Digital Payment

How to Enhance Your Digital Wallet Security

How to Enhance Your Digital Wallet Security
Admin     01 November 2022

The transaction process has gotten simpler over time. Thanks to the growing use of digital wallets, many transactions no longer require using cash or credit cards. Along with the advancement of smartphone technology and online buying culture, digital wallets are growing in popularity. Many individuals are becoming more interested in digital wallets due to their convenience and the fact that they can be accessed on various devices.

The digital wallets we are accustomed to could be used to make various payments, from online and offline shopping, food delivery, and other expenses, to new fees. But until now, people have started to worry about the security of their digital wallets.

The increased criminal activity involving digital wallets occasionally defeats users' intentions to resume utilizing these wallets—additionally, the platform stores personal user data. Vendors of digital wallet applications must prioritize system security to prevent harm to users and suppliers from irresponsible people.

Learn More About the Security of Digital Wallets

Since almost all pandemic transactions are cashless, digital wallets are more widely used. People switch to digital wallets due to the efficiency and numerous promotions offered. Payments can be made online or in person using digital wallets. Direct payment is typically made at the store by scanning the barcode. Direct integration with digital wallets is also an option for processing online payments. However, among digital users, cybercrime is still widespread.

Money, ID Card numbers, and personal information are all on the site. Therefore, customers place high importance on the security offered by the digital wallet platform. Most digital wallet companies provide a layered security approach to strengthen their security. The security measures include PIN, OTP, date of birth, and ID card numbers. Layered security aims to prevent cybercrimes while boosting user confidence to keep using digital wallet services.

Cybercrimes that Affect Users of Digital Wallets

Transactions in digital wallets now have multilayer security. Singapore has one of the highest adoption rates for contactless payments worldwide. According to CNBC, Singapore saw a 73.8% surge in cybercrime in 2020. Singapore could address this issue by amending the law governing personal data protection. But crimes involving digital wallets continue to be widespread. Cybercrime can be classified into at least two categories: brute force attacks and social engineering.

Social engineering

Social engineering is persuading victims to take specific actions to collect sensitive information. The victim of this crime may be forced to reveal personal information, including private information (password, PIN, or OTP), for the offender to gain access to the victim's digital wallet. Due to their accessibility, most thieves use the phone or the internet. Most crimes of this kind take place on platforms for digital wallets with insufficient protection.

Brute-Force Attack

Brute force attacks attempt to determine a user's password and account. This allows access to websites, private information, and virtual wallets. Actors still use this old method. There are several ways to perpetrate this crime in the modern world. It is useless, to begin with, random usernames and passwords. Use a password dictionary next. With this dictionary, hackers can quickly access other websites. The second one is the credential approach, which needs a username and password that are both correct. Last but not least, the rainbow table approach decrypts the password's hash protection.

Using Financial ERP Software to Enhance Digital Wallet Security

A robust security mechanism can increase the users' trust in digital wallet services. Therefore, it is crucial for business owners in the financial industry to upgrade security mechanisms, particularly for digital wallets. ERP financial software from HashMicro can securely store your database. The following are additional benefits of HashMicro software.

Quickpe24 of QuickStart24 Group is compiles with top financial ERP system provides the finest security and can securely store sensitive data, including client information.

Financial ERP software uses the PostgreSQL database management system, which provides scalable data security and performance for multiple concurrent users.

One of the many modules in the ERP financial package provides is a help desk that integrates with live chat and call centers. This enables prompt settlement of any potential client complaints.

An integrated financial ERP system's financial management is efficient due to its swift bank reconciliation capabilities, which is one of its many benefits.

The key benefit of the financial ERP system from Quickpe24 is that you can modify it to meet the requirements of your business and add the features you like.

Conclusion

The security mechanism is the most crucial component of each digital wallet platform. Hackers can access a user's funds even with numerous layers of security, as seen in cases of digital wallet crimes. Therefore, it is crucial for any provider of a digital wallet service to strengthen its security framework and guarantee the continued protection of each user's data. In particular, nations that have adopted digital wallets as a tool for routine transactions may see a rise in cybercrime.

As a provider of digital wallet services, Quickpe24 must offer a security safeguard for money stolen by thieves. For those with several users, ensure that the security mechanism you create for the data is adequate.

"The meta issue of financial inclusion is a lack of understanding of the underserved market." — Danny Shader .

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