Safeguarding Your Digital Wallet
Mobile payment is changing the way consumers pay.With more and more businesses offering their services online, the need for a safer way to pay online is the crying need of the hour. As online transactions increase, businesses in the payments industry are consistently adopting advanced technologies to protect their consumers interest. At the same time, even the most secure (payment) systems can be compromised, especially if the consumer uses a weak password or if a device ends up in wrong hands. Therefore, we all have a role to play in keeping our digital wallets safe. In the same way, we protect our physical wallet today, it is imperative to protect our digital wallet too.
Keeping your sensitive information safe can be easy and inexpensive. There are a few simple things that consumers can do to ensure the safety of their money, as they increasingly use the convenient method of payment—digital wallets. The guidelines that should be followed to safeguard your digital wallet are:
Enable Device Password: Set your devices to require a password before they can be used. Today, most devices including smartphones come with a system lock feature that allows you to lock the device when not in use. Some devices can automatically lock themselves if not used for a while. Always Connect to a Secure Network: Use only the networks you trust, especially when you do online transactions. A rule of thumb is to avoid open Wi-Fi hotspots as they are usually insecure and could be a trap laid by hackers who want to steal your
Always Connect to a Secure Network: Use only the networks you trust, especially when you do online transactions. A rule of thumb is to avoid open Wi-Fi hotspots as they are usually insecure and could be a trap laid by hackers who want to steal your payment information.
Keep Login Credentials Secure: Never share sensitive financial data and login credentials (usernames, passwords, PINS and answers to your security questions; with anyone, especially the ones you don’t trust. Don’t write down information used to access your digital wallet. Don’t use the same password you use for email or social networking sites. Instead use a unique password for your wallet.
Install Apps From Sources You Trust: The world of apps also features many fake apps that are designed to collect your sensitive data. There may be suspicious apps that look exactly like the real wallets. The users need to be extra careful while installing the official wallet app in their smartphone. Carefully read user reviews that can provide some clues about the integrity of the app.
Keep Your Devices Up-To-Date: An up-to-date device is more secure. Hardware and software manufacturers release frequent updates to optimise performance and security of your device. They include counter measures for newer threats; therefore, ensure they are installed.
Use Security Software: There are many security applications, including firewalls that can detect and remove threats such as viruses and malware.
Monitor Account Activity: Monitor the account activities regularly. This will help you immediately know about any unauthorised activity in your account. if any such activity is detected, immediately report it to your financial institution.
To mitigate risks associated with digital wallets, users and wallet service providers must undertake security measures to prevent a data breach. Mobile payment service providers must take all the necessary steps to ensure the security of their mobile payment app, protect payment data and prevent data breaches in the backend. Many mobile payment apps use SSL’TLS to protect data when the app connects to the Internet. These mobile payment apps must validate the security certificates received from the server. If a mobile payment system receives an invalid certificate, it should stop immediately and alert the user that a potential attack is likely to happen.
Table 1 provides a comparison of the security measures that need to he followed by users and wallet providers respectively to secure confidential data.
|Security Measures for Digital Wallet Users||Security Measures for Digital Wallet Service Providers
|Use strong pin/password/screen lock pattern to protect mobile devices
|Place specific limits on funding|
|Upgrade mobile operating systems regularly and apply all security patches||Specific the parties and methods authorised to fund the accounts
|Prevent downloading malware on mobile devices||Specify the nature of the legal tender used to fund the accounts
|Use cautions when receiving suspected SMS messages and emails
|Monitor the frequency of loads to the account
|Do not connect to untrusted hotspots for Wi-Fi access||Apply enhanced and ongoing due diligence on merchants, and monitoring for their compliance with regulatory
Dovetail – Banking Technology
We hear a lot about consumer payments such as online banking and digital wallets but the wider payment sector which includes payments to and from banks, corporations and financial institutions as well as consumers is much bigger. With a volume of transactions exceeding $1.3 trillion a year, banks are now looking to digitally transform their payment processes. More and more transactions are moving the online way. This means a higher number of payment transactions and more opportunity for banks and other providers to make money. With a large number of transactions being done online leading to increased competition, it becomes Imperative to examine how technology is deployed to allow seamless and real time payments. Financial technology providers play a major role in modernizing payment processing gradually, allowing banks to continue to operate at the same time.
Established in 2000, Dovetail is a leading financial technology provider and innovator. It offers highly secure payment systems and banking software solutions; based on a unified architecture that enables banks to address the ongoing compliance, revenue growth and cost efficiency pressures. Its software solution is used by major banks including Deutsche, HSBC, 1NG and JP Morgan to process millions of transactions daily. With its best-in-class payment solutions, Dovetail helps banks of all sizes simplify their infrastructure and digitally transform their payments processes effectively for both corporate and consumers—from a single payment type to a multi-country, multi-entity and centralized global payment processing system. These solutions are available on premise and deployed on cloud as well.
Dovetail Payment Solution
Dovetail specialises in payment systems. Dovetail Payment Solution is a comprehensive payment processing platform that features a set of core functions common to all banks. It mainly supports processing of high value payments with the provision of various agency services. The Dovetail Payment Solution provides modular payment processing capabilities that enable banks to digitally transform their payment systems piece by piece in one or more phases without undue risk. It also means that the new payment solution can be easily integrated with a bank’s existing system, reducing implementation effort and accelerating time to market.
Some of the key features of Dovetail Payment Solution are:
- Supports three payment types: Immediate settlement, deferred settlement and instant payment type. • Offers a suite of CSMs for indirect or direct clearing worldwide, from US, Canada and Mexico to UK, Asia Pacific and more.
- Can be deployed to meet operating requirements of banks, specifically, for instant payments. The Dovetail payment solution supports 24×7 operating requirements with an active upgrade capability.