Many Filipinos are steadily adapting to digital transactions and cashless payments. Aside from mobile banking applications, people also use electronic wallets, commonly known as e-wallets, to conduct financial transactions.
An e-wallet is a money management application that allows users to make contactless payments, send money to banks, shop online, pay bills, and more.
In 2022, there were over 58 million active users in the Philippines who spent 4.4 million hours using electronic wallet applications, according to a Philippine Star article.
With an e-wallet, it is easier to keep track of expenses and pay bills remotely—no need to endure long queues of customers in payment centers. It offers an efficient and convenient way of making online transactions.
However, one should also take note of the risks of using e-wallets. Like any financial tool available online, it could be targeted by cybercriminals, which threatens the security of the personal and financial data of its users.
If you are using an e-wallet (or thinking of getting one soon), here are tips on how to keep your e-wallet account safe and secure:
Do not share your OTP
If scammers obtain your One-time password (OTP), they could fully control your e-wallet account and make unauthorized transactions. Stay vigilant and do not share your OTP with anyone else, especially with people you do not know.
Create a unique and strong password
Create a password that will be difficult for anyone to guess. Using uppercase and lowercase letters, numbers, and special characters can help in making strong passwords. Most importantly, avoid using publicly-available information like your birthday and nickname as your password.
Change your passwords regularly
Changing password regularly helps reduce the risk of having your e-wallet account hacked. It is recommended that you change your password every three months.
Use two-factor authentication
Two is better than one! Two-factor authentication requires you to enter your password and a security code to confirm your identity. Activate this feature in your e-wallet app to get an added layer of protection when you access your account.
Always verify the legitimacy of the message you receive
Double-check the sender’s contact details, website, and social media accounts. Remember to not open any messages from unknown sources. Do not click suspicious links and attachments. When in doubt, block the sender and delete the messages immediately.
With the Philippines ranked fourth as the most targeted country in the world by hackers, it is crucial to stay alert and keep up with the best cybersecurity tips and practices. One can start by using e-wallets and other online payment channels responsibly.