As more and more consumers are using e-wallets, nowadays, to make their daily life easier, the importance of being the ‘go-to’ payment solution for mobile or online payments has never been more important.
But, are you making the most of your e-wallet?
Or are you just following what others are doing, which is unsafe, sadly?
#1. Download from the official place
While installing an e-wallet on your device, ensure that you download the app from the app marketplace instead of the internet.
This reduces the chances of installing a compromised app that can potentially put your data and money at risk.
Get Your CIBIL® Score- 10% Off
Banks check your CIBIL Score before approving your loan.
#2. Keep it malware and virus free
With your phone turning into a financial powerhouse, it’s important that you keep it secure, just like you would with your laptop or desktop, by installing anti-malware and antivirus apps. Don’t forget that your phone now contains your financial details. Any malware downloaded and installed by mistake could potentially steal your personal information, leading to unauthorized transactions.
#3. Two-factor authentication
Many e-wallets do not ask for two-factor authentication and let you transfer funds without any confirmation from your side. Therefore, losing your phone could expose you to the risk of identity theft and financial loss, as well. To protect yourself from this, you must use a screen lock as well as an app lock on your phone.
#4. Log out of e-wallet
Most e-wallets keep their users logged in once they start using them. To maintain safety, it would be wise to log out of the e-wallet every time you are done with the e-wallets.
At the same time, don’t autosave your cards in E-wallets. They may ask you to auto-save credit and debit cards so that you can use a card by just keying in the CVV number and the OTP. Yes, we agree that it is convenient, and e-wallets try and ensure that your details are stored securely.
However, even if the chances are minor, this could increase the chances of cybercrime or any fraud, in case there is a security breach. So avoid saving card details when prompted. If you have them saved, you can remove them by going to the app’s settings.
After all is said and done, these are the ways through which you can make the most of your e-wallets.
Further, these ways will ensure safe and secure transactions while you are using your e-wallets.