What is a mobile wallet?
An electronic wallet (eWallet) is a tool for making payments, paying for goods, storing and exchanging currency and cash flow on the Internet. This is an analog of a bank account, only more convenient and simplified, with a good protection system. An electronic wallet is a virtual wallet in which real money is stored.
Most of the cards from your real wallet can be added to an electronic wallet. These include:
- debit and credit cards;
- supermarket discount cards;
- boarding passes;
- tickets for events.
Electronic wallets can also be used to store cryptocurrencies. They will help to keep your savings safe and actively use the funds. The virtual currency market is gaining momentum (according to Buidlbee the top 3 of them growing fast are Huobi Token, Dogecoin, and Arweave), so this is a great opportunity.
Is eWallet safe?
Absolutely. Using a mobile wallet is often safer than carrying all your debit and credit cards together.
The black magnetic stripe on the back of most cards means that they are easy to read by any magnetic scanner. This puts your personal information at risk of cloning if the physical card ever disappears from your field of vision.
Digital wallets are not only well protected from fraud. In addition, their security technologies are constantly being updated to provide additional round-the-clock protection. This includes an improved user interface and better protection of sensitive data.
In addition, most mobile devices require a password, fingerprint, or facial recognition identifier to access an eWallet. If you are not using one of these phone security measures, then now is the time to install it.
What about crypto wallets?
Safety is assured in cryptosystems by a network of agents, which miners validate. They keep the system safe by using strong computing methodologies.
Trying to hack the established virtual security is theoretically possible; however, the cost of doing so is prohibitively expensive. A hacker attempting to deceive the BTC blockchain technology and initiate a “double spend,” for instance, will require processing resources that outperform the combined capacity of all miners in the structure. Even so, he will not have complete authority over the situation. A hacker must cross the 51% power threshold to get nearer to this objective.
How to protect your electronic account from fraudsters?
In many ways, the security of an electronic wallet depends on the user himself. For your money to remain safe and sound, you need to follow simple rules:
1. When choosing an electronic wallet to which you want to entrust money, use reliable and proven electronic payment systems.
2. Install an antivirus on your computer and update it regularly.
3. To protect your electronic wallet from hacking, you need to come up with a complex and long password, necessarily consisting of numbers and letters, including capital letters. If the password turns out to be too easy and potentially susceptible to hacking, the system will warn you. Experts do not recommend using information related to your initials or other personal information such as passwords – phone number, date of birth, pseudonym, and so on.
4. Do not tell anyone your eWallet password. Remember, employees of payment systems are never asked to give their password.
5. In the browser line, always check the correctness of the spelling of the electronic payment system site – fraudsters often create clone sites with similar addresses to get user passwords.
How do payment systems ensure security?
Payment systems ensure the security of electronic wallets from hacking by spyware – all transactions are carried out through the secure HTTPS protocol, which supports encryption, so fraudsters cannot intercept the data transmitted through it.
Some payment organizations offer their users two-factor authorization, which can minimize the likelihood of hacking.
Another method of wallet protection is the automatic analysis of the user behavior pattern. In other words, a special robot monitors what amount of money the user writes off from his account and checks whether this resembles the nature of the behavior of scammers.
Before you start using a digital wallet, especially before you put any money there, take the time to study and learn how the digital money service works. This will help to avoid mistakes and become vulnerable.
