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Securing the Wallet: The Growing Demand for Cybersecurity Experts in Payment App Development

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, particularl...

25-Oct-2024
6 min read

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Digital wallets continue to be a popular way for Filipinos and other consumers a...

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](https://www.maya.ph/business/online-solutions) systems like those of Maya Checkout have also become the norm on almost all 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. ## Payment Apps and Cybersecurity: Some Facts 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. ## What Fuels the Demand for Cybersecurity Experts? 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 Cybercrime Cybersecurity experts are also major role players in addressing existing cybercrimes, especially now that rates have gone up due to incidences like online selling scams. This rise in cybercrimes, 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 cybercrime 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. ## Tips for Consumers: How to Keep Your Digital Wallet Safe 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 cybercrime. 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. ```online payment Philippines```

loading..   25-Oct-2024
loading..   6 min read
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CryptoSafety

Cryptocurrency

Cyberawarness

The crypto market has grown exponentially over the years, attracting individuals...

The crypto market has grown exponentially over the years, attracting individuals who want more control over their finances and are, at the same time, fascinated by blockchain and related technologies. But as the number of crypto users increases, so does the presence of scammers and cybercriminals who can exploit these digital assets’ vulnerabilities. As such, crypto users have to implement various security strategies to protect their cryptocurrencies and crypto wallets. In this article, we’ll be taking a look at the different ways you can strengthen your crypto security so that you can stay safe when using these very useful digital coins. ### Use a Cryptocurrency That Uses Robust Security Measures Choosing a cryptocurrency that inherently implements robust security measures is essential for ensuring your transaction integrity and safeguarding your funds. Secure cryptocurrencies use various security features to mitigate the risks associated with fraud, unauthorized access, and other cyber threats. Monero (XMR), for example, uses advanced cryptography techniques, such as ring signatures, stealth addresses, and ring confidential transactions (RingCT), to ensure the privacy and anonymity of its users. This means that transaction details are obscured, making it challenging for third parties to trace or identify participants, thereby protecting user privacy and their [Monero wallet](https://www.xmrwallet.com/). ### Create a Strong Password for Your Crypto Wallet Account Using a strong password is a fundamental aspect of securing your crypto wallet. Weak passwords can be easily guessed or cracked, potentially giving attackers easy access to your funds. A common characteristic of a strong password is that it features a combination of upper- and lower-case letters, numbers, and special characters. It’s also typically at least 12 characters long, as longer passwords are generally more secure. If you have trouble remembering long passwords, consider using a passphrase, which is a sequence of random words that are hard to guess but not easily forgotten. For example, "BlueSky$Rain#Mountain123" is a strong passphrase that combines different elements. It's also crucial to use unique passwords for different crypto wallet accounts. If one of your passwords is compromised, having unique passwords for the others ensures that these other accounts can remain secure. To manage your passwords effectively, consider using a password manager. Password managers can generate and store complex passwords, reducing the risk of using weak or repeated passwords. ### Enable 2-Factor Authentication (2FA) Whenever Possible Two-factor authentication (2FA) is an additional layer of security that can significantly enhance the protection of your crypto wallet. By enabling 2FA, you require a second form of verification, such as a text message, email, or authentication app, in addition to your password. This means that even if someone manages to obtain your password, they would still need the second form of verification to access your account. Most crypto wallets and exchanges offer 2FA, but if the programs you’re using don’t have this feature, consider using an authentication app. While text messages are commonly used to receive 2FA codes, they’re susceptible to SIM swapping attacks, where attackers trick your mobile carrier into transferring your phone number to their SIM card. Authentication apps are generally considered more secure because they don’t rely on your mobile carrier, preventing cybercriminals from intercepting codes you receive through SMS. ### Invest in a Good Hardware Crypto Wallet For maximum security, consider investing in a hardware crypto wallet. Unlike software wallets, which are connected to the internet and vulnerable to malware, hardware wallets are physical devices that store your private keys offline. They provide a secure environment for managing your crypto assets, making them immune to online hacking attempts. When choosing a hardware wallet, look for reputable options known for their security features and reliability. These devices typically offer secure chips and PIN protection, as well as generate and store your private keys within the hardware, ensuring that your keys never leave the device. ### Use a Secure Internet Connection or VPN When Carrying Out Crypto Transactions When conducting transactions involving cryptocurrency, it's crucial to use a secure internet connection. Avoid using public Wi-Fi networks when conducting transactions involving cryptocurrency. Public Wi-Fi networks are more susceptible to hacking and eavesdropping attempts, so instead, opt for a secure Wi-Fi network or use a virtual private network (VPN) for added security. A private, password-protected Wi-Fi network requires users to log in with the correct credentials before they can connect to it, adding a layer of security to your internet usage. A VPN, on the other hand, encrypts your internet connection, protecting your data from potential interception by malicious actors. This encryption ensures that your transactions remain confidential and secure. When using a VPN, make sure to choose a reputable provider that does not keep logs of your online activity and offers strong encryption protocols. ### Familiarize Yourself with the Most Common Crypto Scams Educating yourself about common cryptocurrency scams is essential for avoiding potential pitfalls. Scammers often target crypto users through various deceptive tactics like phishing schemes and fake exchanges. Phishing scams involve fraudulent attempts to obtain sensitive information, such as passwords or private keys, by posing as legitimate entities. As such, be cautious of unsolicited emails, messages, or websites that prompt you to disclose personal information or click on suspicious links. Fake exchanges, however, mimic reputable cryptocurrency exchanges to deceive users into depositing funds. Therefore, always verify the legitimacy of an exchange by checking reviews and researching its background, as well as its history with the crypto community. By staying informed and vigilant, you can mitigate the risks associated with cryptocurrency scams and safeguard your digital assets effectively. Ensuring your safety and security when using crypto is crucial to protecting your funds and investments. With the help of these strategies, you can significantly reduce your risk of falling victim to scams and cybercrimes, allowing you to use your crypto assets and wallets with peace of mind.

