How Can Hackers Compromise Your Mobile Wallet?

Hand holding mobile with pay word and bill icon feature with blur back office counter background,Digital Lifestyle concept.
With mobile wallets attaining rapid popularity, hackers and cyber criminals have taken this as an opportunity to explore innovative ways to gather access to your sensitive financial data. A mobile wallet is essentially what it sounds to be. Instead of keeping cash and cards in your wallet, you can simply pay for things and track your financial data through your smart phone, 

Many times, cyber criminals and hackers buy online services such as mobile or DTH recharges rather than shifting the money into their own wallet. This is a way to avoid being traced. They consequently convert their procurement into liquid currency. Later, they monetize the acquisition through the recharge dealers known to be conniving in the hack. That’s why it is always recommended not to store big amounts of money in your mobile wallet.

Cyber Criminals Compromising your Mobile Wallet

There are some things that hackers and cyber criminals resort to so that they can gain unauthorized access to your wallet. After they have successfully hacked into your wallet, they can easily gain access to all of your credit/debit card details that are saved in your wallet. Nowadays, many mobile wallets have the option for users to save their card details. If a hacker gets access to them, they can sell them on the Dark Web.

Another noteworthy thing to remember is that, even though your wallet does not include the CVV or expiration date, the data can be exploited for targeted phishing strikes. In this scenario, a hacker can contact you pretending to be your bank official. The hacker has their hands on all significant details of your account so that they can easily convince you that they’re from your bank.

Your mobile wallet includes each and every detail of when, how, and what you spend your money on. Once the cyber criminal has compromised your wallet, it will be easily used to steal all of this crucial information and sold to advertisement corporations.

How about another example? A hacker digitally robbing a bank and later on redirecting them to their mobile wallet, thinking they cannot be traced. In these scenarios, the hacker will be held for theft. Even if they are proved not guilty, they will still have to go through the time-consuming and exhausting procedure of formal prosecution.

How to Secure Your Mobile Wallet

Never ever permit any application to scan your SMS’s. You need to pay special attention to the applications that ask for consent to read your SMS since there might be a possibility that these kinds of applications read your OTP (One Time Password). Always restrict the permission to go through your messages for the applications that you feel don’t need this feature.

One more thing. Never share your one-time password (OTP) with anyone on messages, calls, or even in personal conversations as hackers can log into your account. They can trick you into providing your OTP that was directed to your phone and then illegally access all of your wallets.

Is your mobile wallet lacking security?

Whenever an individual is carrying out a transaction, the phone interacts with the servers of the mobile wallet company and information is exchanged. There are some wallet apps that do not observe basic rules such as encrypting the information when a transaction takes place.

If you do happen to capture such security issues, maintain the proof. You might be able to get a recourse for it. On the other hand, if you cannot provide any proof, there is not much you can do. This is because wallet companies won’t take any of the responsibility if the transaction used all of the accurate credentials. What you can do is speak to the cyber crime authority pertaining to your town and file a grievance.

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