A digital wallet is defined by Investopedia as a system that stores personal payment information and passwords for multiple payment methods. Just like your physical wallet, a digital wallet stores your credit, debit, and other card information. However, all of the information is conveniently located on your smartphone. With 77% of American adults owning a smartphone, extending the convenience of these devices to consumer banking and purchasing habits is a natural next step.
In a perfect world, sensitive data would remain private. You wouldn't have to worry that your private data would end up spread across the internet or stolen by hackers. Unfortunately, we don't live in a perfect world--and it's critical that you know how to protect yourself as much as possible. The 2017 Equifax credit breach, for example, impacted more than 145 million individuals. Target's 2013 data breach impacted more than 41 million consumers, ultimately costing target more than $18 million. Do you know how to keep yourself safe in this fast-paced society? There are several things you need to know about data and credit breaches--and how you can keep yourself safe.
1. Handle Your Shopping Correctly
Credit cards often get a bad reputation in today's society. People avoid credit cards because of the potential to go into debt--but they forget about the potential advantages offered by those cards. If you're trying to protect your credit and your finances, consider shopping with a credit card instead of using cash or your debit card. Credit cards send clear, easy to track statements that you can check every month to ensure that there are no unfamiliar purchases. Credit cards also offer higher levels of protection against unauthorized purchases than your debit card company, which means that if someone does manage to access your private information, you can get your money back as soon as possible.
Topics: Safety & Security
The methods used to scam the general public out of their money are becoming more elaborate than ever. Advanced technology makes these methods look legitimate and familiar to the unsuspecting eye. As a result, credit card and debit fraud continues to be on the rise. The use of technology in our daily lives won't be going anywhere anytime soon, so it's important to know what steps to take to keep your money safe. Read these five essential steps of how to recognize credit and debit card fraud and the essential steps to avoid becoming a victim!