Question

What are the security problems of e-Wallets? What are the possible solutions to resolve the problems?

Answer 1

E-wallet (Electronic-wallet) refers to the electronic application that allows for online e-commerce transactions such as paying utility bills, purchasing goods, transfer of the money, booking tickers etc. with a financial instrument like the digital currency or credit card with the laptops, computers or smart phones.

-- Malware attacks: Malicious application that targets the online banking transactions has also increased and poses a threat for e-Wallets. Worms, viruses, Trojans, phishing, spoofing, pharming, man-in the middle, transaction poisoning, service denial track, and spamming are main threats to the security of e-Wallets. To prevent it, it security software should be downloaded. The applications for detection and the removal of threats, including virus and malware detection, firewalls, mobile security, and intrusion-detection systems can be installed and activated

-- Man-in-the-middle attack and Phishing: These are used to steal the login details and personal data, and causing the e-wallet accounts susceptible to fraud. To avoid it, URL of the web-page must be verified with the establishment of the website authenticity with the validation of the digital certificate. Moreover avoid clicking the suspicious or attractive links that you get through email or SMS.

-- Impersonation, SIM swapping: Impersonation arises when a fraudster are stealing information and then uses it to make transactions with e-wallet. To avoid it buy a smartphone with in-built protection for the mobile protection for the wallets, and other fraud activities

-- Security Issues: Using a network connectivity of a public networks are more exposing on the safety concerns on mobile device. To keep yourself protected avoid making use of e-wallets on public networks and computers such as a public Wi-Fi hotspot or cyber cafe