It’s happened to millions of people. You wake up, log into your bank’s website to check daily account balances, and then notice a series of eWallet transactions you don’t remember. Unless you’re experiencing a bout of amnesia, there’s a good chance someone got ahold of your account information and used it to have a good time on your tab.
How eWallet Accounts are Pirated
Fraudsters breach eWallet security through serendipity and careful planning. Sometimes, account information needed to start spending is acquired from victims opportunistically.
A thief might visit a Facebook page with a low privacy setting, see that the person “likes” a certain eWallet provider, then use the victim’s information (birthday, full name, favorite movies, etc.) to crack the username and password for the eWallet account.
Other times, thieves get the information by hacking into the databases of eWallet providers or merchants to obtain payment information — no guessing about log-in credentials required.
When this happens, the thief has often planned well in advance, cloaking their IP address with a proxy server to make a quick getaway before forensic IT analysts can swoop in and track them digitally.
Regardless of how eWallet security is compromised, the outcome is usually the same: Fraudulent spending, either in the form of a big, short-lived shopping spree, or a small payment the thief hopes the account holder won’t notice. When millions of account numbers are involved, the second tactic is often more lucrative than the first.
Crucial eWallet Security Measures
eWallet security that prevents the scenarios above is a group effort between consumers, parties that facilitate eWallet purchases (e.g. processors, acquirers, and issuers), and merchants that accept eWallet payments.
Consumers must do what they can to keep their identity private online. This doesn’t require saying goodbye to most of your social media friends but ensuring that your account information is only accessible to those you know and trust. It’s also a good idea to shred sensitive personal information before tossing it in the trash. Some identity thieves don’t mind getting their hands dirty and will sift through dumpsters.
For merchants and parties that facilitate eWallet purchases, the best protective measure lies in cutting edge IT: payment card industry (PCI) compliance — a security standard that involves six crucial goals for attaining and sustaining certification.
When consumers vigilantly protect their identity, and merchants and other parties to the eWallet payment process maintain PCI compliance, their efforts combine to create an exceptionally high level of eWallet security.
About Allied Wallet
Allied Wallet is a global payment service provider for merchants and consumers worldwide. Our secure eWallet is protected by PCI compliance supported by best-in-class software and hardware resources. To learn more about the benefits of our eWallet accounts, call us today in the U.S. at (888) 255-1137, call us in the U.K. at U.K. at +44 203 318 8334, or send us an email through our contact form. We look forward to providing the eWallet security you need!