Digital Wallets pave way for Digital Criminals

Everyone loves digital wallets. They've made our lives more convenient. We are no longer required to wait in queues to buy something. Just a click on your smartphone, tablet or computer, and whatever you need will be delivered to you without any delay. Just like that! This is the brighter side of using digital wallets.

So is there a darker side too? Yes, there is. And it takes the form of digital criminals who are looking for every opportunity to snatch away your digital wallet from you. In other words, the conveniences offered by your digital wallet can, at times, be overshadowed by the security risks they pose. This is especially true if a robust security infrastructure is not in place to secure the transactions you make via your digital wallet.
What Improves Your Digital Wallet's Security?  



1. PCI Compliance: Payment Card Industry Data Security Standards (PCI DSS) plays a major role in regulating how your credit or debit cards are handled online. So though digital wallets are not directly connected to PCI compliance, these body of rules have made digital wallet apps more secure.

2. PCI Scanning: Complying with PCI standards requires a PCI scanning tool that performs frequent checks to check whether online merchants are being PCI compliant or not. So this is another tool which indirectly enhances your digital wallet's security by ensuring online merchants continue to be PCI compliant.
3. Being Aware of Latest Security Threats: It's not enough to use a secure digital wallet app to ensure your digital security. Because no digital wallet out there will be a secure one for a very long time. When new security threats emerge, your digital wallet app may no longer appear so secure.

So, it's worth to keep yourself updated with the latest security threats.

Internet of Things: With growing technology, data transfer these days happens between devices and not necessarily between two humans or a human and a machine. This type of data transfer, also known as Internet of Things (IoT), has given rise to new set of security threats, that target such data in transit which does not need any human intervention.

Ransomware: Another security threat which is gaining importance in the world of hacking. This type of attack prevents or restricts users from accessing their systems or certain files on their systems until a certain amount of money is paid as ransom to the hackers.

PCI Compliance Flaws giving rise to New Security Threats: PCI scan compliance has flaws. And hackers are cashing on it to devise new security threats. So although direct attacks on entry points such as POS systems may have seen a fall, POS hackers are turning their attention to other vulnerabilities such as gaining access to company systems via supplier/vendor credentials or through unsecured IoT devices.
Simple Steps You Can Take to Ensure Your Digital Wallet Security

1. Choose Wisely: Install digital apps only from trustworthy sources. If you are not sure about a particular digital wallet, never go for it. On the other hand, while picking one, ensure you go through online reviews that usually shed light on how the app is and the problems people using it might be facing so that you end up selecting the right one.

2. Change Your Digital Wallet App Password Regularly: A very basic measure which goes a long way in mitigating various security threats. Like always, your password should be the right mix of alphabets, numbers, symbols and special characters to make it tough to crack.

3. Set Passcode to Your Phone: Set a strong pass code on your phone so that it would be difficult for anyone besides you to use your digital wallet app.

4. Monitor Your Bank Statement for Unexpected Charges: Your bank statement is something which you should be monitoring closely. Because chances are someone might be using your credit or debit card information and you might not even be aware of it. So lookout for unexpected charges and contact your bank immediately if you do come across one.


What E-Commerce Websites Should Be Doing?

E-Commerce websites are one place where you'll be using your digital wallets a lot. So while securing your digital wallet maybe your business, these websites too have an obligation towards protecting the same.

Given the large number of user interactions these websites deal with, they should be on constant vigil looking out for new types of security threats. They should be updating their operating systems and servers regularly and should ensure they have the right sand boxing and anti-malware technologies in place. Doing so should ensure their customers' digital wallets stay safe from digital criminals.
Location: New York, NY, USA

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