6 Steps to Keep Your Mobile Wallet Safe
Updated: March 13, 2024
Mobile wallets provide a convenient, safer way to pay online or in-store. Your payment app (Apple Pay, Google Pay, or Samsung Pay) assigns each credit and debit card a virtual number associated only with the mobile wallet and device. When you complete a transaction using your mobile wallet, rather than the retailer receiving a 16-digit card number, they receive a randomly generated token that is technically useless after the transaction is complete. Additionally, your mobile wallet requires authentication before use, which adds an extra layer of protection for customers and retailers.
Although mobile wallets are the more safe and secure option for payment, there is no such thing as 100% fraud-free. Since you are your best advocate when it comes to the safety of your mobile wallet, here are six steps you can take to keep your mobile wallet safe:
1. Protect Your Smartphone or Watch
Have a password or biometric authentication on your devices. Passcodes, although annoying, can protect your email, contacts, photos, and banking information. Not a big passcode fan? Enable fingerprint scanning and facial recognition for safe and easy access to your device. Be sure to lock your phone when it’s not in use; we recommend setting your phone to lock after 2-3 minutes.
For more information, visit our blog: 8 Tips for Creating Account Passwords
2. Avoid Using Public Wi-Fi
Especially when trying to access sensitive data. If you can, avoid logging into digital banking on public Wi-Fi as your device is more vulnerable in this setting. Public Wi-Fi isn’t secure, creating the opportunity for thieves to access your information
For more information on online safety, visit our blog: How to Stay Safe While Working in Public Locations
3. Be Suspicious
Beware of malicious software. With many digital payment apps out there—only download apps from reputable companies. The best way to avoid suspicious malware is to stick with the selections available for your device. For example, Androids use apps from the Google Play Store, and iPhones use apps from the App Store. Launch currently uses Apple Pay,Google Pay,andSamsung Pay.
For more information on mobile wallets and digital payment apps, visit our blog: What Is a Mobile Wallet? A Beginner’s Guide
4. Be Vigilant
When using your smartphone, avoid clicking random links in texts or emails. The sender’s phone or email account could be compromised and send malicious links to you without their knowledge, giving scammers your sensitive information such as a password, username, bank account information, credit card details, etc.
For more information, visit our blog: How to Spot a Phishing Scam
5. Enable Your Phone’s Security
Updated your security features – this is the first line of defense between your information and hackers. Software updates may seem like a hassle, but they protect your device against dangerous malware.
For more information, visit our blog: Maximize Security on Devices
6. Keep an eye on Your Accounts
Just as you do when using checks and debit cards, watch your bank and credit card statements and immediately report any suspicious activity. As a reminder, Launch CU offers real-time fraud alerts. With fraud text alerts, you can help prevent fraudulent transactions from occurring on your Debit and Credit cards. Launch CU does not charge you for this service; however, you may incur messaging charges from your wireless carrier.
FAQs
Always protect your digital wallet with a lock, whether a unique passcode, fingerprint scan, or facial ID. This is the best and easiest way to deter cybercriminals. If you use a numerical code, make it different from the passcode on your phone. Also, make sure the numbers are random.
How do I keep my mobile wallet safe? ›
Always protect your digital wallet with a lock, whether a unique passcode, fingerprint scan, or facial ID. This is the best and easiest way to deter cybercriminals. If you use a numerical code, make it different from the passcode on your phone. Also, make sure the numbers are random.
What are the requirements for using mobile wallet? ›
Understanding Mobile Wallets
Once a customer installs a mobile wallet on their mobile device, they are required to provide their credit card details, reward cards, and coupons. The information is then linked to an accepted personal identification format, such as a key or a scannable QR code.
What is the process of mobile wallet? ›
The following steps unveil the seamless journey from installation to transaction:
- Enter your card information into the app or website.
- The information is then encrypted and securely stored in the app.
- Once you authorize a transaction, the data is sent to the bank.
Preventing Credit Card Scanning
- Buy a card sleeve or RFID wallet that blocks RFID transmissions.
- Stack your cards together to mitigate some of the scanner's ability to read information.
- Leave your cards at home and only use cash in public places.
Digital wallets often provide enhanced security through information encryption, making them safer. However, if an unauthorized individual were to gain access your device, they could potentially access your digital wallet, putting your personal information and financial assets at risk.
How do I stop people from stealing my wallet? ›
Keeping your valuables close to your body is one of the best ways to guarantee that you don't lose anything to theft, and this simple waist pouch is a sleek solution that's designed to be worn beneath your clothing for an added layer of protection.
What is the best way to keep your wallet? ›
No matter where you're going, carrying your wallet in your front pocket is the best way to help deter pickpockets and prevent back pain while still keeping your wallet close by and easily accessible.
Which is the safest mobile wallet? ›
Google Pay is a fast & secure digital wallet, ideal for both personal & business transactions.
What is a disadvantage of using a mobile wallet? ›
Privacy concerns
When using a digital wallet for payments, transaction data may be tracked, leading to privacy concerns about the security of personal information stored digitally.
Digital wallets can be even safer and more secure to use than plastic credit cards, cash, checks and other forms of physical payment. But research digital wallet apps carefully and read reviews before committing to one.
What is a secure mobile wallet? ›
Mobile wallets are a convenient way for you to buy things online or in stores that are set up to take payments through the wallet. They may also be more secure than physical payment cards because of the technology they use to protect your account information.
What is typically stored in a mobile wallet? ›
A mobile wallet is a digital app that stores payment information from debit or credit cards and other payment methods on a mobile device, enabling cashless and cardless transactions directly from your smartphone.
How do I use my mobile wallet? ›
When you want to make a purchase with your mobile wallet, you can either:
- Choose your app and select a card at the checkout screen when you're shopping online with your smartphone.
- Tap your phone to a digital payment-enabled terminal at participating merchants when checking out.
Cardless ATMs offer the convenience of withdrawing funds without a plastic debit or ATM card. Customers have the same transaction and withdrawal options as they would with a physical card. At the ATM, open your mobile app or digital wallet, tap your phone on the ATM or scan the QR code, and enter your PIN.
Where is the safest place to keep your wallet? ›
Keep It In Your Front Pocket
Our findings show that the front pocket is increasingly recognized as the optimal place to carry your wallet. Aside from reducing theft, this practice also minimizes the risk of physical discomfort and alignment issues with your overall posture.
Can a mobile wallet be hacked? ›
If proper security is not in place, hackers can hijack the payment information while it's being transmitted. Although most eWallets use some form of encryption to avoid data loss in the event of a hack, we recommend avoiding using unsecured public Wi-Fi without a dedicated VPN.
