The digital world is advancing at a rapid pace in the current global scenario. What used to be a small entity and a niche has become a formidable entity on its own. With the growing awareness and traffic, the attention towards digital currencies naturally increases. The first and foremost concern when it comes to digital currency is how to protect it.
Digital wallets are the first thing that comes to mind when we talk about protecting our digital currencies. A number of private as well as semi-private companies are offering digital wallets for their clients with added security features to win the customer trust as well as the market share.
Before we provide suggestions regarding how to protect you digital wallets, let us dwell into what these digital entities actually are and what is their significance in the modern world.
What are digital wallets?
A digital wallet is basically a medium over which you can store your payment information along with the passwords for various online payments. Digital wallets are generally protected by a number of encrypted security layers to secure your data and funds. Certain wallets also provide password suggestions to help you save and secure your data in a better way. Different wallets are compatible with different payment methods to help customers in their daily routines.
Why use digital wallets?
Digital wallets allow you to sell and purchase offerings from the comfort of your homes. You can pay bills, enjoy streaming services from options like Netflix and so much more. Digital wallets can easily be linked to mobile payment systems, which allow you to pay for a number of products and services through your smartphones. Digital coupons and loyalty points can also be redeemed through digital wallets, which offers further incentive to use this medium. You can even use E-wallets to subscribe for connectivity options. For instance, if you want to look into your Local Cable Deals, digital wallets can be a great medium to avoid the hassle and get your go-to service.
The primary issue users have with digital wallets is the over looming security concern. We all have witnessed how the seemingly unbreakable iCloud services were hacked in the past that resulted in massive data leakage across the globe. Moreover, we often hear about credit/debit card data leaks. All these instances make the audiences more susceptible to doubts regarding digital wallets and cloud accounts
What needs to be realized is that the mistake is often at the user’s end rather than the service provider itself. To avoid these user mistakes, we have listed down a few effective pointers that you should observe.
Every device needs to be password protected
Since digital wallets can be used across various platforms and devices, you need to make sure that each and every device is sufficiently protected via passwords (at least). Whenever you login to a foreign device, try avoiding it for transaction uses. If that is a necessity, make sure that you delete your stored information afterwards. Browsers as well as applications often have facilitating options to store your information for future use. Make sure that you uncheck these options to protect your data. Different devices such as laptops, mobile phones and tablets might have different information-storing options and some tend to be more secure in comparison to others. Make sure that you take the necessary measures to protect every one of them.
Keep the passwords with you
There is a hard and fast perception among the masses that passwords shouldn’t be written down. Though this may be the right practice in general, we personally suggest keeping your passwords with you in cases of contingency. The first thing that malicious entities do is to change your login information to gain exclusive access to your accounts. In such scenarios, it is important that you have the sensitive information with you in hard-form so that you justify yourself being the actual owner. When people repeatedly use auto logins through fingerprint scanners for instance, there is a high probability of them forgetting the login information after extended time periods. You can even use your mobile phones (which are well protected by external entities such as Knox) to secure sensitive information, which will prove to be helpful in times of need all the while offering you a much needed peace of mind.
Be selective in trusting (websites and people)
Although this is something that many experts have said before, we will still call your attention to this particular point as it carries a lot of importance. Never trust unknown websites that ask for sensitive information. The internet itself is literally loaded with suspicious sites that might misuse or sell your data. With the advancements in the internet, these days the URL itself can depict if a web source can be trusted. If a website links you to any external sources, make sure you don’t open them even out of curiosity as they have a saying after all that “curiosity killed the cat”.
You might have excellent relations with people but that doesn’t mean that you should trust them with sensitive data such as passwords. Anyone of them, voluntarily or involuntarily could expose your data to threats. So the less exposed your data is, the safer you will be.
Keep limited funds in your wallets
A failsafe practice to keep your E-wallets safe is to keep limited funds in them. Even if the security of your wallets is comprised, that doesn’t necessarily mean that your card info is compromised since we don’t always save our account info in our wallets. Moreover, keeping limited funds in your wallets make them less susceptible to attacks since they aren’t “that tempting”. If you want to make a certain transaction, deposit the amount and use it in a timely manner to avoid any contingency. Doing so will offer you the necessary peace of mind. If possible, (this might sound a bit inconvenient) don’t save your account information in your digital wallets.
Following these simple guidelines will surely help you keep your digital wallets safe and secure. E-wallets are a great commodity undoubtedly and like many other technological advancements, it would be unwise not to make the most of it.