Best Tips for Safer Mobile Payments | Mobile payment security
Tips for Safer Mobile Payments :- Today’s mostly all of us use smartphones for various different things, making online payments one among them. It allows them to purchase their desired things from stores by scanning their phones or ordered products from e-commerce sites and making payments by using various mobile payment apps such as: Apple Pay, Android Pay and other payment app ( Paytm, Google Pay, Phone Pay, Amazon Pay, Mi pay etc.)
Mobile banking services are a fast, convenient and most effective ways of managing your money. i.e. pay bills online, checking your balance, transferring money and more things. It is about two-third (2/3rd ) of bank customers enjoys mobile banking benefits with their smartphones right now.
Mobile shopping increases rapidly day by day, according to a report of 2015, mobile payments were at $450 billion, which is expected to $1 trillion in year 2023. WeChat has top most mobile payment app with 600 million users and Alipay ranked second with 400 million users on global scale followed by PayPal, Apple Pay, Samsung Pay etc.
According to a survey of 2023 which is conducted by Pew Charitable Trust, they found nearly 95% of respondents using at least one traditional card compared with 56% using mobile payments in past year.
There are some risks associated with these payment apps. According to reports, approximately 70% of the American population see security is a big issue on using mobile payments. The attacker can easily access your bank or credit card information with just a small compromised of mobile payment app that can be a real disaster for you.
Today in this blog post ‘Tips for Safer Mobile Payments’ you will know about various effective Tips for Safer Mobile Payments. If you will go through this article then definitely you will get a lot of beneficial information related to Tips for Safer Mobile Payments which will make you safe in any online mobile payments.
Tips for Safer Mobile Payments
Follow these following Tips for Safer Mobile Payments and to avoid all problems associated with an online mobile payments.
1. Use trusted payment platform
Never download any mobile payment apps from unapproved or untrusted source of websites because they may contains malware, such as spyware, which cause a harmful effect by entering your device. The most trusted place to download any mobile payment apps from are the Apple Store and Google Play.
2. Don’t send sensitive information through public wi-fi.
Always try to avoid connecting to an open Wi-Fi network. If you use in any critical circumstances then be sure about its credibility. The attackers often floats a fake Wi-Fi connections to trap Internet users. Don’t use any unsecured public Wi-Fi networks for banking or online shopping because it can allow an attacker to steal your private information and use it for their personal gain.
3. Use strong password protection
Create a strong passwords for your payment applications, which should be a combination of upper and lower case letters, numbers and special characters with a good length. If you set a password which contains your name, pet name, date of birth etc. then anyone can easily guess your passwords and get access to your private information.
4. Add multi-factor authentication
In addition of a multi-factor authentication like OTP (One Time Password) or fingerprints and transaction password , you get a additional layer of defense that can’t easily cheated.
5. End-to-end encryption
There are so many entities such as payment cards, merchants, card brands in which bank plays an important role in an online transaction. The exchange of these sensitive data worth millions of dollars takes place in a year and it has become a hotspot for hackers. End-to-end encryption gives a solution to this huge threat because it ensures that your data is to be safe by perform security audits with penetration tests that makes more security measures.
6. Alerts real-time text and email
There should be a direct access to your emails and SMS (Short Message Service) on using mobile banking on smartphones. It notify account activities to customer by sending a quick real-time email or text message alert which can easily prevent you from fraud and make you safe. These type of notifications could easily tell you if your information has been compromised and you know easily the debit transaction on your account.
7. Always Shop from reputed websites to avoid being caught in phishing attacks. Check the URL of the web site either it starts with “https” or not, if it starts with this then it is safe to use.
8. Please don’t visit any shopping website by clicking on the link which is received by any social media like WhatsApp, SMS or text messages and emails. First verify the sender to click such links, so that they can’t get any access to your payment application.
9. On installing any apps, it generally asks for various permission in completing the installation. Most users do not actually read these permissions and blindly allow them, which can cause a dangerous effect to you if it will be not a genuine apps. Therefore, I highly recommended to you, please always read the permissions carefully before installing any mobile applications.
10. Make all of your financial transactions OTP enabled after entering your login ID and password to keep yourself safe even in case of someone gets to know your username and password.
There is no doubt that mobile apps and online platforms of making payments have made banking processes more convenient for people. But in fact, there is a risk of stealing sensitive data related to your banking, which can create a great problem to you. So follow these above security measures which can assist you a great extent of help in making online mobile payments safer.
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