Mobile payments, including mobile wallets and mobile money transfers, are regulated transactions that take place through a mobile device. Financial information is stored in an encrypted format and transmitted to the recipient via technology known as near-field communication, which typically requires the devices to be within two inches of each other. It is an increasingly popular method of making payments online, at brick and mortar businesses, and making direct payments to other individuals. Keep reading as the EFS Fuel Card experts explain mobile payments to you.
Financial information is well encrypted, and especially if you utilize fingerprint passcodes, they are arguably safer than traditional credit and debit card transactions.
Mobile payments are quick, convenient, and very safe as long as you take reasonable safeguards to protect yourself from tech-savvy hackers and thieves. Following these safeguards are a good idea in this digital age whether you use mobile pay or not.
Use a Credible Platform
Always ensure the mobile payment platform you use is credible and does not store your financial information on their servers. Those platforms built into your mobile device are trustworthy, as are those developed by credit card providers. Android Pay, Apple Pay, Samsung Pay, Google Pay and Chase Pay are examples of credible platforms.
Use Credible Apps
Unfortunately, there are thieves and hackers out there who are skilled and creative at gaining your financial information. One such way is by developing apps that don’t appear to have anything to do with finances, but are secretly monitoring or stealing your information. Protect yourself by being very cautious about any and all apps you download. If it’s not developed by a large, trusted company, be sure to check them out thoroughly before downloading. If you can’t be sure, just avoid it altogether.
Use Built in Security Features
Mobile devices have built in security features such as Find My iPhone or Android Device Manager which can allow you to lock down your device if it becomes lost or stolen. This can prevent thieves from accessing your valuable information.
Use Strong Passwords
Always lock your device, requiring a strong PIN that is not easy to guess, thumbprint or facial ID to unlock upon each use. Be careful when entering your PIN number that no one is watching. Thieves can be sneaky and can watch without you realizing it, so make it your practice to cover your screen with your hand when entering your PIN.
Use a Safe Network
Public WiFi is NOT a safe network to transmit financial information. Cellular networks and password-protected private networks are safe to use.
Use Frequent Monitoring and a Prompt Response
Practice frequent monitoring of transactions to ensure you promptly recognize any unauthorized charges. Daily monitoring is ideal. Some institutions offer text alerts in real time when purchases are made, or other options that may help prevent fraudulent charges.
The earlier you notice any errant charges the quicker and easier it can be to deal with them. It will likely be necessary to close compromised card numbers to prevent additional unauthorized charges. The financial institutions have large departments dedicated to addressing and preventing fraudulent charges, and can help you walk through the process as painlessly as possible should the need arise. Credit cards are set up differently than debit cards, and will typically offer the least hassle to the consumer in the event of fraudulent charges. For this reason, using credit over debit can be beneficial.
Mobile payments are gaining popularity quickly due to their convenience, ease and security. By practicing these simple safeguards, you can ensure the safety of your financial information.