NASHVILLE, Tenn. (WTVF) — When you're shopping, say at the grocery store or getting gas, How do you pay? Card or cash? Or something else?
We're talking about digital wallets. More and more people are tapping their phones instead of swiping cards to pay. But what happens if you lose your phone or it falls into the wrong hands?
That's why you want to make sure that you and your money are protected.
Digital wallets are fast, convenient, and increasingly common.
A 2024 Consumer Reports nationally representative survey found that about75 percent of Americans have used digital wallets and of those, about 4 in 10 use one every week.
But that convenience may come with risks...
“If someone gets into your digital wallet, they could access your money in seconds," said Consumer Reports' Lisa Gill. "That’s why it’s so important to add every layer of protection you can.”
Consumer Reports says, make sure your digital wallet is locked. Set it so you need a face scan, fingerprint, or 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, then Find My, and make sure Find My iPhone is on.
If you have an Android phone, it’s called Find My Device. Just sign in with your Google account and it’s enabled automatically. And watch out for scams, they’re on the rise.
“Scams involving digital wallet payment apps have become a serious problem," said Gill. "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 catch anything unusual right away and protect your money.
It's also a good idea to set up any recurring payments through your bank and not a digital wallet. Because If there’s an issue with the app, you could miss a payment and get hit with late fees.
Do you have more information about this story? You can email me at jennifer.kraus@newschannel5.com.
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