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.
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.
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.
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.
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.
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.
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.
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.
Hypothetically, say you get hacked despite all the security measures, having less money in your wallet means you’ll lose less too.
As convenient as it seems to have your card details saved, avoid doing this for security reasons.
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