The convenience of digital wallets in our daily lives 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.
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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.
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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.
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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.
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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.
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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.
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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.
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Biometric Authentication
Biometric authentication, like fingerprints or face recognition, is a safe and easy way to keep your digital wallets out of harm. Because this technology uses unique biological traits, it is very hard for hackers and others to copy or break into. Adding physical authentication to your digital wallet is a strong way to protect your information that goes beyond passwords and two-factor authentication.
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Digital Wallet Encryption
When you encrypt your wallet’s data, it becomes unreadable to anyone who doesn’t have the decryption key. The protected data is safe and can’t be read by hackers even if they get into your wallet.
A lot of digital wallets have security built right in. To actively protect your info, you need to use these tools. If your wallet doesn’t have built-in encryption, you might want to use crypto software from a different company.
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Regular Account Monitoring and Transaction Reviews
Set up alerts for all activities and look at them often. Pay attention to small activities that you can’t see. Hackers often steal small amounts of money to practise before taking out bigger amounts.
Besides keeping an eye on your transactions, you should also check your account activity and settings on a regular basis. Make sure your security settings are always up to date and look for changes you didn’t make. This habit not only helps you spot strange things, but it also makes your digital wallet safer overall.
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!
In this age and time, digital payment options are becoming the norm. But who can you trust when there is another hacking scandal on the news almost every week? That’s where Jeton comes in to the picture.
With solid security features, flexible fees and simple user-interface operations, Jeton is here to take your payment-related worries away. As an innovative, functional, and bulletproof digital wallet for those with concerns, Jeton app invites you to the next chapter of online payments.
