The convenience of digital wallets in our rituals is undeniable. Making payments with one click without even reaching a physical wallet is handy. But is it really safe? Hackers fetching into your digital wallet is not so different from your physical wallet getting stolen. It could even be worse, considering the things you store in your digital wallet. If you have question marks about the security of your digital wallet and want to find out ways to make it safer, this article will help you a lot.
To understand the safety of your digital wallet, first, you need to know how digital wallets work. A digital wallet is a software program or online payment tool that acts as the electronic equivalent of a physical wallet. It entitles users to store digital copies of payment methods, such as credit and debit cards, gift cards, crypto coins, tickets, passwords, and coupons, to use on the go with their devices, such as smartphones or smartwatches. They are also called electronic wallets, e-wallets, or mobile wallets.
How to Find a Secure Digital Wallet
To produce a user-friendly, mobile, and theoretically secure payment experience, digital wallets utilize several different technologies, including mobile apps, mobile hardware devices, OTPs (One Time Password), NFC (Near-Field Communication), and other security mechanisms like tokenization.
Thanks to the use of tokenization, passwords, 3D Secure, and other advanced security technologies that prohibit unauthorized third parties from reading and understanding them, digital wallets are viewed as safe and secure. However, as a user, you should be taking your own measures to keep your assets safe.
- Be wise in passwords!
Keep in mind that A101 in online security is choosing a hard-to-guess password, including a mix of alphabetical, numeric characters, symbols, upper or a combination of letters and numbers like 5HotChillyPretzels£12. Please never and ever share your password with anyone or save it to a public computer.
- Shield your mobile!
Before worrying about getting hacked, you should first consider the probability of thieves getting their hands on your phone. If your phone gets stolen and you do not have enough security on your phone, thieves can effortlessly access your mobile wallets. It would be best if you started using a password, swipe code or biometric authentication to guard your personal information and digital wallet. Actually, the game-changer is fingerprint scanning, so nobody else can penetrate your account rather than you.
- Locate your device!
There are security apps that can be installed in seconds to advance your phone’s security. They can also assist you in locating your phone in case it gets pocketed or lost if you do not already have that feature built into it.
- Be careful about your Internet connection!
Another thing you must avoid doing is connecting to public Wi-Fi. Never make a mobile payment over an unprotected public Wi-Fi connection. Consider downloading a reliable virtual private network (VPN) if you frequently connect to untrusted networks to increase security. This is a must to prevent hackers from getting your confidential passwords and reaching your mobile wallets.
- Keep track of your bankroll!
You can quickly figure out if your physical wallet is stolen. However, it is more difficult for you to spot instantly if your digital wallet is hacked. Check your transactions regularly to find out whether there is any suspicious transaction happening. Immediately close your account online and report these unauthorized transactions to your provider.
- Restrict location and online transactions!
Most digital wallets come with various settings allowing you to shift the preferences manually any time you like. Would you like to limit your account to your residential city? It will take less than 5 seconds to do so. What about online transactions? This is also possible from the switch setting in a blink of an eye. Plus, you can change it whenever you desire to purchase something online.
All in all, undoubtedly, while technology is evolving and more ways emerge to increase our cybersecurity, hackers are also getting smarter and bolder. It is best to take safeguards against crackers to shield any financial losses. Protect yourself from fraud while taking advantage of the newest technologies that can make your life easier.
Choose Jeton Wallet for safer payments!
We have created an innovative, functional, and bulletproof digital wallet for those with concerns