The ability to transfer money, and pay through your mobile phone, has transformed the consumer experience. Whether itÔÇÖs paying a parking fine, buying a birthday gift or sending a money transfer abroad, conducting financial transactions with the tap of a screen is the new norm. However, when transferring large sums of money, whether domestically or internationally, itÔÇÖs always wise to take precautions. Here are our top tips for transferring money and paying for services securely through your mobile.
Update your device: Make sure the phone/mobile device itself is secure even before you start a transfer. Ensure that your operating system (iOS, Android, etc.) is up to date, because the latest versions also have the latest security protections. For Android phones, it may be a good idea to invest in an antivirus program to protect against malware.
Update your app: Ensure that youÔÇÖre using the latest version of your money transfer or payment app. Each new version addresses vulnerabilities, potential exploits and other concerns that have been identified. Generally, apps that you havenÔÇÖt updated in a while are more vulnerable to exploits than those kept current.
Choose reputable payment enablers: ItÔÇÖs always a good idea to use reputable payment and transfer apps that have been carefully designed for security and will keep your financial details safe.
Use a strong password: If your mobile payment app requires a password, pick a strong one. The ideal password should contain a mixture of upper and lower case letters, numbers and symbols. If your phone has biometric locking features, itÔÇÖs best to enable those as well to guard against theft.
Use secure Wi-Fi: Try to make sure that the Wi-Fi connection is private and secure. Unsecured public Wi-Fi services can be vulnerable to breaches.
Use an extra level of verification: Use mobile sites with transaction guarantors such as 3D Secure or Verified-By-Visa, which require an extra level of authentication before transfers are approved. Where possible, enable two-step verification. It might be one more step before a transaction goes through, but itÔÇÖs worth it for peace of mind.
Check your bank and credit card statements: ItÔÇÖs a good idea to keep a record of all transactions and compare them against your bank and credit card statements. This will make sure that fraudulent or accidental charges are instantly noted.
So, there you have it. With our checklist for safe mobile payments and transfers, youÔÇÖre all set to turn your phone into a powerhouse of financial transactions.