Lockdown Your Mobile Wallet Security in 5 Easy Steps
If you use your phone for just about every financial task, it’s brimming with personal information. To make sure your data is safe wherever you take it, check out these tips. Whether you use your phone to pay for a latte or borrow money in a pinch, you can protect your mobile wallet and the personal information it contains.
1. Keep it on You
Let’s start this list with the simplest task: don’t leave your phone unattended. You’ll reduce the risk of someone stealing your phone if you keep it in your bag or back pocket whenever you aren’t at home.
2. Avoid Unsecured Networks
If you’re trying to limit how much data you use, you may consider signing onto a coffee shop’s free Internet. While this may save you some megabytes while you pay for your latte, it could expose your information.
Public Wi-Fi doesn’t have security, so anyone can use it, including criminals. With the right know-how, they can eavesdrop on anything you do while on the network. That includes any banking tasks, like paying for a purchase, looking at your bank balance, accessing a budgeting app, or applying for an online installment loan.
Rely on mobile data when paying for your purchase. As for managing your bank account or online installment loans via Monekykey, wait to do these tasks at home.
3. Install a VPN
On the off chance you must use public Wi-Fi, consider one of these VPNs designed for mobile phones. A VPN is a type of encryption that conceals the data travelling to and from your phone. It protects the following data:
- Financial details, including account numbers
- Login credentials to social media accounts and other apps
- Important and confidential emails
4. Use Multi-Factor Authentication
You may think tapping out your PIN is enough to keep your cell phone secure. It’s certainly a step in the right direction, but it still leaves your financial information vulnerable to sticky fingers. One study shows fraudsters can guess your password by looking at the smudges on your phone.
Multi-factor authentication stands up to this hack because it requires an additional two security steps before anyone can access accounts.
- After inputting your password, your app will send a one-time code to the phone number or email on file. These codes are time-sensitive, so you have to use them quickly.
- Some apps and phones can also request to read your fingerprint or face to confirm it’s you.
While a fraudster may be able to hack your password, they can’t as easily fake your biometric data.
5. Keep on Top of Security Updates
It’s easy to snooze on software updates, especially if you’re worried the new software will change the design or efficiency of your mobile. But these updates patch glitches and security bugs that may be leaving your vulnerable to attacks.
Your mobile phone contains a lot more information than any analogue payment system, so it deserves a modern approach to its security. Make sure you protect your phone against cyber risks, and you’ll be able to use your mobile wallet confidently.