E-wallets or digital wallets are fast becoming a way to make financial transactions. There are many benefits to using an e-wallet payment system instead of cash, ranging from better hygiene to greater flexibility and protection against theft.
According to a study by Merchant Machine, cash transactions in the UK have declined by 20% in the last ten years. The epidemic has forced many businesses to become cashless to help protect employees. And customers from the virus, which means there should be different payment methods.
However, there are drawbacks to using cards instead of cash – such as the risk of cybercrime. According to research, the UK has the highest search volume for keywords related to cybercrime, with an average of 17K searches per month over the past year, with Ireland and France ranking first and second.
Now that the Covid restrictions have been lifted as ‘Independence Day, it is more likely that we will be in busy places, increasing the risk. And potential for using cards and digital wallets and e-wallets are more popular in developing countries.
Thieves in the crowd can easily get a contactless card or use an electronic RFID-equipped terminal while standing near your e-wallet. To help protect people from fraud, Merchant Machine has compiled some top tips for securing contactless cards and digital wallet software.
What is an e-wallet?
While the birth of digital payments can be traced back to the late nineties, the popularity of e-wallets has been growing over the past decade. In short, an e-wallet is a convenient way to store funds, passwords, and loyalty cards digitally. And it allows carriers to make financial transactions and track payment history online.
We live in an age of instant gratification. This software-based system allows customers to purchase products and services and run their financial administration at a button. Because it is so attractive and convenient, customers are more likely to install it without researching the risks – meaning it often depends on the organizations with which they are negotiating to prevent fraud.
So, what can you do to protect your business and your customers from this?
Check out for suspicious behavior
Customers may not always know when their e-wallet has been tampered with, but there are some unusual patterns that you may notice. One of the most obvious red flags for financial fraud is the high-value first-time purchase.
Second, if more than one order is sent to the same address, but each is purchased using a different payment method – this may indicate fraudulent activity.
Buy RFID-blocking wallet
To complete the purchase, the contactless payment card communicates wirelessly with the card reader using short-range radio frequency identification, also known as RFID.
You need to be constantly aware of where your wallet is, but few of us are alert enough to see that when someone skims your card too closely, it could mean that they are scanning it maliciously. However, you can purchase a dedicated wallet to protect your card.
While some legends and individuals propose to wrap your card in tin foil, this will only be a temporary solution. An RFID-blocking wallet, which looks like a metal case with various folders, is your best chance as it blocks the radio signal between the card reader. And the RFID chip in your card, preventing malicious scanning.
Protect your website’s payment pages
Not all URLs are create equal. Initially, the URLs are identical to HTTP or HTTPS, except for the very important ‘s’ – ‘s’ used for security. It essentially encrypts the data sent from this page so that cybercriminals cannot read it. To ensure the encryption of your customer information, make sure that all login. And payment pages of e-wallet application development are HTTPS instead of HTTP.
Update your software when prompted
If your software and apps aren’t up to date, it makes it easier for hackers to target and exploit your personal information. Make sure you understand how your phone and digital wallet work to keep your software up to date. The same is true for your apps: Update whenever a new version is release.
Separate the technology your company uses for its financial activities
With dedicated technology used to finance your company, you can reduce the risk of cybercriminals entering. This is especially the case if you keep it on a different network than the rest of your company.
Use smart decision-making software to detect fraudulent activity
With decision-making software, you can quickly find fraudulent transactions. The software works by evaluating and authorizing transactions based on pre-population rules.
It is important to use a reputable company because the wrong system will potentially allow fraudulent transactions. And reject genuine transactions. In this case, you are not only solving the problem, but you are also damaging your reputation.
Partner with a reputable digital security company
With the rise of digital accounting and more and more consumers using e-wallets for their financial maintenance, they are more likely to fall victim to cybercrime. Help fight this type of fraud and protect your business. And customers by partnering with a reputable digital wallet application development company.
Encrypt with Multiple password security
Your phone also acts as a wallet, so it’s important to protect it with a PIN or password. It would help if you treated your digital wallet as a physical card. Using a strong password is one of the best ways to protect your phone and its information.
Don’t forget about many security measures, including facial recognition, iris scan, and fingerprint unlock, which are even more secure than today’s phone passwords or PINs. Use multiple logins for different digital wallet accounts so that if one of your passwords gets hack, it doesn’t affect the rest of your data.
In short, e-wallets are less likely to be fraudulent, but frauds do happen. Prevention is better than feeling sorry.