Street vendors are turning to payments via mobile wallets.(Mohd Zakir/ht)
Street vendors are turning to payments via mobile wallets.(Mohd Zakir/ht)

Demonetisation: Are mobile wallets safe enough?

In these times of demonetisation, mobile wallets are where the action has shifted to. But, are they safe enough?
By Rozelle Laha | Hindustan Times
UPDATED ON NOV 25, 2016 02:55 PM IST

In these times of demonetisation, mobile wallets are where the action has shifted to. But, are they safe enough?

It can be risky to use mobile wallets, say experts

Transactions using mobile wallets, if not done cautiously, might expose you to cyber fraud, say cyber security experts. “All net banking and card transactions use risk-based step-up authentication, unlike most mobile wallets,” said Kartik Shahani, managing director, India and SAARC, RSA. Though the RBI has issued guidelines to ensure safety, it is up to the mobile wallet providers to keep their platforms secure times, says Akhilesh Tuteja, partner and global head of cyber security services with KPMG.

We are safer than cards, say mobile wallet firms

“Our monitoring is powered by machine-learning and defined business rules that stop only the transactions that are found suspect,” said Nitin Misra, senior vice-president at Paytm. “The exposure in a wallet is limited to the balance, as opposed to the entire bank balance or the card limit.” Rohan Khara, director-products at MobiKwik, said the company is up-to-date with the latest checks and balances.

What you should do

1. Use strong password: Use a mix of numbers, characters, capital letter alphabet, and alphanumeric

2. Download apps from authentic sources: Preferably from the company site, not third party sources

3. Check your mobile wallet statement carefully: Hackers don’t siphon off all your money in one go, they take small amounts

Read more: Now buy paan or chaat through the m-wallet

What you should not

1. Don’t use public Wi-Fi: Hackers can snoop into the connection to steal login credentials

2. Don’t fall for cash-back offers: Don’t merely go for the wallet that offers cash-back. Check the RBI website to find out if the mobile wallet company has a licence

3. Don’t add too much money: Even in the case of a hack, the amount you lose will be less

4. Don’t save card details on mobile wallets: Every time you transact, make sure you uncheck the box that says, “save your card for future use”

How is it done elsewhere in the world

It is a new technology worldwide. It is more popular in Africa and the Nordic countries. India is on a par with global standards on payment security. Companies should focus on a programme of continuous security testing, said KPMG’s Tuteja

SHARE THIS ARTICLE ON
Close
All three telecom operators — Reliance Jio Infocomm Ltd, Bharti Airtel Ltd and Vodafone Idea Ltd — which submitted earnest money deposits took part in the auction.(Bloomberg. Representative image)
All three telecom operators — Reliance Jio Infocomm Ltd, Bharti Airtel Ltd and Vodafone Idea Ltd — which submitted earnest money deposits took part in the auction.(Bloomberg. Representative image)

Telcos place bids worth 77,000 crores for 4G spectrum

By Ishita Guha, Livemint, New Delhi
PUBLISHED ON MAR 02, 2021 12:36 AM IST
The department of telecommunications (DoT) aims to raise at least 3.92 trillion in the auction of 2,308.8 MHz of spectrum. The auction will continue on Tuesday, the minister told reporters.
Close
Okonjo-Iweala, 66, is both the first woman and the first African to serve as the WTO's director-general.(via Reuters)
Okonjo-Iweala, 66, is both the first woman and the first African to serve as the WTO's director-general.(via Reuters)

New WTO chief pushes for vaccine access, fisheries deal

Posted by Harshit Sabarwal | AP
PUBLISHED ON MAR 01, 2021 11:41 PM IST
Director-General Ngozi Okonjo-Iweala, a Nigerian economist and former government minister, donned a mask and doled out welcoming elbow bumps as she took up her job at WTO headquarters on the banks of Lake Geneva.
Close
The ISM said its index of national factory activity rebounded to a reading of 60.8 last month from 58.7 in January. That was the highest level since February 2018.(via AP. Representative image)
The ISM said its index of national factory activity rebounded to a reading of 60.8 last month from 58.7 in January. That was the highest level since February 2018.(via AP. Representative image)

US manufacturing activity hits three-year high; cost pressures accelerating

Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 01, 2021 11:28 PM IST
The acceleration reported by the Institute for Supply Management (ISM) on Monday was despite a global semiconductor chip shortage, which has hurt production at automobile plants.
Close
Wall Street could soon find itself subject to lots more investigations launched by the CFPB, which was created to crack down on industry abuses that Democrats argue spurred the 2008 financial crisis.(via AP)
Wall Street could soon find itself subject to lots more investigations launched by the CFPB, which was created to crack down on industry abuses that Democrats argue spurred the 2008 financial crisis.(via AP)

Wall Street set to learn how tough Biden’s watchdogs will be

Posted by Harshit Sabarwal | Bloomberg
PUBLISHED ON MAR 01, 2021 11:15 PM IST
Gary Gensler, whom the White House has tapped to head the Securities and Exchange Commission, and Rohit Chopra, the administration’s choice to lead the Consumer Financial Protection Bureau, are likely to win confirmation, lawmakers and financial executives say.
Close
Eighteen rounds of borrowings have been completed so far starting from October 23, 2020.(PTI)
Eighteen rounds of borrowings have been completed so far starting from October 23, 2020.(PTI)

Centre releases 1.04 lakh crore GST compensation shortfall to states

PTI, New Delhi
PUBLISHED ON MAR 01, 2021 08:37 PM IST
The ministry on Monday released the 18th weekly instalment of 4,000 crore to 23 states and 3 Union territories with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry).
Close
The minister said not only this, the electronic toll collection is set to boost royalty by 10,000 crore per annum.
The minister said not only this, the electronic toll collection is set to boost royalty by 10,000 crore per annum.

