Securing Your Digital Wallet
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Transcript of Securing Your Digital Wallet
SECURING YOUR DIGITAL WALLET
by Lookout, Inc
Between texting, games, social media
and utility apps, your phone can
handle just about everything.
YOUR SMARTPHONE IS WAY
MORE THAN JUST A PHONE.
With mobile payment apps getting more and
more popular, you may never need to think
about an ATM ever again.
BUT DID YOU KNOW YOUR PHONE
CAN DOUBLE AS YOUR WALLET?
$
Once you connect an app to a credit card or bank
account, you can electronically pay retailers,
restaurants and even friends in just a few swipes.
WAIT A MINUTE,
HOW DOES THAT WORK?
?
Your money and personal information is valuable,
so it’s important that you know exactly how digital
wallet apps are accessing your information.
GREAT!
SO WHAT DO I NEED TO KNOW?
There are dozens of apps out there designed to
make paying easy, so how do you choose which
digital wallet app is right for you?
FIRST
PICK AN APP
Ask yourself...
WHAT ARE YOUR
FRIENDS USING?
If you plan to use an app to pay friends,
it’s easiest if you’re all using the same thing.
WHAT DO THE
REVIEWS SAY?
You can find out a lot about how easy the
app is to use and any problems other users
have encountered.
WHERE WILL YOU
BE USING IT?
If you want to pay for goods in stores, check to see which forms of payment retailers near
you are accepting.
CHECK OUT OUR FAVORITES
Google is a household name, so it’s no surprise that it’s digital wallet app
would be among the most popular. You can get funds from debit cards, credit
cards, loyalty cards and gift cards, as well as redeem sales promotions by
tapping your phone on any PayPass-enabled terminal at checkout.
With thousands of retailers already using Square as a cash register, there’s a
good chance you’ve already made your first Square purchase. With Square
Wallet, you just have to say your name at checkout to pay for goods and
services. Or you can download Square Cash to pay friends and family.
Since the early days of eBay, PayPal has pioneered the idea that you don’t
have to provide your financial information directly to retailers, which is
especially useful on websites that are less-than-trustworthy. Now you can take
the same idea into the real world by using this app in lieu of credit cards.
If you often find yourself in the situation where you owe a friend a
few bucks for dinner or a cab but rarely carry the cash to settle your
debts, Venmo is the app for you. It ropes in your Facebook friends, so
finding the right people to pay (or charge) couldn’t be easier.
Coin is a little different in that you still have to carry around a physical payment tool
— but one credit card-sized device that stores your information in one place beats a
pocket full of plastic. Cycle through the cards you’ve stored on it until it shows the
one you want, then swipe Coin like a regular card. So where does your phone come
in? If Coin loses contact with your phone for a few minutes, it deactivates itself.
Learn more
Yeah, yeah we know that app permissions are long and can be tricky
to read, but the consequences of not knowing how digital wallet
apps are using or distributing your information can be serious.
SECOND
READ THE PERMISSIONS
USE YOUR INSTINCTS
If you’re unsure about why you’re providing an app with
certain information, don’t give it permission to access it. This is
especially true when sensitive financial data is at play.
Once you’re confident in the app and you’re sure that your
phone’s connection is secure, provide the app with the
personal information it needs to get the job done.
THIRD
ENTER YOUR INFORMATION
The best digital wallet apps do their best to keep your personal
and financial information under wraps, but it is ultimately your
responsibility to protect yourself from theft or fraud.
FINALLY
STAY PROTECTED
TIPS TO STAY SAFE
1. Get in the habit of changing your app password regularly
2. Set a passcode on your phone so it would be difficult for anyone besides you to use your digital wallet apps
3. Monitor your bank statements to make sure that no unexpected charges appear on your bill
For more mobile security tips, follow