Mobile Money Transfer: The Do’s and Don’ts to Secure Your Money

ElitePersonalFinance
Last Update: February 12, 2021 Scams

Most mobile payment system providers will always tell you to be careful out there. This is commendable since they care for your money. However, they do not exactly tell you what to stay safe from. Since insecurity is as lazy as it is overused, you are left somewhere between the much talked about insecurity and the independent mobile payment providers ‘ warnings. In this post, I will be straightforward I will tell you what you have been doing that you should stop doing and what you haven’t been doing and you ought to start doing.

What Should You Do to Protect Your Money Transfer

Deny access to unknown applications on your phone. Recent research by the Global Threat center established that Android malware is fast rising. A big reason to worry! You may be convinced to install an Android antivirus quickly but stay warned that you should not be hasty about that either because the authenticity of these antiviruses is in question in the same manner and capacity the same malware. There are two types of malware that make the financial information stored on your device vulnerable.

  • SMS Trojans: these are malware sent to deliver messages from your phone number to premium-rate numbers owned by cyber crooks who are out to profit from your sweat. Broadcasting companies own premium-rate numbers. When Trojans send out the messages, your account is debited, but you may not notice until you check your phone bill. However, this type of malware does not put electronic mobile money at risk, but you eventually suffer a loss due to hiked phone bills.
  • Spyware: as though they aspire to win an Oscar, this malware is on Android’s malware share. Unfortunately, this spyware gain access to your phone with your permission, either directly or indirectly. This spyware poses the biggest threat to your mobile funds as they are loyal enough to send out your account history and, if you are careless enough, your account credentials to their manipulators.

Stay away from unnecessary apps! It can never get clearer than that! If you think you are a tech genius looking for the latest trending mobile applications, please do so with some little consciousness. Review where the app will be accessing (though it will not help if scanners and malware are hidden and most are) and avoid applications that request access from other applications.

Talk to your IT guy. We have come to a point where we cannot trust reviews by other financial application users. Negative reviews and testimonials are filtered continuously by website administrators and hidden from showing up on your monitor. The only person to trust is your IT guy (I am your IT guy for today, by the way). Most applications we use for mobile payment are designed and coded by third parties but published by the specific mobile payment system providers. Third parties have codes to applications and can bypass the security they created for the applications. Your money gets at risk when one uncouth developer sells out the code to hackers for a kickback.

However, there is very little you can do about this situation. When an attack of this nature occurs, it often hits almost everybody who has their account with that provider, and it even gets ugly when the developer is hired as a consultant to diagnose and fix the “bug,” as that’s what you will be told on the news if it will be published at all.

By talking to your IT guy, you can always get to know which provider uses the latest encryption standards (and by this, I do not mean the SSL logo you will see at the bottom of their website).

Check your bank statements, phone bills, and other utility bills. This is the best thing to do if you were serious about keeping your mobile wallet safe. When your account is under the attack of any nature, whether Trojans or hackers, you will notice one or two mysterious bills when you inspect these statements. When you check and see any suspicious records, raise the alarm to your card issuer, your mobile payment provider and, if possible, suggest a change of records. By records, I mean you apply to change your credit card and/or abort your mobile payment service provider until you find a trustworthy provider if you must ever go down that lane again.

What You Shouldn’t Do to Protect Your Money Transfer

Respond to emails without consultation and verifying the source. If you have not yet received emails claiming that you are a $1 Million lottery winner or you are listed for a $5 Billion inheritance, then wait. It is on its way. These emails are called scams, and they are intended to lure you into revealing your financial detail or, in unsuspecting cases, your contact information. I am warning you against buying any of this idea whatsoever. I know it’s hard to delete an email with $5 billion mentioned in its contents, but you got to do it and block that email address.

This helps you escape the temptation to check out what this billion-dollar bill is all about. Please DON’T.

Share your financial information. This may sound a cliche, but it isn’t. Sharing financial information means a lot more than just sending it via text, email, or dictating over the phone. How many websites require you to fill in your card for “age verification only”? How many more request your card information to activate your 120 DAYS FREE trial? You’ve lost the count. It may be pretty easy to tell scam sites when on a desktop, but it is not where the rains start to beat you when on mobile.

These four simple do’s and don’ts will guarantee security to your mobile wallet. I will continue to update you on the mobile industry’s current security trends and be sure to stay safe out there got. There are thousands of people who want to get it.

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ElitePersonalFinance

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