Many trusted mobile app brands have pay by phone app platforms with varying security features. In general, is it safe to use such applications for financial transactions? Can your phone or the app guarantee your financial privacy? Here is everything you need to know before downloading a mobile payment platform.
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What is pay by phone app?
This application allows you to conduct online transactions through a mobile platform. It is similar to your debit card payment method. You can use any method to add money to your mobile wallet. Later, you can use the wallet to pay for your online shopping, utility bills, and others. Many apps even allow recharging through mobile wallets. Apple Pay, Google Pay, Samsung Pay, Square Cash, and Zelle are some of the top pay by phone app brands in the market
Security of your phone
Before we move on to the security of using a pay by phone app method, learn about the security of your mobile. A mobile phone is prone to virus attacks similar to your computer device. However, people are less likely to install an anti-virus software package for their mobile phones. Even if you use the best mobile wallet, you will still risk losing important financial information if your device is full of malware.
Is your payment by phone app protected?
Most of the branded mobile wallet apps are more secure than bank card transactions. Criminals can easily use a skimmer or other methods to read your bank card details. How about payment through phone app vs. chip-based bank cards? The chip-based bank cards prevent attack through skimmers. However, some of the top app brands have better security than chip technology.
For instance, your bank card details are essential only in the first step of wallet registration. Beyond that, the wallet creates a temporary fake number with encryption for transactions. Even if the hacker could attack the transaction, the information exposed is a temporary number with no link to your personal information. Since the temporary number changes for every transaction, the vendors cannot tamper with your wallet either.
Why should you pay by top phone app?
Unfortunately, there is no standard body for checking each pay by phone app’s security features in the market. If you wish to have high-end encryption and a secure gateway, it is important to choose trustworthy brands. How to find trustworthy brands?
Check the number of downloads and active users of the app. The app, with a very high number of active users, is generally highly reputed and reliable. Move on to the review section and read both bad and good reviews. In most cases, a financial information leak happens due to a manual error of the user. So, do not get dissatisfied because the app has a few negative reviews. Check how the app’s support team handled the problem.
How many mobile permission do you need to pay by phone app?
When you download an app, it requests certain permission like permission to access messages, calls, gallery, save data, and more. Instagram app might need access to your camera app and gallery, but your mobile wallet does not need such requirements. If your app insists on having access to unwanted information like contact details or so, it is best to avoid such apps.
The lost phone scenario
People lose their phones very frequently, and what happens to the mobile wallet when your device gets stolen? Unfortunately, anyone with your phone can use your wallet and pay. Thus, do not store your bank details in the wallet app. It is a long process to add bank details to the wallet app every time you recharge it, and saving those details will make payment easier with a single touch. If you lose your phone, the thief can also recharge your wallet with a single touch.
If you prefer to store bank card details on the phone, it is best to use credit cards for wallets. If your thief gets control of your wallet, it would be best for you if your credit card details are with him. Most of the credit card companies have stringent regulations against unauthorized charges. However, debit card usage is your liability. Even if you lodge an official complaint with the bank, the debit card payment’s cancellation process takes very long.
Make sure to lock your phone with a fingerprint and a pin code. The pattern locking mechanism is not very efficient compared to facial recognition, fingerprint, or PIN method.
The store Wi-Fi scenario
Does the store offer free Wi-Fi for shoppers? Well, it is best to avoid such public routers. The store might be a reliable one, but it cannot extend its guarantee to every user logged into the Wi-Fi. It would not take a couple of minutes to complete a mobile wallet transaction, and thus, the amount of data used would be meager. It would be best if you avoid trying to save a couple of bucks and end up sharing your financial details with hackers.
Some prefer using a VPN during mobile wallet transactions. VPN provides better security than your private network. However, it is not a must-use option.
Should I pay by phone app?
Yes, it is safe to pay by phone app, provided you choose the best app and keep your mobile phone free from viruses. If you lose your device, it is best to block your credit card and debit card. Some applications have both desktop and mobile interfaces. If you lose your device, log into the desktop interface, and close the mobile wallet account. You can always reopen a new account with the same mobile phone in a matter of minutes.
In this COVID scenario, using cash or giving your bank card to the cashier, or swiping it on a machine that everyone uses could be a welcome mat for the virus. Thus, contactless mobile wallet payment is safe. Please learn the risk involved in using a mobile wallet and follow all safety protocols.