Digital Payment

Some Security Concerns and Solutions for Online Digital Wallet

Some Security Concerns and Solutions for Online Digital Wallet
Admin     20 September 2022

Even before the COVID-19 outbreak, cashless transactions were becoming more common. According to reports, mobile wallets bring in 140 million new users annually and might have a $14 million market by 2022.

Many people are drawn in by the cost-effectiveness, convenience, and cutting-edge ways e-wallets like Quickpe24 manage your daily transactions. Additionally, it's critical to evaluate the safety and security of the available e-wallets as more clients desire to make online digital payments.

So, how safe is our money in online digital payment wallets, given the accelerating social change toward the eventual cashless society?

E-wallet security concerns


Since not all e-wallets are created equal, some may be vulnerable to common security problems.


- Through stolen phone numbers, fraudsters can open accounts in other people's names.


- The verification process does not compare anti-fraud information to the user's data and the registered cards.


- Common problems with mobile devices, such as inadequate app security, leaves users vulnerable to backdoor hacking attempts by hackers to obtain encryption keys and sensitive data.


- Most users don't employ third-party security to encrypt their sensitive data, which leaves them vulnerable to theft.


The Security Precautions of Common E-Wallets


3-D Secure or other two-factor authentication is the most popular method of preventing the physical theft of an online digital payment card.


However, the offenders can use the card at online services that don't have 3-D Secure or other two-factor authentication safeguards unless stringent limits are placed on the card. Criminals can intercept transactions and access sensitive financial information by blocking the data transfer between PoS terminals and payment cards. Using an e-wallet solution will prevent this.


Sensitive financial information is always protected while using an e-wallet, whether for online digital payments or smartphone in-store transactions. Advanced encryption used by e-wallets creates a random number sequence for every transaction. Hackers won't be able to use the information they obtained even if they can intercept the customer's transaction.


The hacker won't be able to access the online digital payment wallet account because it is secured by biometrics (facial recognition, fingerprints), a PIN, or a password, so taking the phone for the e-wallet is useless.


Benefit From Advanced E-Wallet Security Features With Quickpe24


Without a doubt, e-wallet solutions offer significantly higher levels of security than traditional payment methods like credit cards and cash, but not all e-wallets do.


Customers' monies are kept by Quickpe24 in segregated accounts for additional security, and users can withdraw money from these accounts anytime and without interruption.


Quick Wallet rigorously screens its merchants and customers through ongoing KYC (Know Your Customer) and AML (Anti-Money Laundering) inspections to remove risks and safeguard its customers.


KYC rules protect financial institutions from fraud, corruption, money laundering, and financing of terrorism. KYC serves as the foundation for maintaining security by evaluating each new customer based on a few criteria, including:


- Ascertain the customer's identity.


- Recognize the nature of clients' actions and confirm the legitimacy of the source of cash; and


- Evaluate the potential for money laundering among customers.


AML checks: AML seeks to put in place solid and compliant procedures and a few essential tools to reduce and eventually prevent fraud


Advanced AML screening: Preventing fraud and financial crime


Automated transaction tracking that identifies irregularities for fraud monitoring.


You can prevent cybercrime by recognizing the devices that communicate with your company.


One platform fits all: Sync together all of your anti-money laundering programs.


With the help of Quickpe24, users may conduct quick, low-cost transactions in more than 190 different countries. With an e-wallet like Quick Wallet, money may be instantly transferred with either no or very cheap transaction fees in 29 fiat currencies and two cryptocurrencies.

Want to store your money in a secured electronic wallet?

Create a safe Quick wallet Account powered by the QuickStart24 Group now!

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