What Is a Virtual Wallet, and How to Protect It?

What is a virtual wallet


Undoubtedly, using a smartphone to pay for purchases at the cash register is more convenient than looking for a small change in a wallet and detaining other customers. Nowadays, more and more people start to use mobile wallets because of undeniable convenience and perceived security.

However, is contactless payment really safe as it seems? Let’s sort out what virtual wallets are, whether people can use them without fear, and how they can be protected.

Definition of Digital Wallet

Before going to essential things to secure a digital wallet, there is a need to sort out its meaning. A mobile or virtual wallet is a smartphone application that keeps the user’s payment information and grants the possibility to pay with one touch in most trading terminals. To have a safety wallet, it is required to guard your smartphone. Let’s consider helpful recommendations on how to protect your device and, as a result, your virtual wallet.

Create a Strong Password

One of the simplest and obvious methods to secure a virtual wallet is a strong passcode. If you want to deter cybercriminals, your created password should be unique and hard to hack. It is advisable to have different passcodes for your digital wallet and your smartphone itself. The combination of numbers should be random.

Do not use popular combinations, for example, birthdays, house addresses, anniversaries, or the last digits of your phone number when creating a password. Otherwise, your device and as a result digital wallet will be cracked by a resourceful hacker. Aside from unique and complicated passcodes, you can likewise secure your mobile wallet application with the assistance of facial recognition or a fingerprint scan. If your virtual wallet appears difficult or impossible to enter, cybercriminals will very likely leave all attempts and start to search for an easier target.

Another important rule is never to share a password with your digital wallet. If you are afraid to forget your passcode, you can store it in the Password Manager. Also, it will not be redundant to change your password from time to time. If your device is lost or stolen, you should lock and erase all information remotely as soon as possible to not give a chance to somebody accessing your virtual wallet.

Make Use of VeePN

The danger may wait for you even when you simply use the internet. Hackers can hide under ordinary users, advertisements, links, etc. It may not be complicated for expert cybercriminals to break your device and get access to your mobile wallet.

If you do not want to become a victim of hackers, you should attach to VPN servers every time you are online. To ensure 100% protection of your digital wallet, the best VPN for Singapore and other countries’ residents should be installed on your device. After you connect to the Singapore VPN server, for example, cybercriminals will not be able to find out your internet traffic and actual location.

Among different VPN providers, VeePN is surely worth your attention. A lot of users consider it the best Singapore VPN because of the large number of proposed functions. To start using VPN in Singapore, there is a need to perform several easy steps. First, your task is to sign up and select a suitable subscription plan. After that, you should install the application on your device. Finally, to start taking advantage of the best Singapore VPN, there is a necessity to connect to a server.

As one can see, utilizing VPN in Singapore is simple. In turn, you receive encrypted traffic, unlimited online content, hidden actual IP address, fast internet speed, a safe browsing experience, and more importantly protected virtual wallet.

Do Not Forget to Update the Software

Another effective method to secure your mobile wallet is to download the latest software updates. Security holes are found and patched permanently by developers. This means the most up-to-date software is, as a rule, the safest. If you do not want to miss a new release, you can turn on automatic updates.

Download Virtual Wallet Applications from Official Websites Only

It is important to research digital banking applications before you replace plastic cards and physical wallets with digital payment methods. Make sure the application you intend to download can be found in the official Apple or Android store or the official website of the financial institution.

The next step is to verify how many downloads and reviews your selected application has. This will assist you to make sure your downloaded app is official rather than an imposter. Although the majority of the applications on official stores are legitimate, it is still recommended to check for the availability of typos, blurry logos, and unprofessional application descriptions to make sure.


Digital wallets are helpful in making payments simpler and fast. The number of people who made a decision to go to virtual wallets is increasing every day. However, while the usefulness of mobile wallets is indisputable, there is no need to forget about cybercriminals who want to get access to your digital wallet application.

To avoid passing your banking details to unfair hackers, your task is to ensure the safety wallet. For this, you can familiarize yourself with the above-discussed essential things to secure a digital wallet. The mentioned tips and pieces of advice are easy-to-follow, effective, and ensure the strong protection of your virtual wallet.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.