SECURING DIGITAL WALLETS: THREATS AND COUNTERMEASURES
R. Lakshmi, Shalli Rani · mLAC Journal for Arts Commerce and Sciences (m-JACS) ISSN 2584-1920 · 2024
Digital wallets have become essential instruments for today's financial transactions, providing users all over the world with efficiency and ease. Cybercriminals, however, have also become more aware of these platforms due to their broad adoption, and they are constantly looking for ways to exploit weaknesses and jeopardise their security. This study looks at the different hazards that digital wallets face, such as phishing and malware assaults, data breaches, illegal access, and dangers associated with NFC/contactless payments. Additionally, it suggests a thorough set of defences to successfully lessen these risks. These countermeasures include user education programmes, regulatory compliance, and technology solutions like encryption, multi-factor authentication, and secure communication protocols. Digital wallet providers and users may protect the integrity and reliability of digital payment ecosystems by implementing a multi-layered security strategy and cultivating a culture of alertness and resilience.