Cyber Security Issues in Withdrawal from Digital Wallets
Published: 2022-06-06 12:47:13


As we continue to evolve to a more digitalized way of living, payment methods have also been digitized and most people prefer [E-wallets](https://dev.to/maksymbabych/digital-wallet-app-development-in-depth-guide-for-startups-3n6c) and mobile banking instead of physical banking and card-on-file that may require one to frequently carry Wads of cash. As users continue to adopt digital payment methods, one issue remains to be a concern despite technological adaptation; cyber security.

Stakeholders in digital payment adaptation aim to protect critical data from cybersecurity risks such as online fraud, information theft, malware, virus attacks, and other cybersecurity threats. When an intruder bypasses an online security system, data can be exposed and accessed without authorization; which may cause damage to national security, economic prosperity, and social well-being. 

Digital wallets are used for e-commerce transactions that we have become quite dependent on. These transactions include transferring money from one person to another person or business, purchasing goods, paying utility bills, or booking flights using a financial instrument installed on your smartphone or computer. These digital wallets store [personally identifiable information](https://dev.to/rudderstack/protect-personally-identifiable-information-pii-in-your-apps-using-rudderstack-ofi) (PII) of the user, which include their name, mobile phone number, customer card numbers, secret PIN, net banking credentials, etc. If such information is exposed or accessed by a malicious intruder, it can be very harmful to individuals, organization,s and even national economies.

**How to secure data when using an E-wallet**

Using an app like the Bybit app for your mobile banking withdrawal and wallet-to-wallet withdrawal is quite simple. You simply need a wallet address for the receiving wallet and once you have entered this address, Bybit directs you to a verification page where you can verify your withdrawal.  You can either verify your withdrawal using an email verification code that is sent to your account’s registered email address or verify your withdrawal using a Google authenticator code (a 6-digit Google authenticator 2FA security code). 

Once you have entered a verification code, your transaction moves on to the next step. Please note that the verification email is only valid for 5 minutes. Once the transaction is verified, you receive an email from Bybit to your account’s registered email with details of the withdrawal request. You will need to click the verification link to verify your withdrawal request.

The entire withdrawal process takes up to 30 minutes. While the [Bybit withdrawal time](https://learn.bybit.com/bybit-guide/make-a-withdrawal/) may seem like a long while to wait for funds to be transferred, it is a necessary sacrifice to ensure that your funds are secure in your Bybit account. The numerous steps depend on a specific blockchain and its current network traffic.  Bybit process some withdrawal requests three times a day, i.e. at 0800, 1600, and 2400 UTC. All these measures ensure that the Bybit systems are secure, but you can always take some precautions to ensure that you are secure as an individual.

To secure personal data while using an E-wallet, one must:

1Enable strong passwords on your devices. 
2Install apps only from trusted sources.
3Use secure network connections.
4Create a unique password for your digital wallet
5Identify points of contact in case of fraudulent issues
6Keep your login credentials secure

As fintech evolves and expands into the basic aspects of our lives, it is important to maintain the well-being of every user. This can be done by constantly updating cyber security measures and staying up-to-date with current cyber security attack strategies.