The ease of mobile wallets has lent itself to the growth of its use. From Apple Pay to PayPal, mobile wallets allow for a faster and more convenient way to check out in person and online. However, maintaining your security is just as important through your phone as it is through using physical debit and credit cards. Here are four ways to keep your mobile wallet secure.
- Use the app
Using your phone for financial transactions is easy and convenient, from ordering food to online shopping to managing your bank accounts. If you are more inclined to use your phone for these kinds of transactions, do so through the appropriate app. Verified apps that you find through your smartphone’s app store have higher levels of security when compared to an open browser giving you a stronger defense against hacking.
- Avoid public Wi-Fi
Just like it is safer to use an app versus a browser for financial transactions, it is better to refrain from conducting these through connections that are open to the public. It is harder for hosts to monitor who is using (and abusing) the connection, so if you are unable to use your cellular data or a VPN in public, it is better to wait until you have access to a secure line to access any sensitive data.
- Create a separate, more private password
Your mobile wallet can be connected to your credit cards, bank accounts, and/or third party payment accounts—basically, there are a lot of ways in which a hacker can get to your money should they break through. To make it harder for any potential crook, create a strong, separate password for this one account that is not similar to any other password you have. To make this password easier for you to remember, consider coming up with a passphrase.
- Keep an eye on your accounts
Monitoring your bank accounts regularly can help you notice if there have been any faulty transactions or questionable activity. This can be done easily through the use of your financial institution’s mobile app, like this one from Florida Capital Bank.
It is just as easy and efficient to strengthen your mobile wallet security as it is to use your mobile wallet for a variety of financial transactions. These four tips can help lessen your risk to cyberattacks giving you peace of mind when making payments on the go.