4 Ways to Protect Yourself When Making Mobile Payments
Mobile payments are on the rise as more merchants and consumers use mobile devices to purchase goods. Google offers Mobile payment options such as Square, GoPayment, PayPal Here, Google Wallet, and PayPass create a more efficient payment process and experience for consumers. Starbucks offers a feature called Shake to Pay, so customers can have instant access to their barcode to save time standing in line.
Gartner, a technology research firm, estimates worldwide, consumers spent over $235.4 billion through mobile payments in 2013 compared to $163.1 billion in 2012. In North America, consumers only spend $37 billion through mobile transactions, which is still up from $24 billion the previous year in 2012.
While mobile devices have made transactions easier, faster and more efficient, there are many agents involved in making mobile payments operate smoothly, such as banks, payment networks, retailers, and wireless carriers. Even though there are stronger security measures to protect your data and your money, there are steps you can take as a consumer to safeguard your personal information and purchases via mobile phone. Here are tips to securing your data when making mobile payments.
Here are tips to securing your data when making mobile payments.
Download apps from a trustworthy source
Sources such as Apple and Google are the safest and most secure places to download any type of app. If you are downloading any type of payment app, use your phone’s official app store because it has the least amount of risk and you will be able to read user reviews on the app.
Protect mobile devices with passwords
The best way to protect and preserve your mobile device is to set up a device password. A device password requires anyone who attempts to open your phone to type in a passcode in order to access the phone. This will prevent anyone who happens to get their hands on your mobile phone from accessing your bank accounts and other sensitive information. Make sure you remember your passcode so you can access your phone.
Send data over a secure WIFI connection
-Whenever you are making a mobile transaction, always make those payments over a secure network connection. Public WIFI networks are easy places for your people to get a hold of your password and access your mobile device. Try not to transfer sensitive or financial information over a public internet connection.
Confirm receipt upon mobile purchase
Before making any mobile payment or purchase, confirm that you will receive a receipt via email. In the event that you want to return the item, you will have evidence you bought the item.
To eliminate potential risks when making mobile transactions, monitor your account activity on a weekly or daily basis. If you check your mobile payment accounts consistently, you’ll be better able to track any suspicious or fraudulent activity and report it to the payment processor if your account is compromised. Be sure to follow these tips and you’ll be on your way to optimizing your mobile payment experience!