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Despite the fact that there is an increase in usage of smartphones for almost everything, nowadays people are still skipping on some things. Like from checking your emails, texting, chatting, uploading content, making videos and taking images, and even handling payments, the smartphone has become the go-to driver for all of it. If we talk about payments, people are still skeptical about how this technology works, and they have a fear that these payment apps might fail.
So, this can’t be denied; nothing is fool proof. Here are some Major Security Flaws on some Popular Mobile Wallets.
Vulnerable Payment Technologies
Hackers have always shown their interests in snatching money from users that use wallet. Along with the money, they also try to steal your personal information. Whether it is your mobile device, wearable or home automation system, the exploits for every other tech gadget is available out there for hackers. The payment gateways and wallets haven’t already figured out all their security flaws just yet.
There are several lines of codes found in some wallets that can be easily accessed and can be manipulated to hack into somebody’s wallet. Keeping your personal information with enabling other security features like, 2-step authentication, encrypting the data and even installing the latest patches and updates will help you a long run.
Phishing attacks are another common way to steal personal information like your address, account numbers and details and what not? Phishing has been there for a very long time now, and it is very unlikely that we are going to get rid of it very soon. This is because people have this dilemma that the software that they are using preventing them from it, but it is very easy for any phishing email to slip in with other normal emails.
Sometimes, personal and confidential information has been leaked, and then these popular mobile wallets got hacked.
Yes, there are ‘n’ numbers of security concerns that arise because of us ourselves. Unfortunately, there are sometimes when the employees that get their devices hacked, because of any reasons and the mobile wallet (before its release) which is still in its development stages can be leaked to the hacker and later on he can get ready with his exploit.
Public Wi-Fi networks
So, connecting to a free public Wi-Fi network always is a nice perk, you are allowed to do whatever you want to, and you can download almost anything. But, if you think so then you can be in serious trouble. Public Wi-Fi is not secure, and we all know that anybody else who is on the same network can get access to all your device contents easily, by just performing some tweaks. Always, make sure to avoid Public Wi-Fi networks, or if it all it is necessary; you can use it through any good VPN or SSL connection.
With all the other attacks like phishing, there can be some ransomware and extortion hacks that can be one of the major security threats to all of us. Recently, a few days back the ransomware known as WannaCry has been surfaced and hit a lot of people. Fortunately, the attack majorly happened for the PC device users but, who knows even wallets are also vulnerable to such attacks. To know more about Ransomware (WannaCry), read this article now.
Popular Mobile Wallets
Well, it Apple often makes their stuff top-notch, but it doesn’t mean that their payment system is also secure. According to some reports that surfaced recently, it has been found that despite the fact that Apple has been putting in efforts to make Apple Pay secure, some hackers have recently managed to be able to simply enter a stolen credit card number and place it into Apple Pay Wallet.
Samsung Pay does not store any account details or credit card information onto the device memory itself. Rather it uses the tokenization method for the transaction. Each and every time a purchase has been made, Samsung Pay from the handset sends two pieces of data to the payment gateway and terminal. The first piece of the 16-digit token represents the credit card number and the second one is a one-time code or cryptogram, generated by the phone encryption system. This lets you delete all the content of Samsung Pay if your phone get lost.
Hackers have also attempted to hack the Samsung Pay already. It is because of the tokenization protocol and KNOX security framework with fingerprint authentication, which has made Samsung Pay somewhat un-hackable as of now.
Google Wallet seems a bit secure here but as it has been mentioned several times already that dealing with the banks and the credit card payment gateway protocols always leaves a door open behind. Hackers can get access to your payment details and then directly to your bank account with some simple tunnelling while the pipelining transaction event is going on.
Though, Google might include the use of biometrics for its wallet in coming days.
As a customer, you must stay vigilant. Be sure to check such articles and try to educate yourself and others about these risks and spread the news regarding the safety.
Sejal Parmar loves to explore the newly released Apps & Games. She blogs at Rule.FM and writes about latest Android Apps & Games.