By | Azatulsheera Mohd Azman, Atikah Baharudin, Niroshini Madi Palan,Nor Fatihah Mohd Zabidi, Nurul Syahirah Aspawi
Introduction
The mobile wallet is continuously growing in popularity as seen by the increased deployment, mobile penetration and financial inclusion. It is undeniably more convenient, faster and more economical [1]. In Malaysia, Setel was the first mobile wallet app for fuel payment. It is “bringing greater convenience, accessibility and features to road users” and is now available at all Petronas stations in Klang Valley [2].
Mobile Wallet Application User Threats
New technologies often have glitches or other vulnerabilities that may put your information at risk. If you are using your smartphone to pay, check your smartphone and bank statement every month to ensure there are no surprises.
Major Mobile Payment Security Threats And How To Avoid Them [3]
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Losing your smartphone. It’s like losing your credit card
Today, smartphones are like credit cards. They contain all crucial details like contact data, name, private collection of photographs, social media networks and whatnot. They also provide extensive access to bank accounts, debit cards and credit cards through various payment apps, mobile wallets, online banking apps and much more. But what if you misplace your smartphone in a store, restaurant or any other crowded place? All your personal details are sure to leak. These include all banking and mobile payment details, which can lead to fraud. Make sure to activate two-factor authentication along with the “Find My Phone” feature, which allows you to locate your smartphone easily in case you lose it or it gets stolen [3]. -
Cyber thieves who spoof your mobile wallet through public Wi-Fi Networks
Now, when you access public Wi-Fi networks to use a mobile wallet payment system to pay for something, there is a high risk of hackers spoofing your mobile wallet’s registration system to make you re-enter your card details. If you’re going to use your smartphone for making payments, better perform the transactions at home using your own private Wi-Fi network. In addition, avoid using public Wi-Fi networks as much as possible to prevent cybercriminals from sniffing sensitive information from your mobile wallet transactions. In case you don’t have mobile data available and need to make a payment via a public Wi-Fi connection, make sure to use a VPN on your smartphone. A VPN can help protect from hackers trying to steal personal information stored on your smartphone [3]. -
Malware on the smartphone
Malware infection basically occurs when a user clicks on an unknown, sketchy ad or opens a link sent by malicious cybercriminals. Though smartphones have better security than computers, mobile malware is also becoming a growing, serious threat. Avoid clicking on unknown or suspicious links that you see or receive in either e-mail or text. Also, consider purchasing a smartphone anti-virus app as an extra safeguard [3].
Conclusion
The mobile wallet has become a crucial application as per demand. It eases the process of transacting and indirectly speeds up the fuelling process by not having to queue at the petrol station counter. Despite the mobile wallet functions, we need to consider the security aspect of the application: how transactions are done and how secure our information is being kept.
Mobile Payment Security Concerns [4]
- Unsecure Public WiFi
- Stolen Devices
- Be cautious about what you download and which sites you visit to help prevent risk.
