With an increasingly digital landscape, mobile payments are an omnipresent and convenient payment method. While the convenience of mobile payments is most enjoyed, so too is the onus to protect against sensitive financial information. Mobile payment security is essential in reducing the risk of fraud, data breach, or identity theft, whether merchant or consumer. The following are five tips regarding combating mobile payment security threats.
Implement Strong Authentication Methods
Authentication is your first line of defense in securing mobile payments. Weak passwords and single-factor authentication can easily be hacked. To avoid this, enable multi-factor authentication (MFA) on all payment apps and devices.
MFA requires at least two authentication factors to access the payment app; examples include a password and an SMS/phone-or-email-generated one-time code. Using biometric authentication, such as fingerprint or facial recognition, provides another factor of authentication when accessing mobile payment features, rendering it harder for hackers to replicate.
After you have installed third-party apps, only give them the permissions that you deem necessary, such as allowing access to your camera for credit card scanning, and denying any other requests like location or contacts.
Frequently change passwords and have them as long and complex as possible (consisting of letters, digits, and characters). Don’t repeat them on multiple systems, so only approved people may gain access to your payment platforms.
Maintain Your Device with Current Software
Cybercriminals like old software because outdated software has known vulnerabilities that can be exploited. You need to update your payment application, security software, or even mobile operating system with the latest patches and updates. To keep yourself secured, get your device set to update to the most recent software versions.
Operating system providers such as Apple and Google update their systems regularly to close vulnerabilities, and application developers update their apps just as frequently to fix security flaws in payment systems. Without auto-updates, update yourself and do not delay the installs. If your device has out-of-date software, your payment details are open to phishing or malware.
Never Use Public Wi-Fi for Transactions
Public Wi-Fi connections, such as those in cafes and airports, are very insecure and tempt criminals to intercept data. You should always pay with your phone over a secure, private connection – your home network or mobile provider. If you must use public Wi-Fi, create a Virtual Private Network (VPN) that creates an encrypted channel and hides your actions.
An unencrypted connection opens your payment information to attack in a man-in-the-middle attack, in which the attacker is routed through your transaction. However, if you access through a secure connection, you lower the risk of your sensitive information, such as card numbers or PINs, being intercepted by the wrong parties.
Check Accounts Regularly
Being attentive is critical when broaching concerns of a lack of security. Take the time to check your bank or payment app statements for suspicious transactions, no matter how small. Look at the bank or payment app frequently enough so that you are reconciling it. Set up real-time alerts for each mobile payment you make so you know when something is paid.
If anything seems amiss, like a charge you are unfamiliar with, report it to the meeting bank or payment provider. Many services also include fraud detection tools that detect unusual patterns, like a purchase at a different location. Suppose you are on top of any account issues by validating them weekly (or firmer daily). In that case, you can get the culmination of personal accountability regarding your misconduct.
Activate Device Encryption and Remote Wipe
Encryption garbles your information and makes it unreadable to unauthorized users, even if someone takes your device. Most current smartphones have built-in encryption. However, even if it is included, you must be sure to turn it on, which is usually found under security settings. Make sure you utilize a strong lock screen PIN or biometric lock even to deter actual physical access.
You should also turn on remote wiping options for Android, such as ‘Find My iPhone’ or ‘Find My Device’. If your phone is lost or stolen, you can wipe off all your data, including your payment information. This may not save you from hackers accessing your sensitive data, but with this two-stepped system, you can sleep peacefully, thinking your sensitive information is safe even when you lose the war.
Endnote
Following these five steps can help secure your mobile payments. From leveraging technology like encryption and MFA to being smart about scams, each step adds extra protection. In an era where convenience comes at a price, taking proactive steps gives you peace of mind that your financial details will be safe while transactions stay smooth.