Contactless payment solutions are becoming more popular with each passing year. While some individuals prefer to pay with cash, others find mobile payment apps to be significantly more convenient. Indeed, electronic payments, coupled with credit card payments, account for more than 60% of all payments. This number might get much higher in the next years.
However, there are always risks when money is involved. Even if you utilise trusted mobile payment methods like Google Pay and Apple Pay, mobile payments are not immune. Before we get into the practical recommendations, let’s look at the risks of utilising mobile payment solutions. Below, you can find information on how to use these apps responsibly.
Tips to Safely use Mobile Payment Apps
Noteworthy mobile payment risk
If a new payment option is more user-friendly and convenient than others, consumers tend to switch to it. They often do so without weighing the risks. Knowing the risks associated with mobile payment software might assist you in mitigating them and using the apps responsibly.
Losing your phone or getting it stolen
One of the most common things that happens to people is that they lose or have their phone stolen. That wouldn’t be a problem if smartphones didn’t store private and sensitive data, like payment information.
They can buy things with your phone and apps that let them pay. The worst thing that could happen is if you linked your credit score to a mobile payment app. In this case, they can charge things to your card and possibly hurt your credit score, which you’ve worked hard to build up.
Getting your phone infected with malware
Malware infections come next. Viruses and dangerous software now target desktop users. Smartphones may also be infected, particularly on public Wi-Fi networks without a VPN.
VPN downloads secure internet connections. VPNs encrypt internet traffic, making all websites secure. Payments via unknown networks should be secure. You need a solution to secure your online data against financial frauds.
Your phone’s malware determines the result. A keylogger records screen taps on your phone, allowing fraudsters to steal your usernames and passwords. Trojan horses may take over your phone. Thus, alternative suitable security applications are needed. Smartphone antivirus programmes tend to be disregarded. Consider getting one anyhow.
Falling victim to a cyber scam
The third danger associated with utilising mobile payment apps is cyber scams. These scams, like a hacker pretending to be a friend, are often inexpensive. They may also be a part of a larger plan for social engineering. To build connections with their victims, fraudsters often utilise social media and dating apps.
In order to trick you into clicking the phishing link and giving your payment details, they also send fake emails with the link. You lose money and have your internet accounts frozen while authorities investigate. You may save yourself a lot of money and frustration by following these tips for avoiding payment app scams.
How to use mobile payment apps safely
There are still a lot of things you can do to protect yourself, even if connecting your credit or debit card to your favourite mobile payment app exposes you to the risks mentioned above.
Secure your phone
Whether you have an iPhone or an Android phone, it comes with a small arsenal of security features. You can use these security measures to protect your phone in more ways and make sure that payments made through mobile apps are safe.
For example, you can use a combination of a lock code and a biometric lock, like a fingerprint or face scan, to open your phone. It will be harder for someone to steal your phone, open it, and use it to charge up your cards.
Enable remote lock and wipe
Android and iPhones have “Find My Phone” features. This feature is useful for finding lost phones. Losing or stealing your phone makes it much more useful.
You may disable your phone after enabling the “Find My Phone” feature. If they can unlock your phone and use it, erase it and disable it.
For discovering, locking, or wiping lost Android devices, for example, there are simple tips. The Find My Device feature is enabled immediately if you’ve connected a Google account to your device. Sign in to your Google account on a new device as soon as you notice you lost your device. Google provides phone data deletion. SD cards cannot be removed.
Use two-factor authentication
Two-factor authentication is a feature of all widely used mobile payment apps (2-FA). If you activate it, it will help you make your payments safer. Your credit card won’t be automatically charged; the app will ask for a password or PIN. You may avoid fraudulent charges in this manner.
Warning window requesting two-factor authentication appears. You can respond quickly and prevent fraudulent transactions from happening if you get one of these requests while not trying to make a purchase. Using authorised channels for 2-FA is the best option. The least secure option, for instance, is verification given through text texts.
Use antivirus tools
You should instal one of the several high-quality antivirus apps available for mobile devices. Real-time protection against viruses and many types of malware is provided by these apps. To stay protected against the newest threats, make sure to update them often.
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Mobile payment apps give specific account names. This type of protection isn’t adequate in certain cases. Securing your phone, allowing remote wipe, utilising 2-FA, and installing antivirus software may offer extra levels of security and allow you to utilise mobile payments apps securely.