The Rise of Digital Wallets

Keep an eye on your bank and credit card statements to catch any unusual activity early. Setting up alerts for big transactions can add an extra layer of security. If your device is lost or stolen, these are some simple steps to help keep your digital payments safe and secure.

t’s Monday morning, and you’re running late. You skip breakfast, grab your phone, and head out the door. You head to the café and order your usual coffee with a quick tap of your phone.

Later that day, you pop to the shop to grab some lunch. Again, another quick tap of your phone.

As you scroll through social media on your lunch break an ad pops up—your favourite store is having a sale and that item you have been eyeing off is 25% off! You add to cart and checkout using the credit card saved in your digital wallet. It’s all so seamless, you don’t think twice.

Digital wallets, like Apple Pay and Google Pay, are convenient, efficient, and becoming increasingly popular, but they are not immune to risks. Common threats such as phishing attacks, device theft, and malware targeting mobile devices can put your financial security at risk.

Fortunately, with a few simple precautions, you can enjoy the ease and convenience of digital payments while staying protected.

Step 1. Keep Your Software and Apps Updated Updates are not just about new features—they often patch security vulnerabilities that hackers exploit. Ensure your phone, operating system, and digital wallet apps are always up to date.

How to Do It: Head to your App Store and enable automatic downloads/updates for both your phone and apps.

Step 2. Use Biometric Security Features Biometric authentication—such as fingerprint scans or facial recognition—is harder to hack than traditional PINs or passwords. If your phone supports these features, enable them for your digital wallet. How to Do It: Go to your App Security Settings and ensure you have fingerprint scans or facial recognition set up for purchases.

Step 3. Avoid Public Wi-Fi for Financial Transactions Public Wi-Fi networks are convenient but insecure. Hackers can easily intercept data transmitted over these networks, putting your financial information at risk.

What to Do Instead: Use mobile data or a secure, private Wi-Fi connection when accessing your digital wallet or mobile banking apps. If you must use public Wi-Fi, connect through a trusted Virtual Private Network (VPN).

Step 4. Use Strong, Unique Passwords and a Password Manager Weak or reused passwords are a hacker’s dream. Create strong, unique passwords for your digital wallet and banking apps, and use a password manager to keep track of them.

Recommended Tools: Apps like LastPass or 1Password can generate and store complex passwords securely.

Step 5. Monitor Your Statements Regularly Regularly review your bank and credit card statements for unusual activity. The sooner you spot fraudulent transactions, the faster you can act to minimize damage.

Quick Tip: Many banks and apps allow you to set up alerts for transactions over a certain amount, providing an extra layer of monitoring.

What to Do If Your Device Is Lost or Stolen? If your device goes missing, take immediate action to protect your financial accounts. Follow these steps:

Remote Lock and Wipe Your Device: Use ‘Find My iPhone/Device’ to lock or erase your phone remotely.

1. Notify Your Bank and Financial Institutions: Inform your bank about the loss. They may temporarily freeze your account or monitor it for suspicious activity.

2. Change Your Passwords: Update passwords for all linked accounts, including your digital wallet, email, and banking apps.

3. Disable Payment Apps: Most apps, like Apple Pay and Google Pay, allow you to remotely disable payment functionality on a lost device.

   
   

By following these steps, you can enjoy the convenience of digital payments without compromising your safety. And remember, staying protective is the best way to outsmart potential threats in the digital age.

I hope you found this article beneficial. I’m Mo Shouman, a financial adviser with 20 years of experience helping professionals save on tax and grow their wealth. Book your financial clarity meeting below and discover how you can take your finances to the next level. I’m proud to be the only adviser who provides a detailed assessment of your financial position—whether you decide to work with me or not!

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