![]() Lock your phone with the security options it offers, and do the same for your eWallet and other important apps that contain private data. ![]() How to protect your eWallet and avoid these issues Lock your phoneĪs mentioned above, the biggest risk in using eWallets is simply not providing protection for your phone’s data. If you haven’t locked your phone or your digital wallet, then a thief can easily access the information and make a number of purchases or even withdraw money from your bank account before you have time to act. The biggest threat might actually be the loss or theft of your phone. Please avoid using Public Wi-Fi to not expose your data. However, most eWallets utilize some form of encryption, so this threat is often minimal. If proper security is not in place, hackers can hijack the payment information being transmitted. The largest threat is in the transmission of data across mobile networks that may be lacking in security. The threats against eWallets are growing, and consumers need to be aware of the risks of using digital wallets and how to improve their eWallet’s security. Malicious actors have noticed the rise in popularity of digital wallets, which means an increasing number of targets for them. If there are still some businesses that have not yet upgraded to the new technology, chances are they will in the near future. This helps prevent unauthorized purchases.īecause eWallets have increased so much in popularity, many retailers are now offering the option for consumers to pay in that manner. And, when making a purchase, you're required to provide some form of authorization before the purchase can be completed, such as a PIN or a biometric scan of your fingerprint. Even if you lose your phone, you’ll still be able to access your eWallet by signing into it on a new device. Some eWallet systems even let you store coupons.ĮWallets also offer a measure of security - there is no need to carry around cash, and you don’t need to carry a wallet that could get lost or stolen. This eliminates the need to carry around many different cards, such as store cards and loyalty cards. ![]() If you choose to store more than one card in your eWallet, you can select one as the primary, or easily switch to another.Īside from enabling quick and convenient payments, another benefit of using an eWallet allows you to store the information of several cards. The payment is quicker, contactless, and more convenient. There is no need for handing a clerk your card or inserting a card into a terminal. When you're ready to make a purchase, you simply wave your phone over the payment terminal, and the purchase is made. The eWallet, like a physical wallet, is capable of storing a number of different debit or credit cards. Instead of carrying around a wallet stuffed with credit and debit cards, you instead store your eWallet on your smartphone. Think of an eWallet as an electronic version of a physical wallet. What are eWallets? What are the benefits? Consider the following benefits of using an eWallet, followed by recommended steps for protecting it, and you’ll be able to make an informed decision. There are a number of things you can do to improve the safety and security of your eWallet, from common sense steps to utilizing online security software. So the question is, are eWallets safe to use, or are they just not worth the risk? The answer depends on how you choose to use and protect your own eWallet. In the United States, eWallet popularity increased exponentially during the COVID-19 pandemic, when consumers wanted to make purchases without physical contact with cards and payment terminals.īut just as eWallets offer convenience, they also offer another opportunity for savvy hackers and cybercriminals to attempt to steal your financial data. eWallets have actually been in use for many years, especially in Europe where digital wallets are common. An eWallet, also referred to as a digital wallet, is the next level of convenience for consumers seeking easier and quicker payment options. ![]()
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