With the increased trend of mobile shopping, the usage of mobile payment apps has gained wide popularity. It is quite interesting to see that in the year 2015, the global mobile payment revenue was 450 billion U.S. dollars, which is expected to surpass 1 trillion U.S. dollars in the year 2019 (source).
Furthermore, on the global scale, WeChat has been found to be the Topmost mobile payment app with 600 million users. Alipay grabbed the second rank with 400 million users worldwide, followed by PayPal, Apple Pay, and Samsung Pay and so on (source). A major reason behind such tremendous evolvement of these platforms is the convenience and wide acceptability of these apps in various sectors.
However, there are certain risks associated with these payment applications. As per the reports, 70% of the U.S. population considers Security as a concern when it comes to the obstacles to mobile payment use. Imagine, your mobile payment app has been compromised, then the attacker can easily get access to your banking or credit card information, which can be a real disaster for you.
To avoid this kind of situation, check these 9 safety tips for mobile payment.
Never download mobile payment apps from untrusted websites as those may carry malware such as spyware that may enter your mobile device and cause harm. Apple store and Google Play are the most reliable places from where you can download mobile payment apps.
Shop from reputed and renowned websites to avoid getting trapped by phishing attacks. Check the URL of the website. If it begins with ‘https’ then it is secure for usage. You can also check with your friends if they have heard of the website.
Avoid connecting to an open WiFi network unless you are sure of its credibility. Attackers often float fake WiFi connections to trap internet users. Do not use unsecured, public Wi-Fi networks for online banking or shopping. Doing so may let an attacker steal your private information and use it for their personal benefit.
Do not visit any shopping website by clicking on the link that you receive through WhatsApp or text message including emails. Before you click on any such link, verify the sender, so that you do not compromise your payment app. It is always better to type the URL of the website by yourself.
Create strong passwords for your payment apps, which should be a combination of upper case, lower case, numbers and special characters. Easy-to-guess passwords which contain your name, pet name, date of birth, etc. shall not be used.
When you install any application, it generally asks for permission to complete the installation. A majority of users do not actually read the permissions the app wants and tap on ‘I agree’ option, which can be dangerous if the app is not genuine. Hence, it’s recommended that you should always read the permissions carefully before installing any mobile application.
Before you download any mobile app, verify the developer of the app. You can spot Top Developer badge in Google PlayStore, which is a sign that the application is safe. It is also important to read the user reviews before installing the application.
All your financial transactions should be OTP enabled after you enter your login id and password. Using an OTP model, you remain safe even if someone comes to know your username and password.
Use a mobile security antivirus if you are using an Android phone to protect your device from malware. REVE Mobile Security is a good product, which keeps your mobile safe from harmful Trojans & malware attacks. Besides cyber security, you can also enjoy the anti-theft feature that proves helpful to track your phone in case of theft.
While 47% of polled cybersecurity professionals have doubts about the security of mobile payments, and only 23% are confident that the personal information used in association with mobile payments is safe. Eighty-nine percent agree that cash is the most secure payment method available, but only 9% prefer to use it. (source). With these statistics in hand, it becomes quite evident that one should remain careful when using mobile apps for making online payments. You never know when a little mistake can make you lose a fortune!