As security professionals, the topic we seem to be constantly talking about is mobile security. From BYOD to device theft, we need to worry about it all – but what about the latest mobile trend?
Mobile wallets are increasingly becoming more popular and, at first, the idea of photographing or storing credit card information on a smartphone is enough to make most security professionals cringe. But upon closer inspection, mobile wallets just might be more secure than physical wallets.
Mobile wallets: More secure than physical wallets
Let’s be real for a minute and think about the security of a physical wallet. All someone has to do is steal your wallet and they can use your cash anywhere, certainly use your credit cards online and they can probably use your credit cards in-person, too. Seriously, how often do stores actually check your ID or signature?
When it is all laid out, physical wallets are not very safe.
Now, think about the security of mobile wallets. To even enter the payment app, thieves would need to know your phone password and the app password. If they somehow knew both of those, they could only use the mobile wallet in-store. They can’t use it online.
Finally, most of us will notice a missing phone before we notice a missing credit card or even a wallet. You can quickly cancel your cards or your mobile wallet service to prevent thieves from making charges.
Keeping your mobile wallet safe
As with all things security-related, mobile wallets are only as safe as the user makes them. There are plenty of ways to jeopardize the security of a mobile wallet. Here are a few tips to make sure your money is safe:
- Set a passcode for your phone
- Set a different passcode for your payment app
- Only download payment apps from trusted sources
- Download a “find my phone” app so you can locate it if lost or stolen
- Turn off your device’s NFC connection when you’re not using it
All forms of mobile security affect your business’s security; so make sure to pass these tips on to your employees to help keep them and your business safe.