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How much safe is your money while using mobile wallets?

by sushmitasathe
7 replies
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Mobile wallets have become one of the most popular digital payment methods and a lot of consumers might start to worry about the safety of these payments. What exactly mobile wallets does to ensure that user details and money is not compromised?
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  • Profile picture of the author heartyfellow
    It's as safe as anywhere else such as in banks etc.
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  • Profile picture of the author MikeFriedman
    Originally Posted by sushmitasathe View Post

    Mobile wallets have become one of the most popular digital payment methods and a lot of consumers might start to worry about the safety of these payments. What exactly mobile wallets does to ensure that user details and money is not compromised?
    Originally Posted by heartyfellow View Post

    It's as safe as anywhere else such as in banks etc.
    If you are talking about mobile wallets holding cryptocurrency, then they are not as safe as banks. Not even close. Banks are insured. If your bank gets robbed, you don't lose your money.
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  • Profile picture of the author ryanbiddulph
    Generally safe, but Mike said it; nowhere near banks.

    Here's why: banks are largely trusted institutions backed by gazillions of dollars, nations, and most of humanity.

    Mobile wallets are not too trusted, backed by a handful of folks, not backed by nations, and a tiny portion of humanity.

    The biggest issue; crypto has promising potential but is surrounded by fear too in many ways, which attracts seedier elements hungry to capitalize on fear.

    If you use a mobile wallet you probably won't have issues but of course you're more likely to have security problems for the above reasons.

    Banks are rock solid security-wise; crypto and mobile wallets more like the Wild West.

    Ryan
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  • Profile picture of the author Rob Hunsons
    I don't think it's safe enough till you are not using some secured apps.
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  • Profile picture of the author BacklinkzTopper
    It is completely safe as I have been using it since long back. So no worries.
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  • Profile picture of the author hardraysnight
    my money is much safe using my mobile wallet
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  • Profile picture of the author tagiscom
    Originally Posted by BacklinkzTopper View Post

    It is completely safe as I have been using it since long back. So no worries.
    Originally Posted by hardraysnight View Post

    my money is much safe using my mobile wallet
    https://securityintelligence.com/how...han-you-think/

    In other words it is fast, convenient and you don't have to fumble about for your card anymore, and reasonably safe.

    I have heard of people using this, being in the wrong place and time, and waking up the next day finding their empty Paypal, credit, savings, etc cleaned out.

    Smart watches more so, and the banks that crap on about "this app is safe" won't lift a finger to help you when you are cleaned out.

    I would say that it is reasonably safe, but Never link up anything more than a throwaway savings account to an app.

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