How to Protect Your Mobile Wallet with Extra Security
From making in-store purchases and saving money to locating financial assistance and building investments, the role of the mobile wallet is growing in complexity. As its presence in your finances evolves, the mobile wallet faces unique security risks your old-fashioned, analogue wallet does not. Signed in and linking your phone to your financial profile, your mobile wallet contains confidential material you need to protect. Follow these tips if you expect to take advantage of the mobile wallet’s full catalogue of services without jeopardizing your identity.
Be Selective About What Goes in Your Mobile Wallet
The mobile wallet has grown considerably since 2011 when Google Wallet (now Google Pay) was first released. It’s joined not just by Apple Pay and Samsung Pay, but a huge variety of applications provided by financial companies both large and small. Even the role of the mobile wallet has evolved over these seven years. What was once just a way to pay for things with your smartphone has become a way to increase your financial agency.
Now there are apps that help you shop for online payday loans, facilitating everything from your application to its final repayment. You can find apps that help you manage your money by creating flexible budgets and sending automatic notifications about your spending habits and any upcoming bills like a payday loan repayment. You can download a savings app that deducts savings automatically from your linked accounts to help build a nest egg. There are even apps that allow you to build your investment portfolio using robo-advisors.
With so many ways to fill your mobile wallet, you have a responsibility to ensure only the best apps make their way on your phone. Apps that sync to your bank account will have access to your most confidential data. Whether you want something that will help you save or help you find a personal loan, it’s crucial that you do your research about the app in question. These companies need to prove that they adhere to privacy regulations to keep your information safe. Only trust companies like MoneyKey that use the industry standard-level of encryption for financial services when collecting or storing your data.
Only Ever Download from Reputable Sources
It doesn’t matter if you’re downloading a digital game or robo-advisor, you’ll notice most reputable apps have one thing in common: when you go to download them, you’re redirected towards either the App Store or the Play Store. If you aren’t, you should be suspicious.
The next time you think to grow your mobile wallet, make sure you download the app from trusted sources. These platforms have put into place strict developer policies that protect consumers from questionable apps. When you download from third-party platforms — or platforms Apple and Google don’t condone — you run the risk of downloading potentially harmful apps bloated with spyware, adware, and malware.
Don’t Stay Signed In
Many users love the mobile wallet because of its convenience. All you have to do is tap the screen a few times, and you’re ready to pay. It cuts down on the time you spend fishing for change or punching in passwords at the till, so you have more time doing what you want.
Unfortunately, the fact that it works this fast is a security risk. A mobile bank or online loans app will ask you at the sign-in page if you want your information remembered. This will keep you signed in between payments, eliminating the need to type in your username and password each time you use it.
Though this technique will save precious seconds each time, it’s a dangerous habit. If you lose your phone, or if it gets stolen, whoever finds it has access to your financial information. Protect yourself by unclicking the “remember me” button the next time you sign in.
You can build your mobile wallet to do nearly anything. It turns complicated, laborious chores you used to only be able to do at the bank into simple and quicktasks you can complete anywhere. But these advantages are only worth it if you can protect the data you send wirelessly over the net. Use your apps carefully and make sure the appropriate security is in place, and you can reap the benefits of a full mobile wallet without any of the risks.