Mobile payment apps have simplified the way we transact, making it easier to send money to family and friends whenever needed. According to a report from BI Intelligence, usage rates of in-store mobile payments are expected to grow by 80% year-over-year between now and 2020. Based on this study, mobile wallets may be ubiquitous in three short years.

By 2019, worldwide mobile payments are predicted to surpass $1 trillion dollars and on Black Friday 2016 in the US, online sales from mobile devices totaled $1.2 billion. This made up 36 percent of the total sales for the day, an increase of 33 percent on last year, showing just how popular this channel is becoming.

Let’s discuss some of the top mobile payment security risks one need to know to keep their valuable stuff safe and secure from cyber-attackers.

Your Smartphone is like your Debit/Credit Card

Leaving your smartphone at the airport’s charging point or dropping it somewhere else, it’s prone to be grabbed by any untrustworthy individual who could misuse your private information.

What to do- In such case, the best thing is to keep cyber-attackers out of your phone is using two-factor authentication to unlock your digital device. It is better to go for a PIN along with a biometric method for double layered protection against cyber-theft.

According to the cyber security expert, “Biometric stored on a mobile device offers the advantage of authenticating yourself without any concern of it being stored in a database where it can potentially be breached”.

A smartphone can be infected by malicious threats

The most dangerous situation is when your smart device is infected with malicious malware and you don’t even realize it. Mobile malware is a growing threat and is found to be more vulnerable than PC’s.

What to do-Avoid clicking on suspicious links or attachments included in advertisements, emails, and other sources. Apart from this, run the best antivirus software on your smart device as an extra safeguard.

According to the cyber security expert-“Mobile malware is becoming more prevalent, and some of it is very destructive”.

Cyber-attackers can spoof your mobile wallet

Adding a credit or debit card details to your mobile wallet stores the credentials securely through encryption. But the cyber-crooks can steal your account numbers while using an unsecured public Wi-Fi network.

What to do-No payment method is completely safe from threats and thefts. Consider setting up a VPN (Virtual Private Network) for your phone when you are away from your home. Also, keep your device on a password-protected Wi-Fi network.

One of the cyber security experts says- “I always have my VPN turned on, whether I’m wandering the streets or in the airport”.

Have you ever faced any of the above payment risks? How you managed to overcome such situation? Share with us in the comments section below!