Can the convenience of making payments with one tap ever be matched by carrying loose cash everywhere?

Digital wallets have become a thing these days and there is nothing like carrying your cash and cards all in just your mobile phone.

But are digital wallets safe? I mean… maybe if you guard your phones closely. But maybe not even then.

Let's discuss in detail the need to secure digital wallets and the ways to secure it.

Why is there a need to secure digital wallets?

Did you know that countries have witnessed an approximately 78% increase in the use of digital wallets in the recent months. Even the ones living in non-metro cities have also started to make a shift towards these digital payment methods.

However, with the world gravitating toward digital payments and e-wallet, it has become utmost important to be aware of the risks and challenges that may come along. And one of the biggest challenges that comes with digital payments and wallets is its SECURITY.

Think about everything that you store in your physical wallet: money, credit/debit cards, driver’s license and many more right?

Now, imagine the loss you would have to bear if someone stole your wallet. Scary right?

Unlike a physical wallet whose absence can be noticed quickly, a compromise in digital wallet may be hard to notice (at least for a while). And we don’t want you to lose sleep at night with this worry.

Cyber criminals are getting smarter and equipped day by day and they look for opportunities to exploit other people each day. Therefore, understanding the importance of securing your wallet is nonetheless important.

So here are some of the ways that can help you keep your wallets more safe and secure.

MEASURES TO SECURE YOUR DIGITAL WALLETS

1- Use a unique yet complicated password

It may seem unimportant but it is one of the most crucial steps.

You need to ensure that you have a strong and a unique password for your digital wallet app. Avoid using passwords that are related to your birthday dates, phone numbers or have any easy resemblance. These passwords are the easiest to crack.

Best way is to lock your mobile app with face or fingerprint authentication. Also, make sure to have additional layers of security on your phone. This will make it even harder for hackers to crack your passwords.

2- Always download the latest version of the app

Another useful trick is to always have the latest version of the digital app downloaded on your phone.

Developers always look for bugs and loopholes and keep on updating the app according to the requirements, therefore having the latest version downloaded ensures more security.

3- Use secure network connections

I can’t emphasize enough but DON’T USE PUBLIC Wi-Fi’s!

Usually the secure internet connections ask for passwords and are recognized by the names WPA or WPA2. The unsafe connections are with the name WEP and are wide-open for the public to connect.

It's highly important to be aware of the connections you are connected to and it's best to only join the familiar network connections and avoid unknown Wi-Fi connections.

4- Never Share your private information

The most used method by hackers to get private information is by sending malfunctioned links or gaining the data through the forms filled by the users.

Therefore, avoid responding to untrustworthy emails or phone calls. And never share your private information with anyone, anywhere until you trust the person or the source.

5- Download apps from the trusted sources only

There is a high chance that an app may not be what it looks like, when downloading from an unknown source.

Make sure to download the app only from trusted sources and if not, then make sure to read the customer reviews and ratings before downloading the app.

6- Do not store your credentials in plain sight

Avoid writing or storing your login credentials in an unprotected file or in plain sight.

It's best to keep the passwords in the most hidden and secure place and make sure that only you know about the place and no one else!

Although the digital era may seem exciting to many, it comes with a list of risks and uncertainties. It is your responsibility to be more smart and vigilant for your personal information. Follow the above mentioned steps and you will never have to worry about hackers or cybercriminals.