Some business leaders are touting electronic wallets as a fraud prevention tool.

Question

Some business leaders are touting electronic wallets as a fraud prevention tool. What are your thoughts on this?

I am including two resources to review before responding, but please feel free to identify other material before responding.

European Union Agency for Network and Information Security (ENISA). (2016, December). Security of mobile payments and digital wallets. Retrieved from file:///Users/jameslipot/Downloads/WP2016%203-1%204%20Mobile%20Payments%20Security.pdf

Goel, Anuj. (2016, December 17). How secure are E-Wallets? Entrepreneur India. Retrieved from https://www.entrepreneur.com/article/286722

Explanation / Answer

Electronic wallets are seeing rise in their use recently. But many people are still concerned to use it just because of the security concern. But unlike the physical payment cards, Electronic wallets are way more secure. The reason is they are highly encrypted and the information such as card number,pin code or user information is stored in encrypted format. So gaining access to the user information just by hacking is nearly impossible because the person should be able to decrypt the information. And in todays word encrption algorithm are getting more an more secure. So the elcetronic wallets are getting popular and more secure than physical payment cards.

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