Mobile Payment Apps
- Published: Wednesday, Feb. 26, 2020
Mobile payment apps are becoming more common place among consumers. These apps allow digital transfers of money. Payments are directly linked to your credit cards or bank account or transferred into a mobile wallet. We are becoming a cashless society. This allows for incredible convenience. But it also comes with its share of risks.
When you are searching for a payment app make sure to visit a safe, trusted platform such as Apple or Google. Check the reviews. Download an app that is compatible with your mobile device. Some apps have a fee to use them or to transfer funds. There is usually a limitation on the amount of money that can be sent also.
One of the dangers associated with mobile wallets are that you now have a substantial amount of personal information stored on your device. Should you lose or have your device stolen you could also fall victim to fraud, identity theft and financial loss. There is also the risk of man-in-the-middle attacks that may occur while performing transactions. Never use public wi-fi to transfer money. Connect to your cell carrier.
Try to find apps that will allow you to transfer money into the app. That way you are not susceptible to a free for all breach of your bank and credit card accounts.
There are a ton of apps available. How do you know which one is secure? First of all, no app will be secure if you don’t take the care to minimize your risks. Use a strong password, enable remote wipe and lock and multi-factor authentication. Next, watch out for apps that may have misspellings, lots of pop ups and requests for elevated permissions and access to your device.
Additionally, you need to look at the other apps you have on your phone. Keep the apps up to date, remove old apps you no longer use. It is always possible that you have downloaded a ‘dirty’ app loaded with spyware that will capture your activity.
Finally, keep an eye on your accounts. Vigilance and taking precautionary measures can help insure that you are safe from fraudulent activity.