After demonetisation of high value currency notes, use of e-wallet transactions and third party payment systems have increased. While demonetisation has pushed us towards a cashless world, we need to be cautious while conducting digital transactions.
Though most wallets follow a two-factor authentication mechanism for transfer of money to the wallet and require a password and an OTP for login, they still leave a gap in terms of security. And if you are using public wi-fi, then there is nothing that can make your phone safe.
Here are a few measures that you can adopt to keep your transactions secure.
If your wallet password is the same as that for your email, then this is for you. You should have a separate one for your wallet. Saving passwords in a document on the phone or in the contact list is neither safe nor advisable. It is safer to buy a password safe from Google Play Store or the App store. Though there are many free versions available, it is better to buy a premium one for the added security features. You can check out password manager apps such as LastPass, Dashlane, TrueKey and KeePassX.
Now that you have changed your e-wallet password, it is important to keep using it every time to login to the e-wallet. Although most wallets sign you in automatically after the first time you login with your password, you should log out each time you complete a session. Most would not notice this, but all wallets have a signout option in the profile section. So, sign out each time so as to not leave your wallet open for unauthorised access. If you are still concerned about security, a good option would be to install an app lock from the app store. This would allow you to lock certain apps from your phone, which may be helpful even if you want to leave your phone unlocked.
Third-party apps and downloads
There is always a temptation, especially for Android users, to download something from the net instead from the Play Store. While Play Store vets most of the apps that are available on the platform, internet providers have no such obligation. Most of the sites that allow these downloads come with viruses and malware that can easily infiltrate and collect user information from your device. Play Store may not have everything or may have apps that are expensive, but that is the price you pay for security.
Anti-virus and anti-malware
Desktop or laptop transactions are safer than mobile ones, as people tend to spend more on desktop security for anti-viruses than they do on mobiles. But with more transactions taking place via your phone, an anti-virus on mobile becomes as important as the one on your desktop. But just don’t settle for any anti-virus, what you require is an app that provides anti-spyware and anti-malware protection. There are some gateways that provide transaction security, and those might be the best bet. There are enough paid and free options to choose from; some well-known ones are 360 Security, Avira, AVG, Norton, Kaspersky and Eset. But if you are getting pop-ups on websites prompting that your phone has a virus and may be slowing down, it is
better to first backup and reset your phone and then download one of these apps, as your phone may already be infected with a malware.
– Use strong password with a mix of numbers, characters
– Do log out after every transaction
– Check your mobile wallet statement carefully on a regular basis
– Don’t use public Wi-Fi as hackers can steal login details
– Don’t use one password for all wallets
– Don’t download apps from the internet