E-Wallet or electronic-wallet is an app or a technology which is very helpful in doing online e-commerce transactions and payment. In todays world e-Wallet has become of the best ways for transfer of money, paying bills or booking hotels or flights. An ewallet app development is the backbone of today’s e-commerce business.
How it works?
It is a simple app it saves the details of your credit or debit card or can create a UPI which can be directly linked to your Internet banking account. Once the detail is saved in the app you can easily do transactions from peer to peer. When you do the transaction, a one-time password is sent to your mobile device. You have to enter this one-time password to proceed with the transaction. The one-time passwords enhance the security of your e-wallet.
Current position of e-Wallet apps
There are many companies which have their own wallet app and ewallet app development. These apps provide you a number of services linked to it. You can easily do many things in just few swaps without any hassle. All the relevant and necessary information one entered is stored in the app. You just need to provide it with the authorization which is different in different apps. Some require biometric authentication others have old and good password. All of the e-Wallet apps are secure and uses encryption for secure transaction.
Some common problems in front of e-Wallet Developers and their measures Cloning or sim swapping. cloning sim or swapping it is usually done by hackers or fraudster so that they can steal their information. This information is then used by the hacker or fraudster to steal money by taking OTP either from you or by cloning your sim.
Sim swap is a way to collect the data of the user then the next step is to get his or her sim card blocked. Then they approach the service provider and try to take the same number from their outlet by using some fake identity proof papers. The mobile company blocks the sim and activate the new sim and hand it over to you. This is one way by they can have one-time password without hassle.
Preventing cloning or sim swapping is one of the major security concerns.
Remember that the financial service providers and their employee never asks their consumer to share their private information like password or account number over phone or email queries.
The other step is choosing a mobile operator which sends a SMS alert to their consumers so that they can take necessary action if they think somebody is trying to swap their sim.
Middle or Phishing attack
This is not usual things as this is one of the most advanced and sophisticated attacks. In this attack your online transaction is intercepted and user information is stolen or diverted. The phishing attacks are commonly used to gather Intel like login details and personal data. Thus, makes and e-Wallet application susceptible to hack.
Preventing a phishing attack
This can be achieved by verifying the digital signature of the URL. You can check this in the setting or in properties tab of your browser. The developers of app development company Dubai always make their app in such a way that they can detect and neutralize phishing attack. Usually encryption is used so that no data can be mined by interception of payment. Thus, without the decryption key the data or information would be gibberish.
Malware or Trojan attacks
These types of attack are threat for the safety of the user. It does leak all the information of the device. This attack is done by sending a malware inside a file. Once the users open it in its device and it is executed it starts running in the background recording keystrokes and all other relevant information. Some malware is so advanced that it can give complete control of the device.
Recommending Security apps
This problem can be easily resolved by using an antimalware app and firewalls. Which can detect and disable virus and malware before they can enter your device. Some security app provides advanced intrusion detection and makes it impossible for malware to affect e-Wallet app.
Some common development security measures
Enable biometric password on Apps
The e-Wallet developer can add extra security by providing a lock feature to the wallet app. This lock can be more secure if it can be locked with biometric as well as password for ease of use. Thus, using apps own security feature helps you even if someone has access to your device.
Read the blog- Tips to make a mobile wallet app with best features
Using VPN or Secure network
Using public network to do transaction is putting your transaction at risk. Its better that you use a secure network or a VPN. It is better to use VPN because it provides you a layer of encryption.
Install trusted apps
you should always make sure that you install only those apps from the play store or App store which are trusted. Downloading and installing apps from unknown sources put your device at unnecessary risk.
QR codes for processing payments is an enhanced and a new technique which helps you do transaction easily. this also make sure that the transaction is done to the specific user. QR codes are fast reliable and simple for people users have to scan it and pay. It is recommended that you should have this feature in your app.
You should hire best app development company Dubai or Hybrid App Development Dubai.