Online payments and digital wallets are increasingly gaining momentum in the world of financial transactions. Mobile payments are said to reach 1080 billion dollars by the end of 2022. It is a massive industry in itself, and with time, it will continue to grow. Digital wallets have changed the way we purchase things from the market.
Spending has increased with not much accountability and ease of payment. Unfortunately, we humans have always excelled at overusing technology to the extent it became a con for us. It takes a great deal of wisdom and strength to control one’s impulses and focus on the benefits technology is giving us, like digital wallets in this case. For example, they reduce the time otherwise spent on counting notes and coins at the grocery shop.
Moreover, we can do more than just purchase things and transfer money. For instance, you can store your keys for crypto digital wallets, vouchers and get special rewards on your purchases. One significant con that comes up to mind as we talk about digital wallets is their security. Since our bank accounts, credit and debit cards are associated with these wallets, we have to be extra attentive and alert.
So while digital wallets reduce hassles of money transfer, it also adds worry to our already worrying minds. But that’s okay. Humans have mastered the art of managing worries and bringing back the peace we deserve. Therefore, read further as we explore in-depth ways to ensure the security and safety of your digital wallet.
1. Create Password On Your Devices
Some of us are too lazy to enable passwords for our phones, laptops, and tablets. We dread the idea of having to remember and enter the password on the devices we use daily. But cybercrime experts say that a major chunk of users whose accounts were hacked or stolen did not enable passwords, which is the first security wall.
Therefore, if your smartphone, tablet or laptop is associated with your digital wallet, please enable strong and unique passwords to each. Avoid writing down or keeping the password in a place where anyone can access them. Your best bet would be to memorize the password. So we would suggest you create a complicated yet simple to remember password to keep hackers at bay.
2. Only Use Secure Network For Connections
If you are someone who is always tempted to find and connect to unlimited free WiFi, especially while travelling, then consider stopping right away. Free public WiFi can be a trap for unaware users to fall into and lose precious information. Hackers are everywhere, and accessing people’s devices through free WiFi is one of their main agendas.
Only connect to the internet with WPA or WPA2 names as these are password protected and considered secure. On the other hand, connections labelled as WEP are open, free and insecure.
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3. Download Apps From Legit Sources
Often, we download third-party apps that are fake and have hidden codes to stalk your device. We think we are only downloading a free game or camera app. But, the reality could be the opposite and cost us a fortune. Therefore, download and install apps only from sources you can completely trust.
Check for developers and ratings as a way to get a background check on it before you allow the app on your device.
Besides these steps, you must also keep enough resources at hand should anything goes wrong. Connect with people who can help you resolve any issue that may arise in the future with your digital wallet. So don’t wait for your bank details to be stolen from your wallet or get robbed online before you find out what to do next.
Also, try to keep your vulnerable data to yourself. Think of it like this, would you willingly give your wallet to strangers or even familiar people you don’t trust? If the answer is no, then you know what to do.