A Secure Guide to Digital Wallets

By storing the consumer’s credentials at a single place, digital wallets or e-wallets have eliminated
the need to carry a physical wallet. With the government focusing on cashless transactions many
companies and banks are coming up with their e-wallets. These wallets can be used with mobile
payment systems that allow users to pay for their purchases anytime.

Paytm is the most widely used mobile payment wallet with over 100 million users followed by
MobiKwik which has around 35 million customers. These Digital payment systems are now focusing
on going offline as most of the people in India still carry out their purchases in an offline manner. All
these companies are dealing with the user’s personal data and financial information. Therefore
protecting user’s accounts and preserving user data becomes a foremost concern as the number of
cyber crimes are increasing rapidly.

Follow the below mentioned steps for safer use of e-wallets.

#1 Use passwords on your devices- Be it a mobile, tablet or lappy you must protect them by using a
strong password mechanism.

#2 Use secure network connections – Avoid connecting to untrusted or public Wi-Fi networks. Wifi
networks that are secure are marked as “WPA” or “WPA2”. Unsecure networks are identified with
the label “WEP”.

#3 Download Apps from Trusted Sources – Most of the apps that you install often ask for your
information. Install apps from verified stores like “ Google Playstore” or “Apple Store” and always
read the user’s review and ratings before downloading.

#4 Choose a unique password for your digital wallet – Use strong and unique passwords for your
mobile payment apps that cannot be cracked easily. Your password must be minimum 8 characters
long and must include a number, an uppercase alphabet, a lowercase letter and special characters.
For e.g. – “safeNET@112”

#5 Make sure that there is a 2-step authentication for your digital transactions – Whenever you
make any online purchases you will be ask to authenticate yourself twice. While making payments
using net-banking or e-wallets you will be asked to enter your login details, password and an OTP.
This OTP(one time password) ensures that the hackers cannot steal your data.

#6 Install a Trusted Antivirus Software- A good antivirus will block any fake websites, spam mails,
malicious links or attachments thereby allowing you to continue your purchases smoothly without
any fears.

#7 Install Mobile Security Apps – These security apps block access to fake websites, prevents
infected or malicious apps from being installed on your phone. They also lock let you to lock your
apps through a password or pattern to prevent any misuse.