Using Paytm or other mobile wallets? 7 must-dos.

Mobile wallets like Paytm, Freecharge, Mobikwik and others have become increasingly popular since demonetization. As the cash crunch has made it almost more dependent for us to use e-wallets. However, while using e-wallets it is very important to manage it well as there are risks involved. And this means not only taking care of your e-wallet but also your smartphone’s security. Here are eight must-dos for all those using mobile wallets.

Downloading apps from trusted sources only – Download apps only from trusted sources. Looking for a new game or some other productive app, only download from places like Google Play Store. Never download any app through any link received by unknown message offering any lucrative offer. Also, don’t forget to check ratings are reviews before downloading an app. Checking the privacy policy of the app you are downloading too is a must.

Keep passwords – Always use a pin or a password to protect your smartphone. It is easy to set up a password. Adding this layer of security to safeguard your phone from intruders in basic.
Go for in-app access codes for apps like Paytm and others – Paytm recently rolled out an app password feature for its e-wallet app. The feature is aimed at ensuring that the money in your wallet remains safe even if you lose your wallet.

Don’t keep too much money in your e-wallet – Avoid keeping too much money in your e-wallet. It may appear convenient, but then as they say there is nothing unhackable. Every information that you share online has the risk of getting leaked.

Never save your card information – Saving your card information in your e-wallet is a strict no. Always avoid it. It may seem convenient but is dangerous. In case, you have saved for a certain transaction, always go back and delete it once the transaction is complete.

Change your password regularly – Always read this simple tip for your e-mail accounts, follow it for your Paytm and other mobile e-wallets too. Also, never entertain calls asking for your e-wallet credentials or credit/debit card details.

Get anti-virus or some security solution installed – Sounds very obvious, but it becomes all the more critical when your smartphone is your wallet too. So, don’t forget to get that anti-virus on your smartphone. The way anti-virus is critical for the safety of your PC and laptop, it is important for your smartphone too.

Get transaction information on both SMS as well as e-mail – Don’t just depend on SMS notifications for information related to transactions you make through your e-wallet. Always link them to some e-mail account as well. This way you can keep a better record of your transactions. As SMS notifications may get deleted or missed.

Getting cashless is very convenient as you get rid of many problems like carrying cash, paying in change and get a track of your spending. Set some security settings so that your money remains safe and could not be accessible to hackers.