FRAUDLIFESTYLE & TRAVEL

Safeguarding Your Digital Wallet

Technology has come a long way in making everyday tasks increasingly convenient for consumers. The ease of being able to pay for dinner with just a tap on your phone also comes with a price. Digital thieves are finding new ways to access your personal information straight from your mobile device. This is especially concerning because their tactics can be difficult to detect. For example, you might not realize a stranger asking to make a call from your phone is seconds away from attempting to access your digital wallet. Let’s talk about how digital wallets work and how to protect your funds.

What Is a Digital Wallet?

A digital wallet is like a regular wallet but instead of storing physical payment information like a debit card or credit card, all your payment information is stored in an app. This includes applications such as Apple Pay, PayPal, Venmo and more. Generally, you can use these apps the same way you use a physical card, but the information used during a transaction is a randomly created ID to help keep your account information private. Encryption plays a huge role in this process.

Tips to Protect Your Wallet

1. Lock your phone. This is one of the easiest ways to protect your digital wallet. Keep your mobile device close to you as if it were a wallet.
2. Utilize passcodes. Always require a passcode to unlock your phone and a different passcode to enter your digital wallet. This will reduce the likelihood of someone accessing your digital wallet if your mobile device were to end up in the wrong hands. 3. Monitor your transactions. It’s important to regularly review your digital transactions every week to verify there hasn’t been any fraudulent use of your digital accounts. 4. Check for updates. Make sure you turn on automatic updates for your digital wallet application. This will allow you to have the most secure version of your app. Developers work constantly on updates to ensure your private financial information is protected.

Additional Security Measures

• Use a secure Wi-Fi network or VPN when accessing your digital wallet.
• Stay up to date with the latest cyber crook methods.
• Consider purchasing a reputable virus screening subscription.
• Set up mobile alerts for every transaction.
• Never hand your mobile device to a stranger.
• Add a second layer of security to each transaction through two-factor authentication.
• Only download digital wallet apps through trusted sources.

Sources:

https://www.forbes.com/sites/truetamplin/2023/12/19/how-to-protect-your-digital-wallet-from-cyber-threats/

https://www.mcafee.com/blogs/internet-security/how-to-secure-your-digital-wallet/