Keeping Your Digital Wallet Secure

Keeping Your Digital Wallet Secure

Ever gotten to the ATM or point of sales before remembering that you forgot to completely empty your bag or even pick up your debit or credit card?

It issues like this among others that the mobile/digital wallet came to address and it has great potential to make our lives and dealings so much easier. Yet, a lot of people are slow and reluctant in accepting it. Mobile/digital wallets would be perfect for both the buyer and the seller at any point of sale, however, concerns and questions as regards security have however greatly inhibited its adoption as well as utilization.

Unlike other banking and account type, with digital/mobile wallet, a user can credit a limited amount into his/her account to be spent both online and even in physical stores. With this, users are more secured compared to allowing a store or app access the details containing all of one’s entire savings.

Securing information digitally in this age is not as simple as it used to be as hackers and even thieves can easily get past it. For those that are able to avoid this, they do so by coming up with complex passwords, but the complexity of these passwords can get a little twisted every now and then as the passwords can be forgotten. Thankfully, we often have the joy of password reset for most if not all of these applications.

Other than this, looking at various measures that can be done to keep e-wallets and passwords more secure:


  • Password protect all devices and keep the passwords private.


It is a big no to keeping your wallet password as same as that of your gmail or even any other service that you are signed up for. Setting up a different password only takes few minutes and irrespective of how inconvenient this can be, you are automatically saving yourself from losing thousands of naira by spending few extra seconds of your time to protect these applications.


  • Deactivate every automatic log in options


When accessing your digital wallets, always ensure that you can only access it by inputting the registered password and if otherwise, ensure to disable all automatic login options on your device to prevent a third party from accessing your account even when they can access your device.


  • Wipe data if phone gets misplaced


In as much as we try to secure our mobile phones, there are still some scenarios that cannot be avoided. Like when the phone gets stolen or misplaced. Losing phones in this age is more or less same as losing a wallet filled with money (especially if you are in the habit of saving financial details on the phone).

While reaching out to telecom service for sim blockage might work for those that utilize the USSD mobile/digital wallet, connecting to the internet to wipe off phone data would also prevent money loss for those that have have their card details automatically saved on these apps.


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