5 Worst Security Mistakes Mobile Payment Users Commit

It seems like wallet is a fictitious word today. Many people have forsaken the traditional norm of carrying a wallet laden with hard cash these days. Instead of carrying currencies people prefer using plastic money or prepaid services like mobile wallets at present. The popularity of these forms of payment chiefly mobile payment raises questions regarding the security of their users. Although users are sentient of the measures that need to be followed to ensure their safety, here are 5 worst security blunders people often commit worldwide when it comes to mobile payment services.

• Misplacing Your Mobile- This is one of the most universal gaffe people commit worldwide. Losing a phone due to callous behavior and theft is cited as few of the most common reasons that pose a threat to the security of the user. While one cannot help a phone from getting stolen one can surely download apps that lock applications, help to secure vital information when in anonymous hands and help to locate a stolen phone.

• No Back Up Data- Another ordinary habit found among mobile users which many are aware of is most users either do not back up their mobile data frequently or do not back up important data and contacts at all. Backing up your data on a CD or a drive minimizes the risk of losing vital information in case of a theft or any other cause. 

• Using Unreliable WI-FI- Often people use WIFI that can be accessed without password from an unreliable source just to save some extra money on their internet tariff plans. This can prove to be very hazardous as malicious hackers can access your crucial details and exploit it at any given time.

• Applications That Encroach Your Privacy- Many smartphone users use applications that invade their privacy and use their delicate information. Smartphone users are advised not to use such applications as majority of them intrude your privacy and misuse delicate information.

• Allowing People To Use Your Phone- Customers often complain about abusage after they handed their phones over to someone else to use it. Sharing your device or letting someone use your device is cited as one of the most foolish act done by any user.  

India Goes the Mobile Way

India is a developing nation that is progressing with time. Like most emergent states it is embracing technology. One such recent hi-tech development welcomed by open arms in India is mobile banking. Though introduced a couple of years ago globally, it has gained popularity over the years owing to various features like being easily portability, enhanced usability and security. However, there is much more than these features that has added to success of this form of payment. Here are some of them.

They are Cheap and Instantaneous- Mobile banking services are economical as compared to Credit Card payment gateways and PayPal for traders. Hence, they are a preferred form of payment compared to others. Moreover, mobile payments are also immediate which means it can be used right away after transfer unlike cheques or demand drafts that take minimum 3 days to transfer.  Attributing to these characteristic more than 40 million mobile users have registered themselves for mobile banking services.

They are Safe and Secure- When a payment is done through the medium of a cheque there is a possibility that the cheque may bounce due to insufficient funds in the bank account of the account holder or faulty signature. Mobile payment eliminates all such prospects as the payment is instant and is deducted from the funds existing in the account. Likewise, it also eliminates the problem of stacking up liquid cash to make payments as it can be used to make both small and big transactions.

They are Convenient- Mobiles are portable and user-friendly. Carrying a mobile is much more convenient than carrying wads of cash. Carrying cash can pose a threat to the security of the person handling it. Services such as Mobile banking and mobile wallet eradicate the chances of being robbed or attacked by assailants. Checking balance amount and keeping a tab on transactions is also an easier task via the mobile phone. Therefore, around 5-7 million users use mobile banking facilities regularly. 

They are easy to Access- As a matter of fact, customary banking has a lot of limitations as in no bank functions 7 days a week, there are restrictions in terms of timings and one has to stand in long queues to deposit or withdraw money. Mobile banking compared to this has no restraints; it can be accessed for transactions and can be monitored at any time, any day be it Monday, Saturday or Sunday, from any corner of the world without any interruptions which gives it an edge over standard banking.