Protection of your mobile wallet: protection against falsification of payments – Academy

n This digital first age, mobile wallets have become a convenient payment method to make payments by offering lightness, speed and safety to consumers around the world. According to research on payments, cards and mobile devices, thanks to their universal functions, by 2027, it is projected that digital wallets are more than $ 25 trillion. Despite the fact that the digital wallets were accepted in the late 1990s, the pandemic gave them a strong advantage.

However, with the increase in mobile payment, fraudsters come, who are now well versed in customer preferences and payment fraud, and the targeting of mobile wallets has increased significantly. There are several scenarios when consumers are trapped in mobile wallet fraud as fraudsters, using situations such as “random transfers” or pretend to be calling from a business, government agency, bank or utility company.

As consumers continue to take this modern form of payment, it is important to understand the potential risks and take the necessary precautions to protect our financial transactions.

Fraud is often used to use basic but most effective phishing methods, which include sending deceptive emails, text messages or making phone calls to deceive users to reveal their confidential information. An example is an email sent to users an online service that warns them of a policy violation that requires immediate action on their part, for example, a password change or instant payment is required.

This form has gained momentum over the last few years, especially in countries such as the united Aarabian Emirates, where fraudsters pretend from central banks, police stations and other authorities to obtain instant reactions that have led to strong losses. This method, among many, is still the most common form of falsification of payments that can be written in several countries.

Banks and financial institutions should always ask customers to be careful and check the authenticity of any communication before sharing personal or financial details.

In 2024, malicious scams for mobile applications continued to pose a significant threat to users around the world. Pursuant to Kaspersky’s report for Q1 2024, it is stated that more than 10.1 million attacks related to malicious software, advertising software, or unwanted mobile software. These harmful programs use trusted platforms such as Google Play Store, using the trust of millions of users around the world.

After downloading the appliance, the fraudsters silently execute their agenda, signing users for unwanted services and charging unauthorized fees in their mobile accounts. As financial institutions, banks must warn their customers, requiring the official stores of applications and reputable developers to reduce the risk of loading harmful applications that can jeopardize the safety of their mobile wallet, as there is a great threat of their personal information used on this platform.

Financial institutions should constantly emphasize the importance of the presence of strong authentication mechanisms in their digital wallets, such as biometric authentication or strong passwords. One of the most important steps towards achieving this goal is that banks should be urged to teach their users the importance of not using easily guessed passwords and enable two -factor authentication, which gives customers an additional level of security.

Consumers should act with caution if unforeseen circumstances of mobile theft occur and immediately report any loss or theft. In addition, the use of devices blocking mechanisms such as pins, passwords or biometric locks to prevent unauthorized access to mobile wallets can be significantly protected from any further loss.

In 2023, Forbes conducted a survey that found that 40 percent of respondents violated information in the use of public Wi-Fi, and 20 percent used public Wi-Fi to perform financial transactions in their daily activities.

This means that entering online bank accounts or wallets or moving any transaction jeopardize a lot of personal information, potentially directly into the hands of fraudsters.

Banks should urge their users to avoid conducting financial transactions or access to mobile wallets in Wi-Fi public networks, as they can be receptive to eavesdrop and attack of a person on average private network (VPN) for additional security.

Mobile users must also support the mobile operating system, apps and mobile mobile wallets with the latest patch and security updates. Users can also regularly scan their devices for malicious software through reputable security software to ensure a safe environment for their mobile wallet.

This practice should be discussed very widely, as someone can do it without extra effort. Financial institutions and wallet suppliers should facilitate the mobile wallet transactions regularly and notifications about any unusual measures. This allows users to immediately report any unauthorized transactions to the mobile wallet supplier, as well as a bank or financial institution. One example of fraud is the first user who pays for an unusually large order through his digital wallet, the overall behavior of the one who uses the stolen credit card.

Each user needs to be aware of the latest fraud trends and develop the methods used by fraudsters; Not only those concerning digital wallets, but also with payments in general. It is important to know how to be careful about unexpected requests for personal or financial information and teach yourself how to identify and avoid scams.

Despite the fact that mobile wallets offer convenience and efficiency, they remain the main target for cybercriminals. Wallet suppliers must cooperate to understand the strength of AI to prevent fraud. Such technology has reached new heights, and technological suppliers, as we use historical global expertise, equipping consumers with the ability to predict and prevent fraud attempts earlier in the payment process.

Consumers should protect their mobile wallet as they will protect their physical wallet and remember that they remain informed and use strong safety measures are key to protecting their financial transactions in the digital area.

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Writer – Indonesia Director in BPC, Payment Supplier. The views expressed are personal.

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