More people are tapping their phones instead of swiping cards to pay. But what happens if that phone goes missing or falls into the wrong hands?
Digital wallets are fast, convenient and increasingly common. But if you lose your phone, your finances could be at risk.From groceries to gas, more people are tapping their phones instead of swiping cards to pay.
But what happens if that phone goes missing or falls into the wrong hands? Consumer Reports tells you how to protect your money when using a digital wallet. Digital wallets are fast, convenient and increasingly common. But not everyone is on board. And while opinions differ, there’s no question that digital wallets are catching on.A 2024 Consumer Reports nationally representative survey found that about 75% of Americans have used digital wallets; of those, about 4 in 10 use one every week. But that convenience may come with risks. If someone gets into your digital wallet, they can access your money in seconds. That’s why it’s so important to add every layer of protection you can. Consumer Reports says make sure your digital wallet is locked. Set it so you need a face scan, fingerprint or passcode to make a payment. Not all apps do this by default, so you may need to turn that feature on. If your phone goes missing, make sure it can be found remotely so you can erase all your data before someone else gets to it. On an iPhone, go to Settings, tap your name, then Find My, and make sure Find My iPhone is on. On an Android phone, it’s called Find My Device. You sign in with your Google account, and it’s enabled automatically.Watch out for scams, they’re on the rise. Scams involving digital wallet payment apps have become a serious problem. 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 and make it a habit to check your bank and card balances regularly. That way, you can immediately catch anything unusual and protect your money. Consumer Reports also recommends setting up recurring payments through your bank — not a digital wallet. If there’s an issue with the app, you could miss a payment and get hit with late fees.
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