In an era of scammers working overtime to steal your money and private information, it’s important to do everything you can to protect yourself and your sensitive accounts. Whether you are a vigilant paper shredder and password updater or have a stack of documents on your counter and haven’t changed your password in years (or somewhere in between), you can always learn a new way to defend yourself against fraud.
On that note: have you ever heard of a “digital wallet”?
It’s exactly what it sounds like! It’s a reimagination of your physical wallet but stored on a device, typically in an application on your cell phone. A digital wallet allows you to ditch the paper and plastic and scan your tickets, cards, and passes directly from your phone. Some items in the wallet can even be added to a smart watch.
A digital wallet can store items like a:
- Debit Card
- Credit Card
- Event ticket
- Boarding Pass
- Gift Card
- Membership Pass
So what does this have to with fraud prevention? Well, everything!
A digital wallet is one of the most secure forms of payment out there today. As you may know, swiping a card became untrustworthy due to skimming (a type of scam where the physical payment system itself is tampered with and sends your information back to a fraudster). Due to this the chip was added to most cards as an added level of security, but it still wasn’t fool proof. Tap to pay, or contactless transactions, were added to systems everywhere as way to take physical security out of the equation.
Contactless payments through your digital wallet don’t just send your card info out into the cloud. Instead, they use near-field communication technology to send an encrypted, one-time code to the reader. This allows you to use your card for purchases while keeping your information out of reach. It’s like using a new card each time!
Not only is a digital wallet secure but it’s extremely efficient. No more digging around for your wallet, taking out your ID by accident, and searching for the gift card at the same time. Add them all to your digital wallet to be clicks away from your reward, debit, and gift cards all at once. And with Apple, Google, and Samsung offering their own versions of digital wallets, they are accessible to nearly all smartphone users. Did we mention you can also use your digital wallet in other apps and on websites? The same secure system is available to make safe and secure purchases wherever you choose to do your shopping.
Fast, easy, and safe? It’s a no brainer. Use your digital wallet to add another level of fraud protection to your purchases.