You may have heard of electronic wallets, virtual storage alternatives with high-security standards. Many experts believe that they represent the future in money accounts for people worldwide. They provide safety, easy access, and quick transactions. However, they are not impenetrable. In fact, several security threats could affect them as well. We discuss the top 3 below.
Making a payment transaction using an e-wallet like Paxum seems to be the new thing nowadays. Its increasing popularity is a sign of the changes in finances, technology, and our understanding of how money works.
Basically, a virtual wallet does not store money in the same way a traditional wallet does. Instead, it keeps a private address through which you can electronically access your money. Generally, this address benefits from encryption security and other safety procedures in its underlying code. Therefore, it is almost impossible for someone to break it and get to your funds. Nevertheless, cybercriminals could find ways of getting what they want when you least expect it.
Here are the biggest threats to the security of your virtual money!
- Malicious Programs
Hackers can penetrate the security systems on your computer or smartphone. Then, they plant a malware program that you cannot detect, especially if you’re not using an updated anti-virus protocol. In fact, you won’t even realize you have an intruder in the system.
The malware program will silently copy all the data you use in the clipboard. Whenever you copy-paste information on your electronic device, the system’s clipboard keeps a copy of it. So, suppose you usually copy your bank details from one document to another. In that case, your clipboard will save it, and it’s exactly what the malware program is expecting.
Then, seemingly out of nowhere, your virtual wallet gets drained. You don’t know where the money went, and you cannot get it back. You can avoid this disastrous situation by typing your bank account details every time you make an online purchase. Also, make sure your anti-virus system is always running and up-to-date.
- Fake login pages
Another security threat to your virtual money is accessing a fake login page. This usually happens when you attempt to make an online purchase from a suspicious website. You may not know, but cybercriminals have created a fake login page, which looks very realistic. Still, it is not the actual vendor’s website.
Upon registering an account or providing personal data, the fake page records all the information. Later, it will use it to break into your virtual wallet and drain it. You can avoid this issue by always purchasing from online retailers you know and trust.
- Malicious links
Lastly, you should always avoid clicking on suspicious links, even if they come from people you trust. Hackers often break people’s accounts and send these links to everyone in their address lists.
You may think you have gotten a link to a funny meme from your brother. Instead, you unknowingly download a Trojan virus on your computer, which will later record your data and use it to defraud you, similar to the first example in our list.