Just How Safe are Digital Wallets? We Find Out
Digital wallets show a lot of promise, but there are still some small concerns that prevent the public from fully embracing this new technology. Some of these concerns are overhyped by the media, but many come down to a lack of understanding. In this article, we’ll look at some of the common questions regarding consumer safety and see how digital wallets overcome those challenges.
The first thing to straighten out is that a digital wallet isn’t very easy for outside parties to gain access to. Nothing is completely immune to hacking, but there are some important precautions taken when using a digital wallet.
For one, retailers never have access to an account number. Everything is “tokenized”, which is another way of saying that it all takes place within a single session. Because each transaction number is unique, with no account data attached to it, thieves can’t snatch all of the data tied to your account. Without that data, they won’t be able to easily gain access.
The entire key to security really lies in your mobile device. Password or fingerprint protecting your device will help stop thieves from entering a device they have access to. Keeping your phone on your person at all times is the safest method you have to protect your account, but password protection is also a must.
If you misplace or lose the phone, you’ve got one final option. You can reset your account remotely by logging into the app from your desktop.