Do you use digital wallet? CTV’s Pat Foran has the latest on what you need to know about how to keep it safe.
As more people use their smartphones to pay for everything from gas to lunch, digital wallets are becoming convenient and increasingly common.
“Wherever you go, whatever kind of payment system they require, all you need to do is pull out your phone. No need for cash, no need for plastic,” said technology analyst, Carmi Levy.
According to a Consumer Reports survey, four in ten consumers use their digital wallet at least once a week.
However, that convenience comes with risks because if someone gets into your digital wallet, they could access your money in seconds.
“There are security features that are built into both your phone, as well as the wallet app, but they’re not always turned on by default,” said Levy. “When you have a digital wallet, you probably want to ask yourself, ‘What forms of authentication should I have in place in case my phone gets stolen.’”
If your phone goes missing, you can make sure it can be found remotely, so you can erase all your data before someone else gets to it.
To activate the feature on an iPhone, go to settings, tap your name, then ‘Find My,’ and make sure ‘Find my iPhone’ is on.
If you have an Android phone, it’s called ‘Find my device.’ Just sign into your Google account and it’s enabled automatically.
Levy says it’s also important to make sure your digital wallet is locked by setting it so you need a face scan, fingerprint, or passcode to make a payment.
“If you haven’t activated it, you need to and then do a test run so if the worst happens, you’re ready,” Levy explained. “It might make it a little less convenient every time you want to buy something and you have to authenticate… but it means that if your device gets stolen or misplaced, or falls into the hands of a criminal, at the very least, they won’t be able to make multiple authentication free transactions on your behalf.”
It’s also important to watch out for scams.
“Scams involving digital wallet payment apps have become a serious problem,” said Lisa Gill with Consumer Reports. “Some consumers have lost thousands of dollars, so it’s important to stay vigilant to avoid becoming a victim.”
To lower your risk, turn on transaction alerts for every purchase, that way you can catch anything unusual right away and protect your money.
It’s also a good habit to check your credit card and bank balances regularly.