Digital wallets continue to be a popular way for Filipinos and other consumers around the world to store their money and pay for their transactions, particularly online ones.
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Digital wallets continue to be a popular way for Filipinos and other consumers around the world to store their money and pay for their transactions, particularly online ones. In fact, data gathering platform Statista noted that the Philippines comprised around 58 million active e-wallet users in 2022 alone and that that number is still anticipated to grow by 40 percent come 2025.
Perhaps this comes as no surprise, given the multiple benefits digital wallets can offer—such as the convenience of managing funds through an app, real-time transfers, and ease of use when paying for online purchases. Seeing how online payment Philippines systems like those of Maya Checkout have also become the norm on almost 6all e-commerce sites, one can certainly expect digital wallets to remain a staple well into the future.
That being said, security is still a pressing concern among digital wallet users. To alleviate these anxieties, digital payment providers must always place a high priority on putting security safeguards in their payment apps to ensure that their users’ information remains safe around the clock. For this reason, the skills and know-how of cybersecurity professionals are highly necessary to create better safety measures and to keep legitimate businesses and their customers out of harm’s way.
To that end, let’s have a quick look at the role cybersecurity experts play in keeping digital wallets safe, and why there’s a growing demand for their expertise now more than ever.
With the evolution of the digital economy came familiar cybersecurity measures like password systems, biometric logins, firewalls, access controls, antivirus software, two-factor authentication (2FA), and more. But the faster that digital payment technologies like e-wallets evolve, the more imperative it becomes for cybersecurity professionals to develop solutions that can perform at a higher and more sophisticated level.
Though it may have initially been a bother for customers to go through these security measures for everyday e-wallet transactions, nowadays, few truly mind when they’re asked to input a one-time password (OTP) that was sent to the mobile number associated with their account. The typical customer understands that multiple steps of verification are necessary to prove one’s identity—and that these are being implemented for the purpose of making sure their hard-earned funds are not compromised.
Cybersecurity professionals contribute greatly to the development and improvement of these commonplace safety features. Whether they are part of the actual app development team or offer their expertise as consultants, their input is crucial in ensuring that any end-user’s digital wallet won’t be as vulnerable to various online threats, such as hacking or fraudulent use.
As mentioned above, the number of e-wallet users in developing markets will only continue to grow. There will be a similar demand for cybersecurity experts to assist payment app developers in fortifying their safety features and also staying on top of the following related tasks:
1) Predicting the Emergence of New Threats
New cybersecurity threats may be emerging every day, and it takes the foresight as well as the expertise of a cybersecurity professional to learn about and neutralize them. A cybersecurity expert will typically be attuned to trends in the sector to build their knowledge on exactly how to keep a payment app and its related technologies safe.
2) Working with Stakeholders to Address High Rates of Cyber crime
Cybersecurity experts are also major role players in addressing existing cyber crimes, especially now that rates have gone up due to incidences like online selling scams. This rise in cyber crimes, particularly ones connected to online shopping, has prompted not only digital wallet providers but also other parties involved in e-commerce to hire more cybersecurity professionals to help reduce those threats. In turn, cybersecurity pros have done their part to work with governments, the finance sector, and the private sector to spearhead improvements in security patches, frameworks for the implementation of cyber crime law, and information campaigns for the general public.
3) Compliance Requirements
Governments all over the world are pushing for organizations to strengthen their cybersecurity solutions. It isn’t a surprise that payment app developers have involved more cybersecurity experts in their ranks to help them comply with necessary security requirements. If those requirements happen to change in the future, then having a cybersecurity expert in the development team also means the payment app team will be able to adapt right away.
Even if your digital wallet is equipped with the latest security features, carelessness on your part can still lead to your financial information falling into the wrong hands. Building good cybersecurity habits is just as important on the consumer end if the goal is to reduce incidences of cyber crime.
Make sure to create strong and unique passwords for your digital accounts, and always be vigilant of phishing scams, or scams in which someone pretends to be a representative of a legitimate company to ask for your personal information. It should be like second nature for you to double-check the authenticity of any message sender whenever your financial details are involved. And remember that no reputable company would ask for your passwords, so anyone doing so should already raise alarm bells.
Another important tip is to make your payment app transactions over secured networks only, such as your home internet connection. Avoid opening your digital wallet or transferring money to someone while connected to public Wi-Fi, as your data and privacy are vulnerable over such networks.
The burden also falls on business owners to inform their customers of cybersecurity best practices and inform them about how to transact online in a secure manner. These efforts from customers and business owners ensure that the hard work of cybersecurity experts doesn’t go to waste and that a digital economy with evolved payment technologies is as safe as it is advanced.
