The decision to demonetise Rs.500 and Rs.1000 bank notes was unexpected to say the least and many believe it to be the cornerstone of the Government’s strategy to transform India into a cashless economy. With cash in short supply, it is only natural that cashless transaction methods such as mobile wallets have emerged as one of the key beneficiaries of India’s demonetisation drive.
However, the rapid increase in usage of e-wallets has led to some concerns regarding the safety of these transactions and whether they are more prone to hacking than conventional cashless payment options such as debit and credit cards. Though the safety debate is not going away any time soon, in the following sections, we will discuss some steps that you can take as a mobile wallet user to keep your smartphone and its wallet information secure.
The following are some important points to keep in mind while using an e-wallet:
Install antivirus/malware scanner on your mobile Using wallet only from trusted sources Limit your wallet top-ups It is best practice to limit how much money you are adding to your wallet because it limits the losses you might incur through misuse. Also periodically check your mobile wallet statement to ensure that that hackers are not siphoning off your wallet balance through small transactions. In case you find transactions that you did not make, take the matter up with the m wallet provider to get the issue resolved.
Say no to public Wi-Fi Avoid using public Wi-Fi as the hackers can snoop into the connection and steal your wallet credentials as well as other personal data. It is in fact a good idea to keep your phone/computer’s Wi-Fi adapter off unless you are using a trusted Wi-Fi hotspot. The same logic applies to Bluetooth connections, keep all these connections off unless you are using them.
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Epay.com(
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Don’t Auto-save card details To ensure the safety of your money and decrease the possibility of fraudulent transactions, ensure that you do not auto-save your card details on every wallet/online transaction. Saving your card details online increases the risk of theft or fraudulent transactions if the security of the e wallet network is breached.
In conclusion, it must be pointed out that life is not without its risk and the convenience of emerging technologies like m wallets are sure to feature a few growing pains. That said, it is at least partly up to the user to ensure that the money in their wallet is safe and the above actions will help achieve that end.
