Introduction
As digital payments become increasingly common, the use of digital wallets or e-wallets has grown significantly. According to the Global Payments Report (GPR), their participation in e-commerce transactions quadrupled from 6% in 2014 to 28% in 2024. However, this growth also brings an increase in cyber threats, making it crucial to understand how to protect oneself from digital frauds.
The GPR estimates that by 2030, digital wallet payments will account for 37% of all online transactions. Therefore, taking security measures is vital to avoid becoming a fraud victim.
Main Cyber Frauds and Threats in Digital Wallets
Romeo Sánchez, CEO of information security at Sistema de Transferencias y Pagos (STP), explains that the most common frauds stem from financial information and banking credentials theft.
“They obtain this information through social engineering techniques, such as phishing or smishing, impersonating banking institutions to trick users into voluntarily disclosing sensitive data,” Sánchez elaborated.
Phishing involves sending false messages that appear to be from legitimate entities, typically via email or SMS, with links to fraudulent websites. Smishing is a variant that uses text messages to obtain personal or financial information.
Another detected technique is the creation of fake digital wallets and fraudulent websites that mimic legitimate services to steal users’ banking information.
Ángel Olvera, a fintech expert at Tecnológico de Monterrey, warns that the most vulnerable populations are middle-aged and older adults who are not familiar with technology applied to finances.
Once the banking information is obtained, cybercriminals can make purchases and charges through various digital payment options at different retailers.
How to Avoid Becoming a Fraud Victim
Security measures are essential for protection. Olvera recommends keeping updated passwords, activating banking charge notifications, and configuring secure purchases requiring facial recognition, fingerprint authentication, or double verification.
Sánchez suggests verifying that the used application is regulated by the National Banking and Values Commission (CNBV), reviewing the developer in the app store, and avoiding downloading applications from links on social media.
It is also advised to seek assistance from a knowledgeable family member or friend if there are doubts about using an e-wallet.
Lastly, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) encourages users to reach out for help, suspicions of fraud, or specialized advice.
Key Questions and Answers
- What are the most common digital wallet frauds? The most common frauds involve financial information and banking credentials theft, often obtained through social engineering techniques like phishing or smishing.
- What security measures should I take to protect my digital wallet? Keep your passwords updated, activate banking charge notifications, configure secure purchases requiring facial recognition or fingerprint authentication, and ensure the app you use is regulated by CNBV.
- Who is most vulnerable to digital wallet frauds? Middle-aged and older adults who are not familiar with technology applied to finances are the most vulnerable.
- What should I do if I have doubts about using a digital wallet? Seek assistance from someone knowledgeable about e-wallets.
- Where can I get help if I suspect fraud or need advice? Contact Condusef for assistance, suspicions of fraud, or specialized advice.
