In these times of demonetisation, mobile wallets are where the action has shifted to. It can be risky to use mobile wallets, say expertsTransactions using mobile wallets, if not done cautiously, might expose you to cyber fraud, say cyber security experts. “All net banking and card transactions use risk-based step-up authentication, unlike most mobile wallets,” said Kartik Shahani, managing director, India and SAARC, RSA. We are safer than cards, say mobile wallet firms“Our monitoring is powered by machine-learning and defined business rules that stop only the transactions that are found suspect,” said Nitin Misra, senior vice-president at Paytm. Check the RBI website to find out if the mobile wallet company has a licence3.

Source: Hindustan Times November 25, 2016 08:44 UTC