no other source should be trusted.
– Never Share PIN/ Password
You should, at no cost, share the password of your digital wallet account or the PIN required to process a payment. The same goes for OTP as well. Make sure that whenever you make a payment and receive an OTP, no one is looking over your shoulders.
– Use Complex Passwords On Your Digital Wallets
Hackers feast on weak passwords and therefore strong passwords can up your digital password security game. Having said that, if you use multiple digital wallets or internet banking apps, it might just not be possible for you to maintain strong passwords across the board. That’s where you can use a password manager.
For instance, TweakPass is one of the best passwords out there that can be used both on a computer as well as on a smartphone in the form of an app. With TweakPass, you can generate strong passwords every single time. Moreover, you can also store all your passwords, account details, notes, and other sensitive information in a secured vault.
TweakPass Features At A Glance
– Use Multi-Factor or Fingerprint Authentication or Both
Multifactor authentication and biometrics have become an unsaid norm these days as far as digital wallet security is concerned.
Most digital wallets these days come with options to activate multi-factor authentication as well as biometrics on your account. Both are powerful ways to ward off snooping eyes. They may even protect you if your device that has the digital wallet falls into wrong hands because with multifactor authentication the person who has your digital wallet will need a second approval to approve the transaction and biometrics would require your fingerprints or eyes to approve the transaction or login into the account.
– Don’t Click on Random Links
You should never click on random links that you may receive via emails, texts, or social media invites. Such links can turn out to be vicious and in turn install malicious applications that can easily steal your digital wallet details.
– Avoid Using Public Wi-Fi for Conducting Transactions
Sipping a coffee at a cafe’ and then using their Wi-Fi to pay up might sound comforting but it could be a different picture for your digital wallet. Hackers are known to execute several attacks and they can easily trick you into giving your crucial credentials. So, the best bet is to either not use Public Wi-Fi for digital wallet transactions or use a VPN if the transaction is unavoidable.
– Keep An Eye On Your Account Associated With Digital Wallet
In case you have linked your bank accounts to your digital wallet, make sure that you monitor your account after you conduct a transaction. You can do this by checking your email or texts where you would receive the payment information. Additionally, always avoid autosaving credentials such as debit/ credit card details, bank account numbers, or any other financial detail. In an event of a breach, this step would help save your digital wallet and even connected bank accounts.
Digital wallets are the present and the future. Take it this way just as careful and vigilant you are with your cash and your physical wallet, you should be the same with your digital wallet. If you liked what you read do give this blog a big thumbs up. For more such information, keep reading Tweak Library. You can also find us on Facebook, YouTube, Instagram, Twitter, Pinterest, Tumblr, and Flipboard.