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How Safe Is Your Mobile Wallet?

IndianMoney.com Research Team | Updated On Saturday, December 17,2016, 10:41 AM
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How Safe Is Your Mobile Wallet?

The Government scrapped 500 and 1000 rupee notes on November 8th 2016. You have no choice, but to go cashless. There are several ways you can make cashless payments. You have the unified payments interface popularly called UPI, where you can send/receive money from friends and family, in a few seconds. There is always the debit and credit card. You can swipe and make payments online, or at retail shops. Another popular way to go cashless? The Mobile Wallet…

So what’s this mobile wallet? It’s the digital equal of a physical wallet. You can store cash and make payments using your mobile wallet. You open this account with any mobile wallet service provider. You then load money into your mobile wallet, from your bank account. You can pay for groceries, cab rides and even movie tickets, with your mobile wallet. The mobile wallet is your constant companion. Why…you can even pay for petrol and diesel, using your mobile wallet at petrol pumps. The Government is also giving you discounts, if you pay using mobile wallets. You get 0.75% discount on petrol and diesel purchases from state owned outlets, if you pay through mobile wallet. Now to the big question…Are payments using mobile wallets safe? Is the money in your mobile wallet safe?

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How safe are mobile wallets?

How safe your mobile wallet is, depends only and only on one person….You…. The safety of your mobile wallet, depends on how you manage your smart phone. If your smart phone is at risk….so is your mobile wallet.

If your smart phone gets infected by malware, (a software designed to damage your phone)…your mobile wallet is at risk. A good anti-virus on your smart phone, can solve this problem. You have not installed an anti-virus on your smart phone? Your mobile wallet could get hacked. If you download games and apps from malicious websites, your mobile wallet is at risk.

The main risk to your mobile wallet….You leave your smart phone lying around, where pretty much anyone can access it, with no password protection? You also store sensitive financial data on your mobile phone? Your money is stolen, it’s your fault.

How to protect money in your mobile wallet?

  • Download apps only from authentic sources. Download apps directly from company sites, not from third party sites.
  • You want to keep the money in your mobile wallet safe? Use a strong password. Your password should be a mix of alphabets, numbers and even special characters.
  • Go through your mobile wallet statements very carefully. Hackers take small amounts of money from your mobile wallet. You need to be alert to catch them.
  • Do not transact through mobile wallet, using public Wi-Fi. Hackers could steal your login credentials.
  • Install an anti-virus to protect your smart phone from a virus attack.
  • Never store too much money in your mobile wallet. Even if your money is stolen….it’s not much.

What if your smart phone is stolen?

You must never leave your smart phone unlocked. Use a Password, PIN or a Pattern, to protect your smart phone. If your smart phone is stolen, first block the SIM. Then call your mobile service provider, to stop transactions from your smart phone.

Remember: You leave your smart phone unattended without any protection? Hackers could access your sensitive financial data, in a few minutes. You could lose all the money in your mobile wallet. Be Wise, Get Rich.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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