We countdown to Day 8 and bring this tip to you…Use a Digital Wallet!
Digital wallets are a digital version of your financial accounts made easily accessible via computer, smartphone or smart device, ultimately eliminating much of the need to carry around an actual wallet. Apple Pay, Google Pay, and Samsung Pay are probably three of the most popular digital wallets, but there are quite a few others. Some other popular digital wallets include PayPal and Venmo, both of which are uniquely social by allowing you to easily send money to retailers and friends.
Since a digital wallet can’t be stolen or lost like regular wallets, they are seemingly safer and more secure. The data stored in the wallet is encrypted and your actual account numbers aren’t transmitted during a transaction. Instead, a unique identifier or “token” is generated and shared with the merchant. This token provides a reference to the sensitive data needed to complete the sale. Once the transaction is completed, these tokens no longer have any value.
Another fun video, courtesy of our friends at The Cybersecurity and Infrastructure Security Agency (CISA).
