When it comes to paying for goods and services, one growing segment is using mobile payments via our smartphones. However, many people still have concerns that mobile payments are not as secure or safe as how they are being promoted.
Unlike using a credit or debit card, there is no risk of a skimmer obtaining your card information. The card number you enter into the phone is encrypted and requires two-factor authentication when you tap your phone to make a payment.
The second authentication method could be a pin, your fingerprint, or your face ID to allow the transaction to process. Yet, just like any other payment method, there are still some risks you need to be aware of to prevent becoming a victim of fraud.
Security Risk #1: Hackers Can Copy Your Mobile Wallet
They won’t have the second authentication method. Yet, they could still potentially obtain card numbers if they can hack into the mobile wallet and get past security settings.
One way hackers copy your mobile wallet is when you are connected to unsecure Wi-Fi networks and are entering cards into your mobile wallet. So the best prevention is to only enter card numbers into the wallet while on a secure Wi-Fi network.
Security Risk #2: Malware Is Downloaded onto the Phone
Hackers are creating new types of malware to target smartphones. Your phone could be a risk if it gets infected. One type of malware that has affected Android phones in the past is called Fakedtoken.
This malware asks users to re-enter their cards in their mobile wallet. When the user does, the malware records the card details and sends them electronically to the hacker. Even Apple phone users are at risk and not completely safe from malware.
To safeguard your wallet, use the same precautions as you would on a computer. Don’t click on suspicious links, open strange emails, open text messages from unknown senders, or click on ads on websites. It is also a good idea to load antivirus and malware protection onto your smartphone.
Security Risk #3: Losing a Smartphone Is Like Losing Credit and Debit Cards
If our smartphone is lost or stolen, you need to take extra precautions to protect your personal information and wallet data. Most brands of phones have built-in features, like entering your fingerprint, passcode, or Face ID to unlock.
Even if they can open the wallet on the phone, there is still two-factor authentication to prevent payments. The best thing to do in this situation is to have any cards loaded in your wallet locked by the issuer, cancelled and then reissued.
Other than these known security risks, using mobile payments can be more secure than using a credit or debit card.
If you have a smartphone, tablet, removable storage device, or hard drive that no longer works with data you need retrieving, Taking It Mobile is here to help. Call us at 888.877.5002 (888-Call-TIM) today!