In fact, Digital wallets can be considered safer than traditional wallets because of built-in redundant protections. it requires a passcode or biometric is d to gain access to the application. and digital wallets heavily encrypt all credit card and banking details to help keep them secure from hackers.
What are digital wallets
Digital wallets let you make purchases without ever reaching for your physical credit card, so you can check out in store and online with your smartphone, tablet, wearable and more. today’s smartphones also come equipped with serious security features. They can be locked, providing an extra level of security if the device is lost or stolen — an option that’s simply not available with a traditional wallet and older payment methods like cash and plastic.
A digital wallet refers to an online service that allows an individual to make electronic transactions. as purchasing items online with a computer or using a smartphone to purchase something at a store. An individual’s bank account can also be linked to the digital wallet. The credentials can be passed to a merchant’s terminal wirelessly via near field communication (NFC).
Advanced security features
This is a feature that is very important and required. it provides an extra security layer that prevents thieves from stealing your digital assets as easily, as the wallet auto-lock itself when you are away from it. While your phone or device might have been set to auto-lock itself after being left idle for some time, not many apps in it are able to do the same.
One of the most important elements of a digital wallet is your private key. If this private key is discovered by any other person than you, that individual can hack your wallet.
of course, you have to print your private key and store it someplace safe. However, even if you somehow have missed doing that, a great encryption system can help. any wallet can encrypt your data, including your private key, therefore making it harder for any potential security breach that may occur.
this is one of the most advanced technologies that make it very hard for hackers to steal your money.
A login act is much more than just entering your username and password. Instead of entering only usernames and passwords, users can enter a special OTP verification code. By having this code sent to users’ email address/mobile numbers that they personally own, only they can act upon it by entering the very same code into their BCMY digital wallet app.
This way, even if someone gets knowledge of your username and password, they will still have to figure out the OTP code before being able to access your wallet.
A session restriction restricts the number of people that can log in and use an app at the same time. By limiting this number to one, your digital wallet is secured. You will receive a notification when someone else is trying to log in.