With the ever-increasing popularity of mobile wallets, malicious hackers also have gained a keen interest in this mode of payment. Cyber criminals are finding novel ways, including social engineering, to gain illegal access to wallets.What happens if someone gets access to your mobile wallet This is obvious. If a hacker gets hold of your mobile wallet, he can access those details and sell them in the underground market on the Dark Web. As he would have enough information about your activities to fool you into believing him and sharing critical information.Your mobile wallet, as you know, stores complete details of how much, how often and what you spend on. Instead what hackers do—and which is the most dangerous scenario in the case of your mobile wallet being hacked is—they steal your money and send it to other hacked digital wallets including yours to monetise the digital money into real currency.

Source: Economic Times November 03, 2017 15:11 UTC