It is considered as the future or the technological advancement of the payment method, the mobile wallet or popularly known to many as the “e-wallet” which forced a lot of retail outlets and business establishment to put their own digital transaction for paperless and demonetization transactions. Compared to e-banking, e-wallets allow the customer to just simply click and pay the certain amount from their phone to the store’s online transaction platform.
Sound’s easy right? Unfortunately this technology have met a lot of criticisms and resistance from people who wants to stick to the conventional mode of transactions and payment because of some common misconception that clouded their mind about e-wallet particularly when it comes to its overall security and reliability which caused wariness from both the retailers and customers.
However, a lot of online security companies nowadays offer services to companies that offer e-wallet services and transactions. Online security companies use the multi-factor authentication service which is proven to be effective and provides overall security.
If you’d take a closer look at multi-factor authentication technology; it is a method which requires a user to have a confirmation to prove his or her claimed identity in which they are granted the access of the account by providing two security requirements or evidences for authentication. This information that is used for authentication is that information that the user provided during the security questions while registering for the account.
A great example of a multi-factor authentication technology is ATM transactions which includes withdrawing money. The ATM requires the person who wishes to do a transaction to provide a combination of numbers or PIN in order to gain access to the account and there’s another notification sent through text or through email to tell the user that there’s an activity going on with their account to give them an alert if it is unauthorized or not that is why a lot of companies that provides e-wallet servicing encourages people for demonetization and start with the paperless transaction.
You should choose e-wallet servicing companies that have a good reputation in the business and also make sure that they are using the multi-factor authentication technology during transactions and other activities that involve someone’s account.
To convince you that e-wallet is safe; we have prepared a short list of its security measures to ensure that you are protected from online threats.
- ENCRYPTION- E-Wallets uses encryption technology to enhance its security features whether you are using a smartphone, a tablet or through your computer. Data encryption is proven to be effective and hard to decipher by cyber hackers because it only appears only as random characters that has no relevance or information that can gain access to someone’s account. Most security companies use a 128-bit data encryption technology in their security systems.
- PASSWORD PROTECTED- When we say password, we don’t just settle for a person to gain access to an account just by inputting the correct password. Using the multi-factor authentication technology, if a person fails to type in the correct password more than twice, they are barred from typing in the password again and are required to answer several security questions for authentication.
For more information about the safety features of e-wallet and its other innovations, check out https://www.ipsidy.com/authentication.