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Financial Information Is Safe When Using Mobile Payments

Posted October 30, 2019 by EasyFinance.com to Finance 1 0

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There was a time when people were amazed at the idea that plastic money would be used in the future. Today, debit cards and credit cards are used daily to make purchases. It is even possible to perform mobile payments using smartphones. This can happen because a person' information is stored in a mobile app. This information is then sent using a wireless network to nearby payment terminals. Many people still don't understand how safe it is to make a mobile payment. It many cases, mobile payments are safer than traditional transactions involving credit and debit cards. Keep reading as the experts at https://www.efsllc.com are here.

Before a person's account information is transmitted, it is encrypted. This is a safety precaution that prevents a company from accessing a person's financial information. This information is encrypted and coded before it is used to authorize a payment. This type of technology is the safest available for consumers. Unfortunately, there are always new ways being developed to put a person's financial information in jeopardy.

Reputable Applications
As technology develops, the knowledge of hackers trying to steal information also develops. A fraudulent application not associated with mobile payments can be offered. It’s only purpose will be to capture a person's financial details. These hackers know how to embed malware and spyware into applications that look okay so a person may download them. Once this type of application is downloaded, a hacker will have access to any information transmitted when the device is used.

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Credible Platform
When someone wants to use mobile payment technology, the most popular option is to use a payment system built into their device. These are applications designed to be reliable and safe. Applications developed by credit card providers are safe and reliable. Trusted providers including Google Wallet, Chase Pay, Apple Pay, Android Pay, and others don't store a customer's information on the servers they utilize. A payment system not associated with a well-known financial institution may have been created by hackers. These are individuals who develop technology only for collecting credit card information from unsuspecting individuals. They focus on people who aren't careful.

Lock Down Device
Once a hacker gains access to a device, they will have access to everything on it including financial information. There are programs like Android Device Manager and Find My iPhone that enables a user to lock down their device if it is stolen or lost. This prevents a hacker from gaining information from it.

Password Protection
Individuals should lock their iphone with a PIN. It is also possible to use a built-in fingerprint scanner. Some also use facial recognition. Preventing others from accessing their smartphone is important. Strong passwords or PIN could be observed as they are entered into a phone. This could provide access to a stolen phone that has been locked.

Avoid Public Wi-Fi
When anyone connects to a Wi-Fi network that is public, anything they send or receive using this public network is vulnerable to hackers. People who are knowledgeable with technology will know how to intercept a person's payment information when they make any type of purchase or payment. The safest options are always going to be a person's cellular network or their password-protected Wi-Fi network at home.

Debit For Credit
It has been established that credit cards are a safer way to avoid fraud when compared to debit cards. Credit card companies make their customers have no fraud liability. This makes it possible for their customers to not be responsible for unauthorized charges made on their account. Banks and other types of financial institutions do have a process in place to address fraudulent charges on a debit card. It often requires a time-consuming investigation to be conducted before any money is replaced. There is much less trouble with having a credit card account hacked when compared to a debit card account.

Account Transactions
When someone is using all necessary safety precautions to protect their mobile payments, they need to continue carefully monitoring their account. If possible, it is advised that people check their transaction history daily. Hackers can obtain a person's financial information from a business they have previously paid a payment to and more.

When someone realizes their financial information has been accessed by thieves, it needs to be reported as soon as possible. A card provider needs to be contacted when any type of suspicious activity is noticed. In most cases, a person will be issued a new card number. This will prevent any more fraudulent activity from occurring on their account.

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