The Way Your Phone E-Wallet Can Be Hacked

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There are a variety of applications available these days that allow you to use your smartphone as your wallet. While these are created to essentially make your life simpler and consolidate all of your financial information into one convenient location, even the most tech savvy people are hesitant about utilizing these features.

Data breaches are a constant threat in modern society, so it makes sense that people are uneasy of applications that require all of your bank account information and credit cards to be stored in one place. As the popularity of e-payments is drastically growing, it seems that the security backing these applications is not meeting basic standards.

Wan Ding Yao, a committee member of the Singapore Management University’s Whitehat Society, mentions that the group has a collective concern over hackers having easier access to bank account information.

“We were experimenting with some of the e-wallet apps from some of our local banks, and we found out that some of the security measures put in place were not foolproof,” he remarked.

Many people feel safe with using an application that requires two-step verification and fingerprint recognition, but the truth is that is simply not enough to stop cyber criminals. These hackers can create a modified version of the e-wallet application that have hidden viruses. To ensure that you stay protected, steer clear of any in-app ad or email that markets free money or credit lines. If you click these links or downloads, a hacker can retrieve data stored on your phone, and in effect be able to access the legitimate version of the app.

However, despite these cautions, other experts argue that an e-wallet is actually safer than using standard credit cards and cash. Chief executive officer Jeremy Tan of the mobile payment company Liquid Group warns that “When you lose your card or cash, it’s essentially gone. Whereas your phone, the first order or the first assumption is that the app in your phone has a certain degree of security.”

With e-wallets, users can easily track transactions and be alerted quicker if there is a fraudulent charge. The application then has the power to track where this hacking scheme has come from, and works to get you your money back.

Whether you are on board with e-wallet applications or not, the clear message is that cybersecurity is of the upmost importance. Exercise caution with the apps you use and give permissions to, and download a password manager like FORTR3SS to your device to ensure that your information is a protected as possible.