A Digital Bank Card On Your Phone – How Safe Is It?

The emergence of the COVID-19 pandemic has led to the need for a cashless and safe mode of payment. Necessity is indeed the mother of invention, as the pandemic led to the emergence of a cashless economy. The past few years have seen the growth of online shopping, which requires easy and safe payment options. That is where virtual or digital bank cards come in. A virtual or digital card is a payment mode that functions precisely like real bank cards, only that they reside in your phone’s digital wallet rather than your actual physical wallet. They provide a secure and practical online and in-store payment method protected by encryption.

How Virtual Bank Cards Work

Virtual bank cards are used similarly to any physical bank card. By adding a virtual card to Apple Pay or Google Pay, you can use it for contactless payments in stores in addition to online transactions. Some digital cards have the option to use an ATM to make transactions. Consumers are using virtual credit and debit cards more frequently, and businesses are finally gaining. According to Forbes, you can eliminate the requirement to write checks by employing your company’s virtual credit or debit cards. Virtual payment methods can help you avoid fraud while saving time and money. Using a digital bank card is as easy as installing software, usually provided by your card issuer, where you can generate as many temporary account numbers as you wish in a matter of minutes. As a consumer, you choose how much money to transfer from your bank account or the credit card from which the virtual card is initially issued. The desired amount of money is electronically transmitted to the digital number. You can reload your virtual credit or debit card with extra cash by making an electronic transfer from your bank account when the card’s balance is low. You don’t require to take money out of your account to reload your cards.

Your Virtual Bank Data Safety

A virtual card, however, differs from a physical card in that it does not have the same security restrictions as a physical card. Your exact account number can be protected using virtual cards, which can produce a different card number for each transaction you complete. Since they are often only meant to be used once, even if a business with which you have conducted business experiences a data breach and your card information are obtained, your existing account would not be at risk. Virtual cards offer a lot more freedom. Setting spending restrictions, changing your card number on the fly, locking or deleting a card number, and creating new card numbers for other retailers are all options that won’t impact your existing account.

Banking on your smartphone provides instant access to your bank accounts. However, it also means that your account could be accessible to anyone who gains access to your phone. Mobile banking safety is majorly dependent on how well informed a person is as well as how cautious they are. The biggest threat to the online space is hackers and malicious criminals operating online. Hackers are able to exploit public internet and poor passwords to embed devices with foul malware. Majority of this hacker’s impunity happens through social engineering, in which customers are persuaded to divulge their usernames and passwords to hackers, con artists, and other cyber criminals without their knowledge. Examples of social engineering techniques are phone calls, malicious links, phishing websites, and more sophisticated (but less common) attacks like fake banking apps. Knowledge is the best defense against these attacks that are easier than we realize.

Using Facial Id to Protect Your Account Information

That being said, the best way to protect yourself from malicious attacks is by ensuring you have a strong password. A strong password consists of letters both in lowercase and uppercase, numbers, and symbols. The negative downside of passwords is that they can be challenging to recall. In such instances, facial recognition is the next best thing. This is because only your face can be used to unlock your mobile phone. A facial id is convenient and reasonably safe, but is not full proof as a picture of your face can be used to gain access to your phone successfully. A regular download of your operating system to update it is critical because newer versions of operating systems include built-in security.

Free and Safe Antivirus Applications That Provide Safety

Mobile phone security is incredibly essential. If you prefer to use your phone for banking on a regular basis, antivirus software can provide an extra layer of protection. The majority of significant antivirus providers provide dedicated smartphone security packages—these track background activities on your phone to prevent viruses from compromising your personal information. When selecting an antivirus for your phone, one should consider the performance, security, usability ease, and some extra features that the app can provide. A great antivirus program for maximum protection is available from antivirus apps like Avira that has a free antivirus program.

The Take-Away

The bottom line is that the use of digital banking has not only made transactions easy, but they are also convenient. But with every upside, there is a flipside. Digital banking is riddled with alarming security issues and can bring about unforeseen and terrible losses. Keeping your bank account safe is possible by using digital bank cards and antivirus software.