loading..   26-Jul-2024
loading..   5 min read
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spear Phishing

phishing

At a time when digital transactions and online communications have become the no...

At a time when digital transactions and online communications have become the norm, phishing attacks have become a prevalent threat to individuals and businesses alike. Phishing attacks involve cybercriminals attempting to deceive unsuspecting victims into divulging sensitive information, such as usernames, passwords, and financial details, by masquerading as trustworthy entities. These deceptive tactics often involve fraudulent emails, messages, or websites that are also designed to appear legitimate. Due to the danger that phishing attacks pose, it’s important to recognise the signs of a phishing attack. If you fall victim to a phishing attack, it can result in compromised personal and financial information. This can lead to identity theft, financial loss, and other serious consequences. Moreover, phishing attacks can facilitate the spread of malware and ransomware, which can further compromise your and other people’s security Given the pervasive nature of phishing attacks and their potential impact, you must learn [how to prevent phishing](https://www.tech.gov.sg/media/technews/top-five-scams-in-singapore-and-how-to-protect-yourself) attempts and how to identify the common signs of a phishing attack. This way, you can take proactive measures to protect your private information from falling into the hands of cybercriminals. Here are the typical indicators that tell you might have fallen victim to a phishing attack: ## Suspicious Emails and Messages A common sign of phishing attacks is a suspicious email or message. Many phishing attempts start with this, so be wary of communications from unfamiliar senders, especially those that use pressing or threatening language to create a sense of urgency or panic. It can be an email that claims that your account has been compromised and urges you to click a link to verify your details. Legitimate companies will never ask for personal information or passwords via email. Additionally, phishing emails often contain poor grammar and spelling errors, which can be a red flag. Look for inconsistencies in the sender's email address, and be cautious of emails that do not address you by name. Hovering over links to check the actual URL before clicking on them can also help you avoid falling victim to phishing scams. ## Unusual Account Activity Another indicator of a phishing attack is unusual activity on your accounts. This might include unexpected login attempts from unfamiliar locations or devices, changes in your account settings, or notifications of successful logins that you did not initiate. That’s because cybercriminals often use stolen credentials to access accounts and carry out malicious activities. For example, you might receive an email saying that your account was accessed from a foreign country, or you might notice that your account settings, such as your email address or phone number, have been altered without your consent. If you notice any of these signs, act swiftly to secure your account. Immediately change your password and enable two-factor authentication to protect your account from further unauthorised access. That said, also make sure that these messages are not coming from potential phishers who are attempting to attack you by scaring you with messages that your accounts have been hacked or compromised. Only login from the official apps or websites of your banks or online accounts, not from links shared via SMS, messaging app, or email. ## Unauthorised Transactions Unauthorised transactions like unexplained withdrawals or charges on your bank or credit card statements are also significant indicators that you may have fallen victim to a phishing attack. Cybercriminals can use stolen information to make purchases or transfer money using your accounts. It’s a good idea to regularly monitor your bank statements and promptly report any suspicious activity to help mitigate the damage. Additionally, set up alerts with your bank to notify you of large transactions or changes to your account, and ensure your financial institutions have updated contact information to reach you quickly if there is suspicious activity. ## Browser and Computer Issues At times, phishing attacks can result in your computer or browser behaving unusually. You might experience frequent pop-ups and redirects, new toolbars or extensions in your browser, or unfamiliar applications installed on your device. These issues can indicate that malware has been installed on your system through a phishing attack. In case you aren’t aware, malware can capture your keystrokes, monitor your online activities, and steal sensitive information. If you notice these signs, it’s important to run a full security scan using a reputable antivirus or anti-malware software. It’s also best to remove any detected threats and update your software regularly to help protect your system from further attacks. ## Friends or Contacts Receiving Strange Messages from You If your friends or contacts report receiving unusual emails or messages from your accounts, it’s a strong indication that your account has been compromised. Attackers often use hijacked accounts to spread malware or to further their phishing attempts. Your email or social media account might also be used to send out links to malicious websites. In such a situation, warn your contacts not to click on any suspicious links and take immediate steps to secure your account. Change your passwords, review your account activity for any unauthorised changes, and consider setting up additional security measures such as security questions or two-factor authentication. Staying vigilant and informed about the signs of phishing attacks is essential in today’s digital age. By recognising these indicators, you can take proactive steps to protect your personal and professional information from the activities of cybercriminals. So, educate yourself and others about phishing attacks, and remember that a cautious approach to online communications can significantly reduce your risk of falling victim to these deceptive schemes.

loading..   09-Jul-2024
loading..   5 min read