Technological advancements are gracing different spaces, and the payment sector is not left behind. Purchasers are no longer restricted to credit and debit cards. Rather a more cashless alternative is here. The solution to a faster, easier, and more convenient mode of payment lies in the use of e-wallets. However, how safe are they? After all, one of the major concerns with technology is security. So, how do you protect yourself and maintain e-wallet safety?
What are E-Wallets?
Electronic wallets (e-wallets) also known as digital wallets, are cashless and quicker payment options. As much as they have been in use for years in different lands, they have greatly spread over different parts of the globe, thanks to the COVID-19 pandemic. This is an era where contactless modes of payment are most preferred by consumers, hence their widespread use. Furthermore, the continued popularity of e-wallets has made an increased number of retailers now offer them as a payment option.
With an e-wallet, you don’t have to carry your cards around as you make purchases or do any financial transactions. This is because everything is stored in your smartphone. Besides, you can have more than one card in your e-wallet. Also, you can still access your e-wallet even after you lose your phone. Therefore, e-wallets offer convenience to both consumers and business owners alike. Nonetheless, they are a safer way of completing transactions since you don’t walk around with your cash or credit and debit cards that you may misplace.
Additionally, e-wallets are secure since you will need a form of authorization e.g., the use of PIN or biometric before any transaction is complete. So, there are so many benefits attached to e-wallets. Unfortunately, it isn’t all good news. These modes of payment present a high risk of security attacks. So, are they safe?
Are E-Wallets Safe?
As already mentioned, a larger number of retailers and consumers are using e-wallets as a payment option. Unfortunately, malicious cybercriminals are aware of the increasing popularity. This translates to a larger target; hence they attack any unsuspecting users.
With the growing number of cyber threats against users, e-wallets are not 100% safe. For instance, there may be no security in the transmission of data, ad this can put the available financial information at risk since hackers can steal or tamper with it. Sadly, it is not surprising to get reports from e-wallet owners that someone had accessed the information on their electronic wallets and went further to purchase or make withdrawals without them being aware.
So, since the information and financial transactions in e-wallets are not entirely safe, there are steps you can take to safeguard yourself and your e-wallet.
How to Protect Your E-Wallet
E-wallets are typically safe and secure. However, in an era of increased technological innovation and use, you should take extra caution to ensure your security and that of your device. The following are some of the ways of ensuring e-wallet safety;
At times, you put your wallet at risk when you are unaware of potential prying eyes watching over your online transactions. Therefore, whatever activity you undertake in the e-wallet app should be discrete to ensure e-wallet safety. Ensure no other third party is aware of how you are unlocking your phone, the screen passwords, or any other patterns you use to unlock the phone.
Lock Your Phone and Wallet
One of the best ways of protecting your data is by locking your phone. You can take advantage of the different security options your phone offers. Notably, you can explore the variety and employ them differently. Importantly, you can lock any other app you feel has sensitive and private information and data.
For instance, if you want your wallet to be safe from any unauthorized access, we recommend you avoid using the same password or code for unlocking your phone for the e-wallet. This is because when someone knows the method you use to unlock either, they may be tempted to use the same for unlocking the other. Therefore, if the two methods of locking them are different, there are reduced chances of having a thief steal from your wallet or phone.
Monitor your Financial Accounts Regularly
At times, all you need to do to protect yourself is to be aware and alert of whatever activities go on in your e-wallet. This way, it is easy to detect in case an unauthorized user is tampering with your financial account. Besides, when you keep monitoring your account, you may be aware of any suspicious charges. In such a case, you may need to quickly consult or confirm with your bank.
Install Other Apps for Extra Security
With an e-wallet, you keep moving around with very sensitive financial information. With a such high level of security required, you may need an extra application. There are software and applications you can download on your device that can help add a touch of extra security in such a case.
Why not install an extra security app on your smartphone? The good news is that there is a variety to explore from. They come with different features. While others locate your smartphone regardless of the computer, some restrict access to your phone by locking it. Still, some security apps allow you to delete any information from your e-wallet remotely if you cannot retrieve the phone.
Avoid Using Unsecured WiFi
We recommend you always use a secured WiFi connection whenever you are accessing your digital wallet or any other related services. This way, you improve your e-wallet safety by reducing the chances of being hacked or having your financial information land in the wrong hands.
Have You Embraced E-Wallets?
Electronic wallets are the in-thing in matters payment option. This form of contactless payment is fast, easy, and convenient for both retailers and consumers. Rather than have endless cards physically, you can incorporate all of them into one e-wallet. With an increasing number joining the e-wallet gang, you can expect more e-commerce retailers and consumers to embrace the same. If you haven’t adopted this new technology, it is time to give it a shot. As you do, keep in mind that e-wallets are faced with certain security threats. So, ensure you put in place practices that help protect you and keep up with e-wallet safety.
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