Mobile payment has acquired popularity in many places around the world. As a result, mobile payment methods are swiftly taking the place of other outdated payment options. Although mobile payment has become trendier among mobile users, it also faces some threats and security challenges. This article aims at identifying top security risks for mobile payment methods and five practical ways to stay safe. Some security risks that face mobile payment methods are below.
Groups of hackers, blackmailers and swindlers create malware usually aiming at making money by spreading it or selling to bidders on the darknet. Long ago, malware often infected computers. However, as time goes, this threat is increasing among phone users. The malware infection occurs when a mobile user clicks on links from malicious third parties. One example of mobile malware is Fakedtoken which can attack banking apps. It requires android users to enter credit card details for transactions and payments to occur.
Losing your device
A phone is like a diary because it stores a lot of data about your personal life. A typical Android phone contains names and contact of people with whom you interact. Also, it provides access to your financial information through a mobile wallet. If you drop your phone at a public place, it may fall into the hands of a malicious person who might prefer to keep it and dissect it into your details.
Cyber thieves can parody your mobile wallet
When you add your credit cards to your mobile wallet, the card number undergoes encryption and is stored securely. Also, modern wallets use random payment tokens to ensure the consumers, and even the wallet providers can’t see your card details when you make purchases.
However, there are risks since cybercriminals can steal your account number if you add cards to your mobile wallet while using unsecured public networks. The hackers can also re-create a mobile wallet registration system, in which you insert your accounts or card details.
Five ways to avoid mobile payment methods risks
Below are some helpful tips that you can put into practice.
Use a VPN
Unsecured details are vulnerable to attacks by hackers and swindlers. Try to encrypt your financial information with a secure VPN to avoid attacks by hackers. A VPN enables you to access a secure Internet connection through an encrypted network. All your confidential information is safer because it passes through more than one server.
Set up facial recognition or fingerprint
In as much as losing your phone is uncommon, it can still happen. However, securing your phone with some extra security features can keep your phone safe from whoever picks it after you lose it. Such features include a fingerprint or face scanner, passwords, and patterns.
Set up remote wipe capabilities
This function enables you to delete information from your phone even when you lack physical contact with it. It is a safety precaution, especially if your phone is lost and you have difficulties in tracking it down. The process to set up a remote wipe differs from one device to another. Each android device has its unique remote wipe, so it pays to do some research about your device and get the right procedure.
Monitor user behavior
Many android mobile users do not know when hackers infect their devices. Sometimes, the users put themselves at risk. Monitoring the user’s behavior can reveal some clues that can help notify them when their phones experience unauthorized access.
Creating mobile security awareness
It is convenient to create awareness about various types of mobile security risks prevailing in mobile technology. The training programs should include the topics of keeping devices secure. They should also touch on daily activities that users can practice to avoid being victims of common threats.
Most people are adopting mobile payments to pay for products and services. To curb the risks, financial service organizations must increase their ability to provide security features. Such measures effectively prevent mobile attacks.