Protecting Your Digital Wallet: Best Practices

There is no doubt that digital wallets have been very beneficial for us to make transactions. They also make it much easier for us to manage our money. This has caused a lot of division in the world because it is a step closer to a cashless world. Although people say cash is king, a lot of people are taking less cash. 

Digital wallets offer several benefits such as convenience, security, quick transactions and ease of access. This is something that cash hasn’t been able to provide us with. It has completely transformed how a consumer will buy a product. 

Although there are many benefits to digital wallets, there are also some concerns. This includes cyber threats, online concerns and server downtime. To deal with the concerns of digital wallets, you need to make sure you do the right things to keep your money protected. 


How To Improve The Security Of Your Wallet

Although your digital wallet may seem difficult to access, it is still possible with some advanced hackers. That is why you must ensure your security is as good as it can be, to ensure your money is secure online. Let’s see how you can improve the security of your digital wallet. 


Create a Strong and Complex Password

Your first wall of defence is your password so you need to ensure you have a strong password. Remember, this password allows access to your bank account so don’t make it the same as all your other passwords. 

To ensure you are creating a strong password, you need to include upper and lowercase letters. Additionally, you should include numbers and symbols and make sure they are not linked to your other passwords. Yes, you need it to be memorable but don’t put letters and numbers in order. Mix up your numbers and letters to ensure it is complex to help improve that first line of defence. 

If you go that extra mile, consider using password manager apps. This will safely secure your passwords and help generate complex passwords for your digital wallet. 


Enable Two-Factor Authentication

Something else that you must do is enable two-factor authentication. If you are unaware of what this is, it is when your software or banking app will send a text message or email with a code. You will then need to enter the code each time you try to access your banking account. Again, this adds another line of defence to keep intruders away from accessing your account. 

In some cases, your password can be compromised so it is good to have 2FA on your digital wallet. Additionally, if you receive a text or an email at any given moment, you will know that someone is trying to access your account. It is essentially a physical alert that sometimes is looking to get into your digital wallet. 


Keep All Devices Up to Date

A common mistake that people make is not updating their software which then leaves their digital wallet vulnerable to hackers. People are under the impression that an update is just to change the way the app is used and offer new features. That is not the case. These devices require updates to improve their security so if you don’t update them, you are leaving your digital wallet vulnerable to hackers. 

There are many apps which allow you to automatically update your software as soon as an update is available. We would recommend enabling this so you can improve the security of your account. 

In some cases, third-party websites will ask you to complete a download to update your account. You should only update your account from the official website or app to ensure it is official. If you use a third-party website, it can install malware and other malicious threats on your device.


Avoid Opening Suspicious Links From Texts and Emails

Although this is one that many people know, there are still many people who fall for this trick. Clicking on links from unknown users can lead to further damage to your digital account. Additionally, they will get you to enter important information which they can then use to access your account. Never click on a link from a person you don’t know as it could be a phishing attempt or other type of security risk. 

It is often that you will receive emails, text messages and phone calls from hackers. You must look for any errors within the message. This includes the domain of the email address or the email/message itself. Errors are very unlikely from reliable sources so don’t give any information to those. 

If you are cautious that it is a scam, there is no issue with reaching out to the company. Ask them to see if they are trying to get hold of your information. They will let you know whether it is a scam or not. 


Only Access Your Digital Wallet With A Secure Network

Another common mistake that many people make is accessing their bank accounts and digital wallets on a public network. Public networks have multiple people using them and the security of these public networks is very low.

Public networks are often used on public transport, coffee shops, bars, restaurants and many other places. To ensure you are staying safe, ensure you don’t access your digital wallet on a public network. Only access your digital wallet when using a private network or a VPN. 

It doesn’t just need to be your digital wallet that you are trying to access either. It can be anything that involves your personal financial information. For example, don’t apply for a DRO on a public network as you will need to put in your data. Making online transactions such as clothes shopping is also not advised as you need to enter personal information for this as well. 


To Conclude

There are many things you can do to ensure you improve the level of security for your digital wallet. It is very important that you do all of the above to improve your security. Additionally, you should never look to access an account using a public network as these are not secure. Only make payments using your mobile data, a VPN or even a private network. 

Cyber criminals are getting smarter each day which is why you must remain vigilant. Even with the use of AI, hackers are misusing this technology to gain access and details from you. Never give your information to an unknown person and if you have been contacted by a company, contact them through a different channel to ensure it is them. Remember, you can never be too cautious with your digital wallet.