How secure are your mobile payments ?

With the advancing age, newer technologies, smaller devices at hand we are literary producing the next generation human beings. But how secure are these smaller devices when it comes to mobile banking, banking Apps or any other kind of banking/payment related activities.

Here are some precautions while making mobile payments.

1.

Install reputed antivirus software: Numerous gaming and freeware apps tend to drop bread crumbs (tracking code) on the mobile phones. This helps them gather user information and push advertisements. Consumers, who often use mobile phones for making banking transactions should be wary of logging in to unknown websites and refrain from entering sensitive information on unknown applications.

2.

Beware of shoulder surfing: Native mobile OS keyboards of iOS/android have a peculiar issue of typed characters being displayed briefly. This is the most vulnerable aspect of using mobile phones for financial transactions. While the applications themselves have security measures such as login ID and passwords, someone may be watching over your shoulder while you type.

3.

Download only official apps: Mobile wallets are susceptible to hacking in a scenario where users download the mobile payment apps from an untrusted source. Ensure that you download apps only through official websites. These apps also release newer versions, in case new vulnerabilities are detected. Ensure that you set the automatic updation feature on the app, so that you have the latest versions running on your phone.

4.

Do not store sensitive information on your phone: Would you write your PIN behind your credit/debit card? Then why would you store sensitive details such as login ID, password, mobile PIN, etc., in your phone.Use only reliable networks: While it may be tempting to use free Wifi, avoid logging in to unknown networks. The network connection should be secure and trusted. If you are on the road, ensure you use your phones 2G/3G/4G connections or wait till you reach your destination.

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