Mandatory FASTag to help save 20k crore per annum on fuel: Nitin Gadkari

PTI, New Delhi
PUBLISHED ON MAR 01, 2021 07:26 PM IST
To improve green plantation cover beside highways, e-tagging of plants will be done, Gadkari added.
Close
Officials said that by sponsoring advertisement boards in front of mobile shops, companies have violated advertisement rules.(Shankar narayan/ HT Photo)
Officials said that by sponsoring advertisement boards in front of mobile shops, companies have violated advertisement rules.(Shankar narayan/ HT Photo)

Mobile retailers write to PM Modi for Amazon probe

Reuters, New Delhi
PUBLISHED ON MAR 01, 2021 06:46 PM IST
AIMRA urged the government to "suspend all Amazon activities in India" until there is an investigation into the company's practices.
Close
The collection is, however, lower than the record <span class='webrupee'>₹</span>1,19,875 crore collected in the previous month.
The collection is, however, lower than the record 1,19,875 crore collected in the previous month.

GST collections rise 7 pc to 1.13 lakh crore in February

PTI, New Delhi
PUBLISHED ON MAR 01, 2021 06:11 PM IST
The gross GST revenue collected in February 2021 is 1,13,143 crore, of which CGST is 21,092 crore, SGST is 27,273 crore, IGST is 55,253 crore (including 24,382 crore collected on import of goods) and Cess is 9,525 crore (including 660 crore collected on import of goods).
Close
Representational image. (Bloomberg)
Representational image. (Bloomberg)

A taper tantrum around 2024 polls could be Modi govt’s biggest economic trial

By Roshan Kishore, Hindustan Times, New Delhi
UPDATED ON MAR 01, 2021 06:17 PM IST
While most of the economic analysis around the pandemic’s impact on the Indian economy has focused on domestic factors, there is merit in looking at the impact of a near-certain economic disruption to the Indian economy in the next few years
Close
As per the government, the objective of this auction is to obtain a market determined price of all the spectrum blocks.(Mint)
As per the government, the objective of this auction is to obtain a market determined price of all the spectrum blocks.(Mint)

Spectrum auction begins, 5G not included: All you need to know about bidding

By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
UPDATED ON MAR 01, 2021 04:14 PM IST
Here is what all you need to know about the much-awaited auction.
Close
Representational image. (Getty Images/iStockphoto)
Representational image. (Getty Images/iStockphoto)

Abolition of GST annual audit requirement could save up to 30K crore annually

By Rajeev Jayaswal
PUBLISHED ON MAR 01, 2021 04:03 PM IST
The Budget proposes removing the mandatory requirement of getting the accounts audited and reconciliation statement submitted by specified professionals, such as chartered accountants
Close
Petrol and diesel prices vary from state to state, due to various taxes levied by the central government and the state government concerned.(HT Photo)
Petrol and diesel prices vary from state to state, due to various taxes levied by the central government and the state government concerned.(HT Photo)

Gasoline sales record slowest growth in six months, diesel sales falls 5.3%

Reuters
PUBLISHED ON MAR 01, 2021 04:02 PM IST
Gasoline and gasoil prices in India have risen to record highs, mirroring global markets. Taxes account for about 61% of retail gasoline prices and about 56% of diesel prices.
Close
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.22 per cent to 91.07.(REUTERS)
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.22 per cent to 91.07.(REUTERS)

Rupee slips 8 paise to settle at 73.55 against US dollar

PTI, Mumbai
PUBLISHED ON MAR 01, 2021 03:56 PM IST
At the interbank forex market, the local unit opened at 73.76 against the greenback and witnessed an intra-day high of 73.19 and a low of 73.76.
Close
While traversing its journey from 549 to 50,000, the Sensex, up 91 times, has delivered 13.6% CAGR (compounded annual growth rate) returns in the last 35 years, say analysts.mint(MINT_PRINT)
While traversing its journey from 549 to 50,000, the Sensex, up 91 times, has delivered 13.6% CAGR (compounded annual growth rate) returns in the last 35 years, say analysts.mint(MINT_PRINT)

Sensex surges 750 points to end trading at 49,850; Nifty closes above 14,750

PTI, Mumbai
UPDATED ON MAR 01, 2021 04:06 PM IST
  • Meanwhile, the global oil benchmark Brent crude was trading 0.88 per cent lower at USD 65.39 per barrel.
Close
Bitcoin trading volumes are around $10 billion daily for the spot and futures market combined, compared with an equivalent figure of $100 billion for gold.(REUTERS)
Bitcoin trading volumes are around $10 billion daily for the spot and futures market combined, compared with an equivalent figure of $100 billion for gold.(REUTERS)

Bitcoin rises after Chinese region declares war on crypto mining

Bloomberg
PUBLISHED ON MAR 01, 2021 03:46 PM IST
  • Chinese officials first outlined proposals in 2018 to discourage crypto-mining
Close
SHARE
Story Saved
OPEN APP