With technological advancements and the increasing popularity of cashless transactions, digital wallets have become a convenient way to spend and send money. From mobile payments to online purchases, digital wallets provide users with the flexibility and convenience to make transactions anytime and anywhere.
However, with access to your sensitive financial information, digital wallets can also be a target for cybercriminals. And if you run a business, you need to be extra careful when it comes to protecting your customers’ data and ensuring the security of your financial transactions.
To help you protect yourself and your customers from fraudsters, here are three helpful strategies to secure and fortify your digital wallet.
Use Two-Factor Authentication
Two-factor authentication (2FA) adds an extra layer of security to your account. It requires users to provide two forms of identification before they access an account. This can be something like a password and a fingerprint or a password and a code sent to a mobile phone.
This way, even if someone gains access to a user’s password, they cannot get into the user’s digital wallet without the second authentication factor.
You can also opt for SCA (Strong Customer Authentication) for API payments. This option requires users to authenticate their identity using two or more pieces of information like a phone number, biometrics, or a one-time password.
This ensures that only the authenticated user can make payments, which reduces the risk of fraud. If you can implement such a system in your business, customers will feel more secure when making online payments.
Monitor Your Account Regularly
Regularly monitoring your digital wallet account for unusual transactions or activities is a proactive way to protect your financial information. Check your account regularly and monitor your bank statements for suspicious transactions.
Many payment platforms also offer notification alerts that can help you spot any potential fraud and act quickly to minimize the damage.
If you spot anything unusual, contact the platform’s customer service department immediately. You may also want to consider setting up additional security features, like IP address blocking or biometric authentication, to add an extra layer of protection to your account.
In addition, if your business usually sees a lot of online transactions, you can request your payment processor to make special arrangements for high-risk transactions.
For example, you can ask them to use a different security protocol or transaction verification process for large transactions. They could employ a system to cross-check the customer’s identity before each transaction or limit the total amount of money they can send in a single transaction.
While digital wallets are convenient and simplify transactions, you need to be aware of their risks. Talk to us at Cellulant Group to learn more about protecting your digital wallet and
building a secure payment platform for your business in Africa.
