TULSA, Okla. — 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 suggests ways to protect your money when using a digital wallet.
Digital wallets are fast, convenient, and increasingly common.
A 2024 Consumer Reports nationally representative survey found that about 75 percent of Americans have used digital wallets; of those, about 4 in 10 use one every week.
The 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 essential to add every layer of protection you can.
Consumer Reports recommends locking your digital wallet.
- Set it so you need a face scan
- fingerprint
- or a 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
- tap 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 - rather than a digital wallet. If there’s an issue with the app, you could miss a payment and incur late fees.
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