1. Security app to access mobile wallet even if device is lost

Security app to access mobile wallet even if device is lost

Mobile phone users would still be able to access their mobile wallets even if their devices are lost with the help of m-commerce player Zeta's newly launched security feature 'Trust'.

By: | New Delhi | Published: July 21, 2016 10:07 PM
With the increased use of mobile wallets, users are often vulnerable to loss of their devices leading to difficulties in accessing mobile wallet accounts. (Reuters) With the increased use of mobile wallets, users are often vulnerable to loss of their devices leading to difficulties in accessing mobile wallet accounts. (Representative Image: Reuters)

Mobile phone users would still be able to access their mobile wallets even if their devices are lost with the help of m-commerce player Zeta’s newly launched security feature ‘Trust’.

With the increased use of mobile wallets, users are often vulnerable to loss of their devices leading to difficulties in accessing mobile wallet accounts.

Claiming to put an end to this susceptibility of digital wallets, Zeta said it has launched a security feature as the mobile wallet can only be accessed after getting confirmation from a few trusted aides.

“In the Trusted Contacts feature, an user gets to nominate three friends as guardians for his app, who can help him access his account in case he ever loses his device and has to reinstall the app again,” Zeta said in a release.

It said an user can set up his Trusted Contacts network in under 10 seconds and in the event that the user loses his phone and tries to download the Zeta app on another device, Zeta activates the Trusted Contacts security to verify and authenticate the user’s id.

Zeta sends each of the user’s three chosen contacts a unique OTP (one time password). The user will then need to receive at least two of the three OTPs from his contacts and key it in the app when prompted.

Once authenticated, the user can access his Zeta account once again.

“This double security of two OTPs ensures that the user’s id is verified by at least two of his friends. This new security feature is important in this day and age where technology can be misused in accessing money in your mobile wallet,” Zeta added.

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