The cautionary tales of GCash users going around in social media these past few weeks and months should be a reminder for us all on how best to treat electronic wallets.

While electronic wallets such as GCash have been around for quite a while, it was during the pandemic when they became popular overnight.  What started as a way to send cash to family extended to friends to online sellers to physical stores until it became almost compulsory to have one if you wished to pay or get paid faster.

Statista.com projects that the global wallet mobile market will double by 2025 compared to 2020. It seems the momentum for our transition to a cashless society continues on full speed, so let’s take some time to slow down and examine how we can say on that path and yet protect our money.

#1 Treat your e-wallet like a real wallet

There’s a growing number of people who receive their salary via electronic wallets, or transfer their pay to one as soon as they receive it.  They like the convenience, where they just scan a QR code or key in a number from their saved contacts to send money.  If they’re expecting cash, electronic wallets can also confirm transactions real time.  No need to visit a bank, or check via ATM, or even log into a bank mobile app.

But an e-wallet is just that – a wallet.  You don’t carry your whole salary in your wallet right?  So consider leaving just the right amount in your electronic one too.  That way, if your account is compromised, whether by your fault or the system’s, you’ve limited your risk to an amount that you won’t lose much sleep over.

#2 To link or not to link – this can be an expensive question

Electronic wallets want to hang on to your money, as much as possible, and for as long as possible.  One way they promote this is by inviting you to link your wallet with your favorite shopping apps, food delivery apps, even your banks.  While linking your wallet takes convenience to a whole new level, but so does the risks to your cash.  If any one of your accounts is compromised, you may find that your whole electronic ecosystem of savings has been exposed to fraud.

So while it will mean logging in and logging out of different apps, and using different passwords, the more firewalls you have between your money, the safer it can be for you.

#3 Track money coming in and money coming out

The beauty with electronic wallets is there is a money trail.  Unlike traditional wallets, you can see money coming in and money leaving your account with date and time stamps.  Make it a habit to check your balance and transactions from time to time, and to quickly report anything suspicious.

If you’re a heavy user, you can check it more often.  But even if you don’t use your electronic wallet frequently, check in to see just to make sure all are in order. The longer you report any problems, the less your chances of getting your money back.

#4 Be careful what you scan for

It’s simple – you scan something if you will pay, but it never hurts to check first what you are scanning.  If you are paying someone, make sure that the code indicates the right amount so you don’t overpay.  If you are paying a store, check the name of the account after you scan, and ask the cashier if it’s the right wallet.

Now if you are supposed to be paid, you should not do any scanning.  Someone wanted to buy our barely used Mac mini and fed us this long story about how the payment will come from his hardworking OFW mom who is overseas.  So we provided our account details for payment.  Then he comes back to say there is a problem with the transfer, and I need to scan his QR code to fix it.  I know no money was sent, and his problem was simple – he was trying to con us and we’re not falling for it.

#5 Test and rate their customer service

I would not trust anyone who I cannot contact in times of trouble.  So when choosing banks, or credit cards, or electronic wallets, choose one that will respond to you when you need help.  Test their customer service even if you have no issue, just to see if it’s working.  You should not have to go to your social media accounts and tag everybody to get the response you need.

And when it comes to money, customer service should be available 24x7, via phone, email, chat and through the app.  If their helplines are broken, that’s a red flag for you to find a new electronic wallet.