Mobile payment systems and apps have become more popular due to the widespread use of smartphones and other mobile devices.
Mobile payments are becoming more common. This concept is supported by more devices and more retailers will accept it. It is important that you evaluate how secure and reliable these payment methods are.
There are some things you need to remember before you make impulse buys by linking your finances and your mobile device.
5 Tips to Use Mobile Payment Apps Securely
Although mobile payments look set to become the predominant method of financial transactions, there are still many obstacles.
Before you make any mobile payment, it is your responsibility to research the options thoroughly. Your money will be protected.
Here are some tips to maximize security and benefit, while minimising the negatives of mobile payments.
1. To use the mobile payment system, you will need a separate card or financial account. 2. You can check your financial statements online or through an app at least once per week. Double-check any transaction before you confirm it. Never use an ATM, debitcard, or link a checking account with a mobile payment system. 4. Keep your mobile device secured with storage encryption, screen lock with password/fingerprint/face recognition, and do not root your device.5. Multifactor authentication is a good idea.
These steps can only be achieved if you do your research to find the most secure mobile payment options. Mobile payments may be an option for you. These can be used for purchases such as food, drinks, or public transport. Don’t forget to link your mobile phone with money.
Mobile Payment Apps: Linking your Finances
Mobile payment apps require you to link one of your financial accounts to the mobile payment system. They may ask for your debit, credit, or ATM card as well as a direct connection from your checking account.
This link allows to apply charges for purchases instantly to an existing financial account.
This makes it very easy to buy, but is it the best financial decision?
If a mobile payment system charges your account instantly, you should be concerned.
Is there confirmation for each charge made in the mobile payment system It is useful to know if money has been taken from an account, especially if it is unauthorised.
Is it difficult to get my money back after a fraudulent charge has been made and money taken immediately from my account?
Is it difficult to seperate my financial account and the mobile payment system, if I want to stop using it?
Before you can set up and use any mobile payment system you must first research these questions. If you aren’t satisfied with the answers, stop using the mobile payment system.
It is important that you understand that not all mobile payment apps offer the same level security. They may not all offer the same level of security in protecting your financial information and personal data. Numerous mobile payment apps have been exposed or found to have flaws.
Some of these breaches only revealed the names and contact information for the users. Some revealed the identity of the vendor and the cost of the items purchased. Several people revealed bank account numbers and credit card numbers.
When choosing a mobile payment system, consider all options. Check for any recent hacks or updates and make sure to review their security claims.
Benefits and protection differentials