Virtual accounts are among the most popular products in Latin America and they play a crucial role in promoting financial inclusion and managing personal finances. In Argentina alone, 61% of the population over 15 has at least one active virtual account.
However, this widespread adoption also opens the door to a new wave of risks, threats, and scams: Latin America has become one of the global centers of cybercrime, with an average of 2,716 weekly incidents per organization in 2025— a 39% increase compared to the global average (according to Check Point Research).
A notable example of this happened early in 2024, when a flood of Payoneer users reported phishing attacks on their personal accounts. Many also reported fund withdrawals and fraudulent activity.
Cases like Payoneer’s highlight the risks involved in this sector if proper security measures aren’t in place. That’s why at Wallbit, we adhere to the highest standards of security and encryption in the industry. We undergo regular audits and testing to ensure the safety of our users.
And also, to help you strengthen your account security, we’ve put together this guide with essential safety tips.
Let’s get started!
Cybersecurity Tips for Your Virtual Account
The California Department of Financial Protection and Innovation (DFPI) offers a set of practices and tools that individuals can use to better protect their virtual accounts. Here are some of the most important.
1. Choose Strong Passwords
A strong password is the foundation of virtual security. Avoid obvious personal info like your birth date, phone number, or pet’s name. Instead, create complex combinations with uppercase and lowercase letters, numbers, and symbols. And never use the same password across multiple accounts— if one gets compromised, your other accounts could be at risk.
Consider using a password manager to securely store and remember your passwords without the hassle of writing them down or reusing them.
Changing your passwords periodically is a good habit, even if it feels tedious. Remember, security can be tedious, but it’s worth it.
2. Enable Two-Factor Authentication (2FA)
Activating 2FA, also called two-step verification, is one of the most effective ways to protect your account. It adds an extra layer of security by linking a second device to your account.
This feature prompts for a second verification step before logging in, even if someone knows your password. Usually, it’s a temporary code sent to your phone or email, or biometric verification like fingerprint or facial recognition.
It’s a simple but highly effective measure to block most unauthorized access attempts. If you need help setting this up on Wallbit, check our step-by-step instructions.
3. Activate Screen Lock
This might seem obvious, but it’s worth repeating: your smartphone is the most vulnerable point for your banking data and credentials. If it’s lost or stolen, your financial information and funds could be at risk.
Set up a lock screen with a PIN, pattern, or better yet, biometric authentication (like a fingerprint or face ID). Make sure your device locks automatically after a short period of inactivity.
Also, use a different PIN for your SIM card than for your lock screen— if someone steals your phone and access is blocked, they could still get the 2FA code by swapping the SIM to another device.
4. Keep Apps and Systems Updated
Keeping your operating system and all your apps up to date is one of the easiest ways to protect your accounts. Updates don’t just bring new features; they also include security patches for newly discovered vulnerabilities.
Developers are constantly fighting against cybercriminals, and each update is a new tool to defend against the latest threats. Ignoring these notifications leaves your device vulnerable to avoidable risks.
Enable automatic updates if possible, or manually install updates whenever prompted.
5. Avoid Public Wi-Fi for Transactions
Public Wi-Fi in cafes, airports, or shopping centers can be convenient, but it’s often risky for your online security. The data you send over these networks isn’t always encrypted, making it easier for cybercriminals to intercept your information.
It’s better to avoid using public Wi-Fi when accessing your bank accounts or making any transaction involving sensitive financial data. If you need to do anything important, stick to your mobile data—it’s a safer option that can save you headaches later.
6. Monitor Transactions & Set Up Alerts
In case of any suspicious activity, it’s crucial to act quickly. Regularly check your account activity to catch any unusual transactions. Many apps let you set up alerts for payments or logins—getting instant notifications helps you respond promptly if something isn’t right.
If you spot unauthorized activity, contact customer support immediately.
7. Beware of Phishing
Phishing is the most common trick used by cybercriminals to access your banking details and passwords. They impersonate legitimate companies, like your bank or digital wallet, to trick you into giving away personal information. Usually, they create a sense of urgency or offer a limited reward to make you act quickly and without thinking.
Never, under any circumstances, share your sensitive data such as passwords, PINs, access keys, or security codes via phone, email, SMS, or social media. Financial service providers will never ask you for this information directly.
How can I tell if my account is secure?
A virtual account is only as secure as the platform that manages it. It depends not just on the steps you take but also on the provider’s security standards.
A trustworthy provider should use end-to-end encryption to protect your data, multi-factor authentication (MFA) to ensure secure access, and have modern systems that detect and prevent illegal activities like money laundering (AML).
Reputable providers also follow regulatory frameworks and government regulations to safeguard your privacy. They regularly audit their systems to reduce vulnerabilities and stay ahead of new threats.
At Wallbit, we meet all these standards, and we also have insurance from the Securities Investor Protection Corporation (SIPC) that convers up to 500,000 USD per account.
What should I do if my phone is stolen?
That’s the million-dollar question. If you find yourself in this situation, stay calm: devices, companies, and banks have measures to protect your accounts remotely.
Don’t panic, but don’t waste time either. Use another device to perform a factory reset on the stolen phone. This will wipe all your personal data and accounts.
You can also take these steps to remotely block your accounts—whether you use Android or iOS:
1. Lock Your Digital Wallets
Immediately after noticing the loss, go to your digital wallet’s website from another device and look for the option to lock or disable your account. You can also contact their support team to disable it ASAP.
2. Contact Your Bank or Payment Provider
Call your bank and report the theft. They’ll guide you on the steps to block any mobile banking apps or accounts linked to the phone.
3. Change Your Passwords
Even after taking these measures, you should update all your passwords. Start with the most critical ones—your digital wallet, bank accounts, and email. If you used unique passwords, it’ll be simpler to do this.
4. Report the Incident
Report the theft or loss to the authorities. This is important legally, and it might also be necessary for your mobile carrier or service platforms to help you further or cancel any charges or credits made after the theft.
Conclusion
Financial technology has made banking more accessible and affordable for many people. However, it also introduces new scams and fraud risks that exploit vulnerabilities in these systems. According to recent reports, human error remains the main weakness cybercriminals rely on.
