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Tips to take care of money in digital wallets

These types of applications must be taken care of like banking processes so as not to lose money.

Digital wallets have become a tool that makes it very easy for users to move their money, allowing them to make transactions of large amounts to payments in stores in the neighborhoods. But they are also a challenge for cybersecurity, because criminals look at that growth and go after the money.

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During 2021 the fintech in Latin America increased to almost 2,482, of those approximately in Colombia there are 279, in Mexico to 512 and on Brazil there are 771. Platforms such as wallets and mobile banking that allow simple payments and from the cell phone stand out.

In addition, only in Colombia, between the first half of 2021 and the same period of 2022, digital transactions increased by 47.6%. Time in which about 9 billion theft attempts were detected on these platforms, so users must know how to take care of their data and money.

How to take care of the security of a mobile wallet

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The first point to keep in mind is that these applications are largely designed for cell phones, so the first care should always be to protect the phone from any vulnerability. For this, it is key not to install dangerous software, from strange sources, and to keep it installed.

These types of applications must be taken care of like banking processes so as not to lose money.
These types of applications must be taken care of like banking processes so as not to lose money.

“A secure operating system can become insecure by doing this, since it can receive updates from other sources where it is not known what problems they can generate and can install applications that have not been validated by Google,” Ricardo said. villadiegoCEO of Lumu Technologiesa company specialized in the security of these platforms.

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Another important step is to think that the application is an extension of the bank and in this way take the same care that has traditionally been maintained for these physical processes, such as not sharing passwords, changing them from time to time, having support in case you do not understand your operation, verify data, among others.

“The user has to have the same practices that they use when interacting with their bank, to ensure that they are not receiving text messages that do not come from the mobile wallet provider, as well as emails that impersonate the mobile wallet with the aim of stealing their passwords and then have access,” he said.

But in the midst of all this panorama there are situations that are difficult for a common user to control, such as the recent SIM cloning modality with which criminals impersonate the telephone number and thus obtain access codes or second account passwords. .

That is why the experts’ recommendation is that in case of losing a cell phone or seeing that they are exposed to such a situation, the first thing to do is to block all financial services before the phone itself, because it will be time it is “giving away to the cybercriminal to carry out transactions”.

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Criminals are also easily moving forward to create new methods of app theft.
Criminals are also easily moving forward to create new methods of app theft.

Finally, villadiego sets an example of how physical security must be replicated in digital: think before clicking.

“We have to think about that culture of the physical world when I go to cross the street: I stop and look to the left and to the right to validate what I can cross. Surely that in the physical world is easy to detect, because in the cyber world it is not so simple, but every time I am going to click I have to think first if it could be a problem or not”.

The latter is closely related to the messages or chains on social networks that invite people to enter a link promising some money, work, information and others, but which are actually false pages that steal data or install malware.

Don’t be afraid to use them

While a system will never be 100% secure, to villadiego Online transactions and digital wallets are much safer than going to the bank in a traditional way, because the number of security problems is “insignificant, compared to the number of successful operations.”

As an example, he puts that his company between the first half of 2021 and the first of this year successfully blocked 9 billion theft attempts.

Although he calls on all entities involved, especially banks, to never lower their guard, because technological growth also brings advances in cybercriminals and the formula is never exact.

“The adversary is going to continue to evolve, there is no cybersecurity control that is going to protect you today and in the future. Therefore, companies have to continue to evolve in the same way and the mentality of control does not mean that what is effective today will be the rest of life”, he concluded.

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