Is your child’s digital wallet secure? Find out

Published: October 17, 2019 11:49:13 AM

Working parents turn to new-age money management apps to not just give pocket money or allowances to their children but also teach them the art of managing money smartly.

money management, money management apps, good money habits,pocket money, allowancesHere are a few questions that parents must ask themselves before choosing an app.

By Neelesh Kripalani

Money Management Apps: Parents are increasingly becoming aware of the benefits of teaching money management to their children at a young age. As per recent research, nearly 9 out of 10 parents feel that it’s important to teach their children good money habits and 91% of parents agree that they should be the ones teaching their children these habits.

Working parents find it difficult to be present at the exact moment when their children need money. Hence, they turn to new-age money management apps to not just give pocket money or allowances to their children but also teach them the art of managing money smartly. Choosing the best money management app is a challenging decision. Parents must consider both, seamlessness and security features of the app to give their children an enjoyable money management experience.

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Below are the few questions that parents must ask themselves before choosing the app:

Do you know the app well? Parents should research and know the app thoroughly before downloading it on their child’s mobile phone. They should check the number of downloads, user reviews and security policies. It’s essential to be cautious as some apps can contain spyware or malware that’s designed to capture payment information.

Does the app have an instant blocking feature? Some money management platforms provide the convenience of the mobile app and prepaid card to its users. While choosing such a platform, parents must ensure that the app allows them to block the card instantly if lost or stolen.

Is your child aware of the hazards of using the app on public WiFi? Parents must educate their children about the risks of connecting their mobile devices to public WiFi. Any information passed through public Wi-Fi is accessible to all the other users. Money management apps must not be used on public Wi-Fi as it has highly confidential financial information.

Does the app adhere to PCI-DSS standards?  Since we use our credit or debit card to load money on to digital wallets through payment apps, it’s important to ensure that the app and platform adhere to Payment Card Industry Data Security Standards (PCI-DSS), standards of security. PCI-DSS compliance is a set of stringent guidelines to ensure a secure environment for storing, processing or transmitting cardholder data to prevent the misuse of cardholders’ personal information.

How do you safeguard your money if the phone is lost? While choosing the app, parents must check if the app provides them the flexibility of signing-in from other user’s phone and blocking the app, in case their child’s phone is lost or stolen. This flexibility saves users from the pain of calling the call center and going through the time-consuming validation questions before they are allowed to block the app.

(The author is CTO, Slonkit)

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