Cashless economy is a new term for very few people as it is getting popular rapidly. Most of the countries have taken effective steps to digitize the money transactions. Digital e-commerce
and easy internet access helps people to use the online medium effectively for shopping and cashless payment. Cashless transactions eradicate black money issues as all the bank transactions are transparent to the government. With the increase in smart phones, it is even more convenient to purchase and make payment online. Here, we have listed out some important tips, guidelines and recommendations for making secure mobile payments.
Top 10 Tips for Making Secure Mobile PaymentsCheck the user reviews:
Before using an online shopping mobile app, check whether it is trustworthy or not. Check ratings and reviews given by the end-users. It is best to buy products from a trustworthy website. Otherwise your personal identity may get leaked online, which leads to illegal use of your private property. Do not download apps from malware websites / sites which have harmful content. It is advisable to use official apps. Public reviews can give you a clear idea in choosing the best mobile e-commerce platform.
Use online payment processors:
When you shop online, instead of giving your credit / debit card details for payment, it is better to register your bank details in the most popular online payment processors such as PayPal
, Google Wallet
, etc... Provide your bank details and fill the online wallet system with money. You can use the online wallet system for all your money transactions. It is an indirect and highly-secured method of currency transactions. Most of the online payment processors do not charge membership or processing fees.
Keep your information secure:
By tightening your security features, it is possible to do transaction safely. Protect your online banking and other shopping transactions with highly complex passwords. Always use a secured and encrypted internet connection. One of the basic ways for people to protect themselves while making mobile payments is to only use a secure Internet connection that is encrypted. Otherwise, password hackers can easily steal your personal information to mobile apps, putting financial information at risk.
Store and access only the necessary data:
Privacy issues and data theft are the major risks involved in mobile apps in general, as users provide lots of financial information for online transactions, risk level is always at the peak. Keep your information in the mobile device only as long as the user session is in place, and always in a secured storage environment. After the process gets over, delete all the data permanently. Unwanted storage of personal data in mobile phones may leak the private information to hackers.
Implement strong authentication methods:
To overcome security issues in your mobile payment apps, strong authentication mechanisms such as GPS tracking, password-protected apps should be in place to avoid data theft. Set multifactor authentication
(MFA) for all the mobile transactions.
Use mobile antivirus software:
Mobile phone antivirus software helps in protecting your mobile phones and tablets from spyware, malware, scam ware etc. You can also protect the personal data and photo using app lock and photo vault. Antivirus installation protects the android devices from phishing attack and malicious code infection. It provides the best anti-theft protection. Antivirus programs block all the unwanted websites and allow only the safest websites for browsing purposes.
Document the mobile transaction receipts:
Take print-outs of all the money transaction documents as a precautionary method. Whether you buy / sell online, it is a good practice to have all the receipts documented properly. By this practice, you can claim your money (in case of misuse and frauds) by showing the proof of transaction.
Update your browser apps regularly:
Old versions of browsers do not support advanced security features. Latest versions of mobile browsers come with built-in security features, which helps us to make the online payment even more convenient and safe. Updated versions of browsers can help you to prevent from the phishing attacks and malware practices.
Avoid public Wi-Fi Networks:
Public Wi-Fi connection is not the safest option to transact money online. If you enter the credit card information on your phone (either by manually typing the numbers or card swiping), you never know who is on these networks and there are high chances of somebody stealing your bank / transaction details.
Set up the transaction SMS / E-Mail alerts:
Register for transactional SMS and email alerts with your bank. Whenever a purchase is made from your account / card, this facility gives you order completion SMS to your phone, so that you can make sure about the available balance and persons involved in the transaction. It provides complete details about the transaction. It is possible to track the money sender and receiver information, hence the Illegal activities can be prevented effectively. Most of the online shopping platforms / customer service providers give transactional SMS facility to their users. After the order is placed online, it shoots the order completion SMS / booking history details to the registered mobile number.
As the cashless transaction is growing rapidly, it is highly important to know about the security issues involved in money transactions done with the help of smart phones & tablets. By taking necessary safety precautions, one can prevent the financial information leakage and fraudulent practices successfully.