Tips for Safe and Secure Online Payments with eWallets

With having a secure online payment method, comes the need for vigilance to ensure that your online transactions are safe and secure. Thankfully, online payment methods like eWallets are some of the most secure ways for transacting online, but knowing how to use them safely is key.

Here are some essential tips to help you protect your money and personal information online.

Choosing a Secure Online Payment Method

The first step to ensuring safe online payments is selecting a secure digital payment solution. Not all payment methods are created equal, so it’s important to choose one that prioritises security. Here’s what to look for:

Encryption and SSL Technology:

Ensure that the payment solution uses encryption and is secured with SSL (Secure Socket Layer) technology. This creates a secure connection between your browser and the provider’s servers, protecting your data during transactions.

Biometric Security:

Opt for payment solutions that offer biometric authentication, such as fingerprint or facial recognition. This adds an extra layer of protection by ensuring that only you can access your account.

State-of-the-Art Firewalls:

Check that the payment provider’s IT systems are protected by advanced firewalls, which act as a barrier between the internet and the provider’s internal systems, preventing unauthorised access.

Unique Login Credentials:

Your eWallet or digital payment app should require a unique username or email address and a secure password to log in. This helps prevent unauthorised access to your account.

Strong Customer Authentication (SCA):

Look for providers that comply with Strong Customer Authentication (SCA) requirements under the Payment Services Directive (PSD2). This European regulation mandates multiple forms of authentication to reduce fraud and enhance the security of online payments.

Automatic Logout:

A secure digital payment solution should automatically log you out after a period of inactivity. This feature prevents others from accessing your account if your device is lost or stolen.

This information should all be available on the payment providers website. If you can’t find it, contact their customer service team to find out how they keep your data and money secure.

5 Tips for Staying Safe with Online Payments

Even with the most secure digital payment solutions, there are steps you can take to further protect yourself when making online payments. Here are some best practices:

1. Keep Your Credentials Private: Never share your account credentials, including your username, password, or two-factor authentication (2FA) verification code. These details are the keys to your account and should be kept private.
2. Secure Your Connection: If you’re using a web browser to make payments, ensure the connection is secure. Look for a closed padlock icon in the address bar, which indicates a secure https connection. This helps protect your information from being intercepted by malicious actors.
3. Beware of Phishing Scams: Be vigilant about unsolicited emails or messages asking for your account information. Do not open email attachments from people you do not know, as these could contain malware designed to steal your data.
4. Monitor Your Transactions: Regularly check your transaction history for any suspicious activity. If you notice anything unusual, change your account password immediately and contact Customer Services for assistance.
5. Update Your Payment App: Always ensure you are running the latest version of your payment app. Updates often include important security patches that protect against new threats. You can find the latest versions on the Apple App Store or Google Play.

 

Additional Tips for eWallet Users

At MiFinity, we’re committed to ensuring our customers have the safest experience possible when using the MiFinity eWallet. That’s why we advise our users to follow these additional tips to further enhance their security and protect their accounts.

Enable Two-Factor Authentication (2FA):

If your eWallet provider offers 2FA, enable it. This adds an extra layer of security by requiring a second form of verification, such as a code sent to your mobile device, before accessing your account.

Use Strong, Unique Passwords:

Create a strong, unique password for your eWallet. Avoid using easily guessed passwords like “password123” or “123456.” Instead, use a combination of letters, numbers, and special characters.

Log Out After Each Session:

If you’re using your eWallet on a shared or public device, always log out after completing your transaction. This prevents anyone else from accessing your account.

Be Cautious with Public WiFi:

Avoid making payments over public WiFi networks, as these are often unsecured and can be vulnerable to hackers. If you must use public WiFi, consider using a Virtual Private Network (VPN) to encrypt your connection.

We understand the importance of security when it comes to online payments. The MiFinity eWallet is designed with your safety in mind, incorporating all the features mentioned above to protect your money and personal information. By following these tips and choosing a payment solution like MiFinity, you can enjoy secure online payments with peace of mind.