Ways in which m-Wallets can be misused

 

The great Indian ‘chhutta’ tragedy! If you have commuted by auto or cab in metros, you’ll know what we are implying to. It is easier to find Don but finding change with an auto wallah or a driver is ‘namumkin.

Thank god for demonetization, now m-wallets have made these small payments easy and hassle-free. The power is in your phone/app. However, with great power comes great responsibility (we all know who said this, but it fits just right here.). Rampant hacking attempts have proved that nothing is immune and m-Wallets are always in the line of fire.

Here are a 5 ways in which cyber criminals can get access to your m-wallet and misuse it.

1. Mapping of the m-wallet app to a wrong phone number – For customers who do not use mobile banking, the account details can be mapped to a wrong phone number that compromises the privacy and safety of the account. The person can then download the app and operate someone else’s bank account conveniently.

2. SIM Swap – If a fraudster manages to swap, then unlimited transactions can be carried out using the mobile number of the victim.

3. Malware – The aftermath of Ransomware attack is still being borne by the organizations. An increase in the number of mobile banking users has also lead to the rise in malware attacks.

4. Fake apps with similar interface – This is a very common practice and can lead to stealing of your credentials, which further compromises the safety of your mobile wallet.

5. Data theft –There are many ways in which your data can be stolen. Mass attacks are possible through theft of credentials, which can be used for personal benefits.

Well the idea is not to scare you from using m-wallets but to make you aware. M-Wallets have transformed the way we make financial transactions and hence we cannot ignore the safety issues either. Nevertheless, will you stop walking for the fear of falling? No. Therefore, do what smart people do. Protect your m-wallet with OneAssist for m-Wallets. For more information, visit – http://www.oneassist.in/

Live Assisted. #StayProtected.

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