Nowadays, the majority of the population own a smartphone and shop online each month. But many still remain skeptical of mobile payment technologies that would allow them to purchase in-store merchandise by scanning their phone. In some ways, mobile payments are safer than swiping at a terminal, as it’s more difficult for hackers to get access to your credit card in a data breach. That’s because your actual financial information isn’t transferred during the transaction. Instead, an encrypted version of your credit card is used to authorize payment. Even with the advanced security features, it’s still important to keep some tips in mind to ensure your financial information isn’t compromised.
1. Use Trusted Payment Platforms – If you’re going to add payment information to your smartphone, use the latest version of the software provided with your device or a verifiable and trusted third-party platform, like PayPal, Google-Pay. Fraudulent mobile payment apps do exist and are created for the sole purpose of gathering credit card details.
2. Untrustworthy Apps Are a Security Risk – Be cautious about software you download onto your device. Even if your financial information is contained within a trustworthy financial app, an unrelated app on your phone can contain malware that’s designed to capture your payment information and deliver it to hackers.
3. Built-in Security Features – You can use security features that are built into your smartphone to lock or locate a lost or stolen cell phone. For example, Using a fingerprint to access your phone is much secured than entering with a 5 digit pin.
4. Strong Password Protection – Make sure you’re not carrying an unlocked phone. Without any security on your phone, a thief can quickly and easily get into your phone and access whatever personal and financial information you have stored.
5. Don’t Use Public Wi-Fi To Send Confidential Information – Information sent through public Wi-Fi is accessible to everyone else who has access. You’re safer using your phone carrier’s cellular network or your home’s password-protected internet connection.
6. Monitor Your Credit Card Regularly – We should be checking our credit card transactions on the regular, even if you have your phone in your possession and you’ve used all the payment safety precautions. Watching your account will allow you to detect any suspicious charges quickly and report unauthorized charges to your credit card issuer.
Some of the most popular mobile wallets include Apple Pay, Google pay, Microsoft Pay and Samsung Pay, and contrary to what many people think, these payment methods are generally considered to be more secure than plastic cards. Mobile pay is becoming more popular with the younger generation. The security and convenience of the new technology promises to change the way we make purchases, and mobile payments are one more step toward eliminating the need to carry bulky wallets. Remember to keep the above tips in mind when you are using your digital wallet to make purchases in the future.