How To Secure Our E-Wallet
Wallets these days are anything but old-fashioned. The digital wallets, that is.
The typical expectations are earning reward points, cashback and convenience for users. But the most important one is security.
Security Risks
There are potential loopholes in any financial ecosystem. Let’s look at some common risks before we move on to the security features that address these risks:
Intercepted Data
Just like how credit cards can be skimmed by tapping, this could possibly happen to a mobile phone. This is due to the reliance on wireless networks. Most regulated e-wallets have preventive measures within their infrastructure. For added security, it’s recommended to turn off the NFC function of the phone.
Inconsistent Security
Certain e-wallets do not have two-factor authentication. A critical factor that prevents fraudulent activities. It’s recommended to verify that the e-wallet is registered with Bank Negara Malaysia to ensure compliance with mandatory security standards.
Fraud Risks
Identity verification is key in preventing impersonation. Most e-wallets should have a process for you to verify your IC when you register for an account to ensure your account is indeed used by yourself, and not someone impersonating you using your credit card credentials.
Good E-Wallet Security Practices
Now that you know the risks, here are a few recommended steps to secure our e-wallets:
Enable Two-Factor Authentication (2FA)
This is an extra layer of security to protect our e-wallets beyond a user ID and password. It is usually executed in the form of a unique code sent to you for each payment, combined with your login password or fingerprint registration. This reduces accidental payments and unauthorized transactions.
Practice Good Password Hygiene
Create long and unique passwords. A combination of lowercase (a,b,c), uppercase (A,B,C), numbers (1,2,3) and symbols (@,&,%) makes the password stronger. Do not use the same one that’s already in use. Avoid birth dates or any personal milestones that are easily recognizable.
Verify Your Account
Account verification is known as Electronic Know Your Customer (e-KYC). By verifying our account, we protect our e-wallet from unauthorized transactions. A simple prevention practice but with a profound impact.
Conclusion
Securing our e-wallets are easy. Ensuring protection at all times while providing the convenience of not having to carry multiple credit cards. Reducing the risk of losing them accidentally.
Plus, there are added benefits such as cashback for every transaction made. What’s there not to love?
If you face any complications completing your e-KYC, you may contact us via email at [email protected] or via Whatsapp at +60177353268.
