The advancement in technology revolutionized the way people conduct their financial transactions. It is a fast, convenient, and secure alternative to cash or traditional banking. Unfortunately, cybercriminals are constantly devising new methods to exploit vulnerabilities so e-wallet fraud has started to rise.
People love the practicality of e-wallets. Just using a smartphone, users can make payments, transfer funds, and even do online shopping. However, digital wallets also have risks associated with them. Understanding the risks and adopting strong security measures is crucial for safe digital transactions.
Common e-Wallet Fraud & Attack Types
Digital wallet fraud and attacks come in various forms, all targeting the user’s personal and financial data. To stay protected, users should remain cautious when dealing with online transactions and enable strong safety measures. Here are some e-wallet scams that you should know and avoid:
1. Form Spam
This is one of the many digital wallet scams that people experience nowadays, associated with advertisement and posting on social media. Fake inquiries are filled with promotional links, phishing attempts, online forms, contact forms, and many more. Spammers use bots to exploit security vulnerabilities.
Unaware by most people, promotional links could be a way to collect your personal information or credentials when you fill out the form. Those data can be used inappropriately by scammers. They can claim gifts or offers using your data to their advantage.
2. Account Sharing
Another type and most common e-wallet fraud is taking advantage of account sharing. Usually, multiple individuals use a single account’s login credentials for access, either for a service, platform, or software. The convenience and cost-saving reasons of this practice can lead to security risks and even legal consequences.
It is potentially associated with violation of terms of service, data privacy issues, loss of access control, and security threats.
3. Payment Fraud
Can digital wallets be hacked? Payment fraud is the proof that unauthorized or deceptive transactions might lead to financial loss for the original user. Cybercriminals exploit weaknesses in the payment system to steal personal information to gain access to financial accounts. They can manipulate transactions and use them for shopping or to steal money.
4. Account Takeover (ATO)
ATO is a form of fraud where cybercriminals gain unauthorized access to users’ online accounts. They steal the login credentials of the original users in banking, e-commerce, and even social media to conduct fraudulent transactions.
5. Social Engineering and Phishing Scams
Scammers could impersonate themselves as Customer Support or governmental agency to manipulate victims into revealing their sensitive information or even ask for OTPs or passwords as if trying to ensure your eligibility.
These cybercriminals can send you fake emails, or SMS or make fraudulent websites that are so convincing that many people were tricked into giving their login credentials and payment detail information.
6. Malware and Spyware
Malicious software can be installed unaware to users’ devices to collect credentials, monitor activities, and even record keystrokes. Access to questionable but appealing or attractive websites could make you vulnerable to this kind of attack.
Mobile wallet fraud prevention is desperately needed to combat these attacks. Awareness of these risks combined with strong security practices is the best way to avoid e-wallet fraud.
Keypaz: The Best Solution for e-Wallet Fraud Prevention
Is digital wallet safe to use? The answer is yes, it is safe to use if people are aware of these attacks and take preventive measures to avoid them. Keypaz can help you to be a solution for e-wallet fraud prevention, offering advanced security measures to protect against unauthorized access or transactions, identity theft, or phishing.
AI-Driven Security
Keypaz utilizes the cutting-edge encryption method completed with AI-driven fraud detection. This system will ensure that every transaction is secure with a seamless authentication process.
You can employ multifactor authentication, including biometric authentication. Therefore, you will give additional layers to safeguard your data.
Encryption and Data Protection
Keypaz uses an enhanced security system to safeguard your data. Therefore, there will be no unauthorized people can gain access to your data without your permission. Any unusual access will go through secure authentication connected directly to the original user.
Real-Time Risk Detection
Keypaz real-time monitoring system will instantly detect suspicious activity that will prevent any fraud before it happens. Unusual access or activity will trigger the security measure to block access. It will ask for OTP as a verification code as it is sent directly to the original user. Therefore, any fraud will be detected beforehand.
Improve User Experience and Reduce Operational Costs
Advanced technology will give you a safe and seamless authentication in your daily transactions. Therefore, the operational costs will be reduced and give you the best experience in doing your daily business without hassle.
Customize and Synchronize
Keypaz can provide integration capabilities to allow seamless synchronization with your existing database. It can customize its service as needed and keep your system up-to-date and easy to use. Keypaz can support various platforms to adapt to your system.
Key Takeaways
Enjoy the practicality of e-wallets with a safe and secure system is the ultimate solution in this advanced technology era. Don’t let fraud and attacks prevent you from simplifying your daily work and transactions, let Keypaz assist you in preventing any unauthorized access so that you can enjoy the safe and secure utilization of your e-wallets.
People should recognize and be aware of the many types of attacks in the digital world, especially those scams through social media. Promotional advertisement is potentially risky because it offers forms to get your personal and financial data. However, there are more types of attacks to prevent.
Prevention measures will be the best defense against cyber risks and their attacks. Cybercriminals constantly developing new tactics to exploit vulnerabilities, therefore Keypaz will be your defense shield with their advanced security measures. Learn more about Keypaz’s advanced security measures here!