Now with the jump in digital transactions in India, there could be a chance of a targeted attack on payment wallets prominent in India. The cyber criminals are always on the lookout of such opportunity and make the most of the situation due to the lack of education amongst users. “Though all apps are inherently safe, or as safe as your bank account, one must also take necessary precautions and follow best practices while accessing sensitive financial information anytime, anywhere.
It’s the new age of the digital world and E-wallet is in the spotlight. With the development of technology and demonetization of higher currencies in the country, in-app wallets have emerged as an alternate payment option to cash for numerous transactions, be it shopping (online and offline), payment of goods and services (including financial services) or transactions through ATM. People are expeditiously adopting the use of E-wallets giving a massive boost to the services like Paytm, MobiKwik, FreeCharge, Oxigen, Ola Money, and others that allow you to withdraw and park your money and pay for services digitally.
Following safeguards might help you shield your financial information and money on phones from being misused.
- Users need to be cautious of emails that ask you to update your security information, as this is a common phishing attempt. When in doubt, don’t respond to the email and contact your bank, credit card, or investment firm directly.
- Mobile users must have at least a basic anti-virus and a malware scanner installed.
- Users may use PIN or fingerprint protection while sending or transferring money.
- Do not respond to any offer that seems too good to be true. It might be a trap.
- Do not activate the “Install applications from third-party sources” option on your mobile phones or any other gadgets.
- Only install applications from official channels like Google Play, Amazon Store, etc.
- The user must take the time and effort to check whether the app is really from the company.
- When installing new apps, carefully study the source of the app and which rights they request. If the requested rights do not correspond with the app’s intended functions (e.g., a game requests rights to send text messages), do not install the app.
- If an OTP (One Time Password) option is available, the user must opt for it instead of a static password.
- If an application is not available for a bank or wallet, and the user has to use a website, the user must check if the URL has https
For e.g. https://www.feegenie.com and not just http.