Protect Your Mobile Money

Protect Your Mobile Money: Here's how to guard your digital wallet against would-be thieves! http://www.Androinica.com Though interest in digital wallets is growing, no company has yet cornered the market. Google Wallet works at merchants that accept MasterCard PayPass phones & on certain Sprint Nextel or T-Mobile phones. Another effort, called Isis, is being jointly developed by AT&T Mobility, T-Mobile USA, & Verizon Wireless. Visa, MC, AMEX, Discover, Chase, Capital One, & Barclay-card have all announced support for Isis, which is being test-marketed in Salt Lake City & Austin, TX. In May, Visa & MC each unveiled new digital wallet platforms: Visa's V.me and MasterCard's PayPass Wallet Services. For the growing number of consumers who pay for items using a digital wallet, security concerns are likely to be top of mind. "Banks have put a lot of effort into designing mobile apps that are secure," says Kevin Mahaffey, chief technology officer & co-founder of Lookout Mobile Security. However, it's prudent to take additional steps to protect your financial information. When Making Transactions: Beware of spoofed invoices; Double-check Web links; When Using Your Phone: Set a passcode, put an auto-lock on your device & set your screen to lock after five minutes! 62% of smartphone users don't use a password on their homescreen; Use mobile security. Two apps. Find My iPhone and Where's My Droid, allow you to lock your phone remotely and wipe out information if it is lost or stolen. Programs such as Lookout Mobile Security's Lookout app keep your phone protected from malware and spyware in addition to providing remote data removal and cell phone tracking. Update software. If there's a security flaw on a banking app, the bank will generally release a software update to fix it. Download all updates as soon as you're notified.