Best practices for users to remain safe while using e-wallets
Enable Passwords On Devices: Strong passwords should be enabled on the user’s phones, tablets, and other devices before e-wallets can be used. Additional layers of security provided by these devices should be used.
Use Secure Network Connections: It’s important to be connected only to the trusted networks. Avoid the use of public Wi-Fi networks. More secure and trusted WiFi connections identified as “WPA or WPA2” requiring strong passwords should be used.
Install Apps From Trusted Sources: Reading the user ratings and reviews can provide some clues about the integrity of the e-wallet app. The user must check for the e-wallet provider to be showing strong legacy of securely, reliably and conveniently handling sensitive financial data and providing customer support (in the event of card loss or account fraud).
Keep Login Credential Secure: Avoid writing down information used to access the digital wallets in plain view or storing them in an unprotected file to avoid their misuse.
Create a Unique Password for Digital Wallet: Use hard-to-guess password unique to the digital wallet to prevent against the risk of unauthorized access.
Stay vigilant and aware of cellphone’s network connectivity status and register for Alerts through SMS and emails:
The user should not switch off his cellphone in the event when numerous annoying calls are received, rather answering the calls should be avoided. This could be a ploy to get him to turn off his phone or put it on silent to prevent him from noticing that his connectivity has been tampered with. The customer should realize that when he is not receiving any calls or SMS notifications for a long time against his e-wallet uses, he should make enquiries with his mobile operator to be sure about not falling victim to such scam.
Identify Points of Contact in case of Fraudulent Issues
For any fraudulent activity occurring on the user’s account in the scenarios like when phone is lost or stolen, an individual card stored in the wallet is lost or account has been hacked, appropriate points of contact for resolving the issues should be understood by the user. The user must completely understand the e-wallet providers contract terms and conditions.