The demonetisation drive has had a direct impact on virtual money. People have begun relying on online transactions for every other bill payment and money transfer. The use of mobile wallets has increased largely ever since then. And why not? Using them eliminates the need to worry about the cash crunch, plus they always have discounts and cashback offers that can save you a few bucks on the bill. If there’s any scepticism in all of this, it has to be related to its security.
Also Read: Apps to Beat the Cash Crunch and Get Through Daily Life
The RBI has set guidelines to these mobile wallets that ensure safety. Additionally, these companies monitor their own platforms constantly. In such a scenario, it is worth giving them a shot. However, we need to abide to a few safety measures on our part too so that our account is not compromised.
Having a phone lock on your smartphone is a wise in general in case your phone has been stolen or misplaced. While you might still be moaning the loss of your phone, it would be tragic to know that someone has also used up the money from your mobile wallet.
Additional app lock for the mobile wallet
As an added security measure, download an application locker for your smartphone. You can then add a password for important apps like your mobile wallet.
Download only reliable wallets
With the recent popularity of mobile apps, there have been a ton of new ones sprung up. However, it’s safer to stick by the ones who’ve been around and have been complying to the RBI guidelines. Here are a few wallets that are being used by millions of users in India
Download them from authentic sources
Downloading wallets from authentic sources like the company website itself or Google play store or iTunes ensures you have the original app that’s safe to use. Do not risk downloading them from third party sources.
Always check your notifications and statements
All mobile wallets send you an SMS and email about every transaction made. Do not ignore these notifications. Cross-check each of them to make sure they’re all your transactions.
Don’t use them on a rooted/jailbroken device
When you use a jailbroken iPhone or a rooted android device, you relinquish certain security Apple and Google use on the core OS to protect it from virus and hacking. This makes your device and the mobile wallet in it vulnerable to attacks.
Don’t use them while on public Wi-Fi
Public Wi-Fi’s are unencrypted, which means hackers can access the data you’re browsing when using this network. This could also give them access to your wallet, thus risking its security.
Do not add too much money
Hypothetically, say you get hacked despite all the security measures, having less money in your wallet means you’ll lose less too.
Consider not saving your card details
As convenient as it seems to have your card details saved, avoid doing this for security reasons.
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