A digital wallet, often known as an eWallet, is the next level of convenience for customers looking for quick and simple payment methods. eWallets have been around for a long time, especially in Europe where they are widely used. During the COVID-19 pandemic, when customers in the United States preferred to make purchases without coming into direct contact with cards and payment terminals, the popularity of eWallets skyrocketed.
EWallets provide convenience, but they also present a new avenue for resourceful hackers and cybercriminals to try to steal your financial information. The question, therefore, becomes: Are eWallets risk-free to use, or are they simply not worth it? The response is based on how you decide to use and safeguard your individual eWallet.
From using common sense precautions to using online security software, there are many things you can do to increase the safety and security of your eWallet. You can choose wisely if you take into account the advantages of utilizing an eWallet, followed by suggestions for securing it.
What are eWallets? What are the benefits?
Consider an E-Wallet as the digital equivalent of a physical wallet. You keep your eWallet on your smartphone instead of carrying around a wallet full of credit and debit cards. Like a real wallet, the eWallet may accommodate a variety of different debit or credit cards.
When you’re ready to buy something, all you have to do is wave your phone over the cash register to complete the transaction. There is no requirement that you present a clerk your card or put it into a machine. The payment is more swiftly, conveniently, and without contact. If you decide to have more than one card in your eWallet, you may quickly swap from one to another or set one as the primary.
Think of an eWallet as the electronic version of a wallet. As opposed to keeping a wallet full of credit and debit cards with you at all times, you keep your eWallet on your smartphone. The eWallet may hold a range of different debit or credit cards, just like a physical wallet.
Simply wave your phone over the cash register when you’re ready to make a purchase to finish the transaction. You are not required to hand your card to a cashier or insert it into a reader. Payment is made more quickly, more easily, and without making contact. If you choose to store multiple cards in your eWallet, you can easily switch between them or designate one as the primary.
Many merchants are now giving customers the option to pay with eWallets because of how much their popularity has grown. Even if there are still some companies that haven’t upgraded to the new technology, it’s likely that they will do so soon.
Common threats associated with E-Wallets
The popularity of digital wallets has attracted the attention of malicious actors, which has led to an increase in their target population. Consumers need to be aware of the dangers of utilising digital wallets and how to increase their eWallet’s security because eWallet threats are on the rise.
The biggest danger comes from data transmission across potentially insecure mobile networks. Inadequate security can allow hackers to intercept the transmission of payment information. However, since most eWallets use some type of encryption, this threat is frequently negligible. Please refrain from utilizing public WiFi so as to protect your data.
The loss or theft of your phone may be the largest danger. If you haven’t secured your phone or digital wallet, a thief will be able to access the data and make many purchases or even withdraw money from your bank account before you have a chance to react, read more about how to protect e-wallets in 2022.
Read More: https://www.kaspersky.com/resource-center/threats/is-your-ewallet-safe