3 Tips For Securing Your Mobile Wallet

June 26, 2020

Odds are, you carry your phone with you at all times, and may use it to make your day-to-day purchases using a mobile wallet app. It’s one of the easiest and secure ways of making purchases. However, there are still risks with using this type of payment method.

Here are some tips to increase your security when using your mobile wallet:

1.      Choose the Most Trusted Platform Available

There are numerous mobile wallet platforms out there, so it’s important you choose the right one to use. Do some research into these apps: private policies, personal data that is available to advertisers, etc. Be aware that some mobile wallet apps are created for the sole purpose of gathering credit card details. Don’t trust apps simply because you see a lot of positive reviews about it – some of these reviews can be bought or faked by the app creators.

The most popular and trusted mobile apps are: Apple Pay, Google Pay, and Samsung Pay. You might choose one that aligns with your phone (i.e. Apple Pay for your iPhone).You might also choose a third-party vendor, like Venmo, since many people use it. These are things to consider when choosing the right app.

 

2.      Don’t Use Public Wi-Fi When Sending Sensitive Info

Any information sent through public Wi-Fi is accessible to everyone using that network and susceptible to those able to hack into individual devices. Use your phone carrier’s cellular data, if possible, or a privately-protected Wi-Fi signal when conducting your mobile wallet transactions. You could also purchase a virtual private network (VPN) which provides a secure internet connection by using private servers in remote locations.

 

3.      Protect Your Smartphone or Watch With a Password

Your devices can (and should) have a passcode. If it has biometric security features, like fingerprint or Face ID, that can also be enabled. Additionally, your mobile wallet can be further pass-protected so a thief would have to crack at least two passcodes. We also suggest using a Find My Phone app that can remotely disable your wallet and other accounts if your phone is lost.

In today’s climate, the use of mobile wallet has increased thanks to its contactless nature with point-of-sale (POS) locations. Using these tips can ensure heightened security for you when making mobile wallet purchases. For more on mobile wallets, visit: www.fsb1879.com/blog/guide-to-using-a-mobile-wallet or by calling our customer service center at 1-877-FSB-1879.

This blog is intended to be an informational resource for readers. The views expressed on this blog are those of the bloggers, and not necessarily those of FSB. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. FSB does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog.