15 Sep

How Secure Are Mobile Wallet Payments?

As mobile technologies continue to expand, one feature many people are gradually adapting to is the use of mobile wallet payments. This form of payment allows you to store your debit and credit card information directly on your smartphone. When you need to pay for gas, groceries, or other goods or services, you merely choose the card you want to use and tap it against a card reader to complete the sale.

Secure Mobile Wallet Payments

As with any new technology, there are concerns over how safe it is using mobile wallets. Let’s look at some of the more frequently asked questions regarding mobile wallets and mobile wallet payments.

What happens if someone were to misplace their smartphone?

There is always the risk of losing your phone or having it stolen. To protect the card data in your mobile wallet, the actual numbers, payment code on the back of the card, and expiration date are encrypted on the phone.

Even if someone were able to get into your mobile wallet on your phone, they would only see the last four digits of the cards. As such, there are actually less risks of fraud compared to losing your actual wallet full of debit and credit cards.

Could someone else use your mobile wallet fraudulently?

When entering in debit and credit cards into your mobile wallet it is always recommended to require using your fingerprint to authorize payments. This way, it makes it almost impossible for someone to use your mobile wallet fraudulently. If you are not sure how your mobile wallet is set up, review the settings now. If it is set to use a passcode, change it right away, as it is easy to hack passcodes.

Could someone hack into your phone and mirror your wallet?

There is a risk someone could hack into your phone and mirror your mobile wallet. However, these risks are at their highest when you are accessing unsecure and public Wi-Fi networks. You should NEVER add, modify, or alter your mobile wallet data when you are connected to an unsecure or public Wi-Fi network.

If you need to add, modify, or change any data in your mobile wallet, make sure you are only connected to your wireless carrier’s network and no wireless networks. Even if your home network is secure, there are ways hackers could potentially access it, like through an unsecured smart device, like your smart TV.

Paying for goods and services using your mobile wallet is actually safer and more secure than using physical debit and credit cards, so long as you take the time to carefully configure your card data.

In the event your phone gets damaged and stops working, you will want to use data recovery services to ensure the data is removed from the device. For information about recovering data from non-working phones, computers, tablets, and other storage devices, please feel free to contact Taking It Mobile at 888.877.5002 (1-888-Call-TIM) today!

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