How Consumers Can Make Mobile Payments Safer

How Consumers Can Make Mobile Payments Safer

In the past, the introduction of credit and debit cards as a mode of payment has really made transacting easy and safe. Today, it is commonly used by the global population and is regarded as better than carrying cash around everywhere you go. Over the last decade, technology advancement has led to the rise of the mobile payment method. This has even made things easier in terms of payment processing as we can now transact on the go with a non-card setting.

Mobile payments are becoming popular where businesses and consumers are taking up this method to safely transfer money and transact. However, like other modes of payment, it also raises a lot of security concerns. As much as it is convenient to transact from the comfort of your smartphone, you need to make sure that you are safe from potential threats. These are some of the ways you can stay safe while using mobile payments.

Avoid using public Wi-Fi

Try as much as possible to avoid using public Wi-Fi connections when making mobile payments. Whether you type in your credit card information manually or swipe your card, you need to ensure that you are on a safe network connection where no one can intercept your transaction. There are criminals who lurk around trying to get an opportunity to steal people’s financial information with a motive to steal from them.

Never store your passwords on the smartphone

Not all of us have the ability to memorize all of our passwords and therefore might have the need to note them down where we can easily access them. It is very tempting to store this information in your smartphone for convenience. You should NEVER store your mobile payment passwords in the same phone you transact with. Imagine the extent of damage that a cyber-thief can do if he gets hold of this information. Remember, prevention is better than cure.

Set a strong password

As you set your password these days, it usually indicates how strong or weak it is. Come up with a strong password that cannot be easily hacked. It is best to include letters, symbols and numbers in your password and make it as long as possible. Make it one that you can easily memorize or note it down somewhere safe. You should never use your birthday or your children’s birthdates where hackers can easily access this information online.

Install a tracker on your phone

Most smartphone devices now come designed with tracker software that enables them to be located in case they get lost. You should ensure the phone you use to make mobile payments has a tracker to help you retrieve it in case your phone gets lost or stolen. Some phone devices allow you to deactivate your account once you lose your phone and no one is able to access your financial information. That way you are guaranteed enhanced security.

Upload apps from trusted sources

There are so many apps one can download to make a mobile phone more fun and productive. Always make sure you upload apps from trusted sources and app stores to avoid viruses in your phone. Some of these harmful apps make your phone vulnerable to hacking and cyber theft.