With mobile wallets attaining rapid popularity, hackers and cybercriminals have taken this as an opportunity to explore innovative ways to gather access to your sensitive financial data. A mobile wallet is what it sounds to be. Instead of keeping cash and cards in your wallet, you can pay for things and track your financial data through your smartphone.
Cybercriminals and hackers often buy online services such as mobile or DTH recharges rather than shifting the money into their wallets. It is a way to avoid being traced. Consequently, they convert their procurement into liquid currency. Later, they monetize the acquisition through the recharge dealers known to be plotting in the hack. That’s why it is always recommended not to store significant amounts of money in your mobile wallet.
Cybercriminals Compromising Your Mobile Wallet
There are some things that hackers and cybercriminals resort to to gain unauthorized access to your wallet. After successfully hacking into your purse, they can easily access the credit/debit card details saved in your wallet. Nowadays, many mobile wallets have the option for users to save their card details. Hackers can sell them on the Dark Web if they get access to them.
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 to easily convince you that they’re from your bank.
Your mobile wallet includes every detail of when, how, and what you spend your money on. Once the cybercriminal has compromised your purse, it will be easily used to steal and sell this crucial information to advertisement corporations.
How about another example? A hacker digitally robs a bank and later redirects them to their mobile wallet, thinking they cannot be traced. In these scenarios, the hacker will be held liable for theft. Even if they are proven not guilty, they must go through the time-consuming and exhausting formal prosecution procedure.
How to Secure Your Mobile Wallet
Never permit any application to scan your SMSs. 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 (Time Password). Permanently restrict the permission to go through your messages for applications you feel don’t need this feature.
One more thing. Never share your one-time password (OTP) with anyone on messages, calls, or personal conversations, as hackers can log into your account. They can trick you into providing your OTP directed to your phone and then illegally access all of your wallets. This can cause problems that are difficult to recover from going forward.
Is Your Mobile Wallet lacking security?
The phone interacts with the mobile wallet company’s servers whenever an individual transacts and information is exchanged. Some wallet apps do not observe basic rules, such as encrypting the information when a transaction occurs.
If you capture such security issues, maintain the proof. You might be able to get recourse for it. On the other hand, if you cannot provide any evidence, you cannot do much. This is because wallet companies won’t take any responsibility if the transaction uses all the accurate credentials. You can speak to the cybercrime authority about your town and file a grievance.
In conclusion, the rising popularity of mobile wallets has attracted the attention of hackers seeking to exploit vulnerabilities. Cybercriminals employ various tactics, from buying online services to phishing attacks, to compromise sensitive financial data stored in mobile wallets. Users must exercise caution, avoid saving significant amounts, and prioritize security measures. Once gaining unauthorized access, hackers can exploit saved card details, leading to potential fraud and identity theft.
Securing mobile wallets involves being vigilant about permissions, safeguarding OTPs, and addressing security lapses promptly. Awareness and proactive measures are crucial in navigating the evolving landscape of mobile wallet threats and protecting personal and financial information from cyber threats.