Safety Steps to make secure Mobile Transactions

We are living in the age of an IT revolution. Fifty years ago not many people could have guessed how much an ordinary man would rely on technology in the near future. What sounded like a fairy tale is the truth. Technology took off with the invention of the computer and then never looked back. The computers advanced and became popular beyond dreams and then gave way to mobile phones. Portable cellular devices might have seemed like a luxury on their introduction but those days are long gone and now phones are a necessity. The digital advancement continues to make phones better every day and with it our lives too. For many years conventional items like phone books have become obsolete, since they are incorporated into your phone. The incorporation continues endlessly, and the latest thing to retire from your pocket is your wallet.

How it Works?

Mobile payment

The digital wallet is becomes a part of your phone and your back pocket becomes empty. Just link your bank account to the dedicated app in your phone and voila, your phone becomes a doorway to your money. You can then shop online and pay through your phone. A transaction will be completed through a click. Think it’s cool? Well, it gets better. If you finally mange to get to an actual store, just bring your phone close to the Near Field Communication reader at the counter, the NFC chips in your phone and the reader will link together and the money will flow from your account to the store’s account.

Mobile Payments are aimed at making convenient and safe transactions. The real advantage is the ease and simplicity of the procedure which saves a great deal of time. The system is growing at a great pace but not fulfilling its potential. A lot of research has been conducted as to finding out why.

The Primary concern

According to the figure above and various other surveys, the primary reason that prevents people from coming over to mobile payments is Security (46 % here). The next three reasons are preference to credit cards (37%), never having thought of it (32%) and not seeing the benefit (18%). However, given the fact that most mobile payment companies consider security to be one of their major plus points, the nature of the first problem is astonishing. Mobile Payments are a much more secure mode of transaction than cash and even credit cards, and it can be proven.

How mobile payment works

In the above shown diagram you can see the how a mobile payment is made through Near Field Communication. When you make a payment a through the NFC system, first you must unlock your phone, then it must be authorized by your mobile network, a TSM then assists in moving your data to your network by accessing your bank where your money is kept. In this way, even in the case of phone theft it is very difficult for your money to be reached and spent.

Making secure transactions

Now, I will explain to you a few ways to make secure transactions through your cellular device. These simple safety measures will help you to get your money move from your bank to the merchant’s account without any danger or hindrance. Keep in mind that these measures are not related to those built in the app and may be referred to as external security precautions that are nevertheless effective. All of these measures will have to be taken before you start using the app on your phone.

First of allsecure your phone. Put a password or a security pattern so that only you can open and access your phone. Just open your phone’s settings tab and take a good look, then activate suitable options to make your phone inaccessible if some unauthorized person takes hold of it. Although it may sound a childish warning, take extra care to keep you phone safe after you start using the digital wallet app.

Next, take extra care when downloading the app that you will use. The application is of fundamental importance for the user. Download the app from official sites only and read up on the specifications before you put it into your phone. Downloads from unofficial websites can harm the general health of your phone, and if you put your money in their hands, then God help you. Also choose a strong password to prevent others from logging into your account.

Thirdly, do your shopping over secure sites and stores only.Mind the websites over which you make purchases, only buy things from authentic websites. Similarly take a moment to talk to the sales person at the checkout counter just to make sure you’re not being duped. Also keep track of your transactions, check your records on your app regularly and complain about any activity not carried out by you.

100% safety is never possible, but mobile payments are much safer than credit cards or traditional coinage. Take a few moments to analyze the systems you’re using. Make a mental checklist and make sure it has ticks against every point before you release every cent of your precious money.

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Founder of OnlineTechGuru is an ordinary guy as others, but with extraordinary passion for technology and gadgets.
Articles: 164

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