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