Is Your Paytm, MobiKwik, FreeCharge, And Other Wallets Safe?

After demonetization most of the people have shifted to mobile for making payments. There are different types of e-wallets available.

E-wallets offers numerous benefits like speed, timeliness, offers and discounts . However, there's still some misconceptions regarding digital wallets. It is regarding the safety of e-wallets. In fact, e wallets can never be safe unless, best practices are used.

Here are some of the reasons your e-wallets are not safe:

1. Passwords

Passwords are the first weapon against hacking. Strong passwords should be enabled on the user's phones, tablets, and other devices before downloading and using e-wallets. Additional layers of security provided by these devices should be used. Read Also: Smart Tips To Set Your Internet Banking Passwords

2. Don't use Public Wifi

Try to use secured network connections always. It's important to be connected only to the trusted networks. Avoid the use of public Wi-Fi networks. More secure and trusted WiFi connections identified as "WPA or WPA2" requiring strong passwords should be used.

3. Depend on trusted Sources

Always download e-wallets from reputed and trusted sites. Also give a look at the user rating. Reading the user ratings and reviews can give you some clues about the integrity of the e-wallet application. User has to check for legacy of securely, reliably and conveniently handling sensitive financial data and providing customer support.

4. Don't keep login credentials

Avoid keeping the information and key words used to access the e-wallets. Storing them as the draft or in chats and files can also get hacked. Use a unique password for the digital wallet to prevent against the risk of unauthorized access.

5. Get alerts

Register for alerts through SMS and emails regarding each and every transaction through your wallets.Whenever a transaction is made via your account, banks send you an alert via SMS and email. Keeping a track of these alerts will help to ensure that no one else has access to your finances, digitally.  When you are not receiving any calls or SMS notifications for a long time against your e-wallet uses, you should make inquiries with the mobile operator.  All of the above measures will ensure that your e wallets are safe.