A recent complaint filed by a resident of Thane stating a sum of Rs.2.5 lakh was fraudulently withdrawn from his e-wallet linked to bank accounts has put the entire nation in a tight gasp. Are our e-wallets really safe to use? Read below.

According to Kaspersky security, the use of fraudulent apps to steal money has been increasing day by day. Although no reports have been submitted as of yet, the warnings still continue to usher every nook and corner. Cyber thieves are using fake apps in the name of the original ones, forcing people to use them unconsciously, leading to money theft. Though the complaints registered are negligible right now, the probability of cyber criminals adding these apps is quite high.

“Digital payment companies ensure that the transactions are safe on their apps. Besides, there are checks like two-factor authentication for ensuring secure transactions for consumers,” Altaf Halde, managing director at Kaspersky Lab, South Asia, told.

In such a scenario, cybercriminals could look at tricking consumers into downloading fake apps that look almost like the genuine one, allowing a backdoor entry into their smartphone.

While financial institutions like banks and mobile m-wallet companies take steps to protect customer information, users also need to take precautions as negative experiences could lead to losing trust in digital transactions.