An E-Wallet or electronic wallet is an app or a technology that is very helpful in doing online e-commerce transactions and payments.
In today’s world e-Wallet has become of the best ways to transfer money, pay bills, or book hotels or flights. An ewallet app development is the backbone of today’s e-commerce business.
How does it work?
It is a simple app that saves the details of your credit or debit card. It creates a UPI linked to your Internet banking account.
Users can make peer-to-peer transactions after saving all the details. A one-time OTP generates to proceed with the transaction further.
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 that have their own wallet app and ewallet app development. These apps provide you with a number of services linked to them.
You can easily do many things in just a 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 an old and good password. All of the e-Wallet apps are secure and uses encryption for secure transaction.
Cloning or Sim Swapping are some common problems that e-Wallet Developers face. Hackers or fraudsters steal sensitive information via cloning sim or swapping.
The hacker or fraudster further uses that information to steal money by taking OTP either from you or by cloning your sim.
A Sim swap is a way to collect the user’s data; 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 activates the new sim, and hands it over to you. This is one way by which they can have a 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 that sends an SMS alert to their consumers to take necessary action if they think somebody is trying to swap their sim.
Middle or Phishing attack
This is not usual as this is one of the most advanced and sophisticated attacks. This attack intercept the online transaction and stole or divert the information.
Phishing attacks help to gather Intel-like login details and personal data. Thus, makes an e-Wallet application susceptible to hacking.
Preventing a phishing attack
The hackers can verify the digital signature of the URL to achieve this. You can check this in the setting or in the properties tab of your browser.
The developers of app development company Dubai always make their apps so that they can detect and neutralize phishing attacks.
Usually, encryption is used so that the interception of payment can mine no data. Thus, the data or information would be gibberish without the decryption key.
Malware or Trojan attacks
These types of attacks are a threat to the safety of the user. This is because it does leak all the information of the device. This attack is made by sending malware inside a file.
Once the users open it on their device and it is executed, it starts running in the background. This further records the keystrokes and all other relevant information. Some malware is so advanced that it can give complete control of the device.
Recommending Security apps
You can resolve this problem easily with an antimalware app and firewalls. Which can detect and disable viruses and malware before they can enter your device. Some security app provides advanced intrusion detection and makes it impossible for malware to affect the 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 biometrics as well as passwords for ease of use.
Thus, using the app’s 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 a public network to do transactions is putting your transaction at risk. It’s better that you use a secure network or a VPN. It is better to use a VPN because it provides you with a layer of encryption.
Install trusted apps
Always make sure to install the apps from a trusted Play Store or App Store. Downloading and installing apps from unknown sources put your device at unnecessary risk.
QR codes for processing payments is an enhanced and new technique. It helps to make the transactions easier and hassle-free. It also makes sure that the transaction is done to the specific user.
QR codes are fast reliable and simple for people users have to scan them and pay. It is recommended that you should have this feature in your app.
You should hire the best app development company Dubai or Hybrid App Development Dubai.