With mobile payment apps and digital wallets, digital purchases are even easier and faster than ever before. But are they safe?
The short answer: Yes, as long as you’re careful and observe some cybersecurity best practices. Help keep your digital shopping secure with these simple guidelines.
What makes a digital payment app safe to use?
If you observe cybersecurity best practices, yes – digital payment apps are safe to use. In fact, a digital card is generally considered safer than a physical one because it uses advanced security features to protect your financial information with features like:
Encryption
Multifactor authentication
Tokenization
Biometric authentication (when applicable)
Buyer and seller protections (when applicable)
10 security best practices for payment apps
1. Only download reputable apps (and update regularly)
Only download apps from the official Apple App Store, Google Play Store or the financial institution’s official website. Once the apps are added to your devices, stay on top of software updates (consider turning on automatic updates to help keep things secure).
2. Validate your information for any incoming or outgoing transactions
Before you finalize a digital payment, double-check all the information, including the sender or recipient’s name and the amount of the transaction. A common payment app scam could come in the form of someone claiming they’ve accidentally overpaid you (often after an alleged transaction on an online marketplace) and are requesting a refund.
A digital card is generally safer than a physical one because it uses advanced security features to protect your financial information.
3. Check your privacy settings
Protect your private information online by confirming the privacy settings on any digital payment app or digital wallet you use.
4. Monitor financial accounts to catch fraudulent activity quickly
It’s always a good idea to keep an eye on transactions to spot any suspicious activity early. If you spot a transaction you didn’t authorize, be sure to report it to both the app and your bank or credit card company.
5. Validate QR codes before scanning
Scammers create fraudulent QR codes and either send them through email or social media, or put them in public places (often covering legitimate QR codes). Once scanned, they direct you to a fraudulent site that could expose your personal information.
When possible, you should avoid making payments through a site navigated through a QR code. Access the official website by searching for it in your browser or using a trusted bookmark.
6. Don’t use payment apps while on public Wi-Fi
Public networks often have low security and may leave your personal information vulnerable to hackers and scammers. Be sure to use your phone’s cellular data or wait until you are in a trusted location before you make your digital purchase.
7. Set up multifactor authentication or a PIN when available
Whenever possible, turn on multifactor authentication or create a PIN on all your payment apps and sites. Typically a code will be sent to your phone or email, this added layer of security can help prevent hackers from gaining access to sensitive information.
8. Do not save your payment information
While it’s tempting to store your bank or credit card information in your digital payment apps, it’s safer to manually enter it each time. You can also opt to have your digital wallet fill it in.
9. Use unique passwords for each account
The tried-and-true advice to create unique passwords for each online account applies to mobile payment apps and digital wallets, too. If your password is stolen or involved in a data breach, you can isolate the problem to a single account.
10. Enable facial or fingerprint recognition
While hackers might be able to figure out your password or access it through a breach, it’s far more difficult for someone to steal your facial or fingerprint identity.
Use digital payment apps with peace of mind
Digital wallets and payment apps have made paying online faster and more accessible than ever. Just be sure to put security first. By taking proper precautions and following best practices, you can utilize digital payment options while keeping your financial information safe and secure.
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