
Staying Protected While Paying with Mobile Payment Apps
CIO Review APAC | Monday, May 17, 2021

As convenience is king, the increase in the use of cashless payment methods and online shopping and the use of smartphones for shopping has resulted in the increased adoption of mobile payment methods.
FREMONT, CA: More customers than ever use smartphones for mobile banking and spending money. A few years ago, people preferred to shop and bank on laptops; now, smartphones are at the center of the financial experiences. Everywhere in the globe, cash is rapidly making way for secure payments on mobile devices. Customers no longer utilize phones purely for research; they’re a vital tool in the purchasing journey, often the only device involved. Consumers embrace mobile wallets and payment apps, which means merchants want to give them the option to pay using new methods, in-store and online. Here is how to stay safe when playing with the phone.
The first line of defense available for securing oneself and hard-earned money is by allowing all security measures afforded to the smartphone. This includes allowing a combination of a biometric lock (face scan, retina scan, fingerprint scan) and lock code. Once firms have done that, it gets complex to break into the smartphone and use the payment apps since they need to verify the identity whenever they want to access them or perform a transaction or purchase something. A caveat applies, however relying on the country, payments up to a certain limit will not need any verification/authentication.
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Besides, most payment apps enable firms o turn on additional security features such as two-factor authentication, which they should act immediately if they haven’t done so yet. Firms can also lock the apps with additional security measures like biometric and code locks and let those for transactions. Firms should also turn on notifications whenever a transaction or payment takes place. Then, if a malicious activity occurs, firms will be alerted in real-time. To avoid downloading any fraud apps that will target the wallet, it is always necessary to scrutinize what customers will be installing, lest they install a fraudulent app disguised as something else. A good rule of thumb is to also review all of the permissions apps ask to be given.
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