Fraud Prevention Series: How a Digital Wallet Helps Protect Your Information
July 12, 2022
In the digital age, there are many ways fraudsters can try to take advantage of information security and leave you vulnerable to identity theft. However, there are plenty of ways to combat fraud. In this Fraud Prevention Series blog, we’ll discuss ways a digital wallet can keep your information safe.
What is a digital wallet?
A digital wallet is a secure way for you to digitally store your account, card information and passwords for online or in-store purchases, payments, and more. Some examples of digital wallets are Apple Pay, Samsung Pay, PayPal, and Amazon.
Why are digital wallets so secure?
Unlike when you order something online and type in all your information, a digital wallet does not send your stored card number, expiration date, and CVV code to each payee. Instead, it uses a token that is uniquely created each time your card is used. This unique token makes it so that the same information about your card is never used more than once. This makes it much more difficult for fraudsters to gain access to your card information.
Additionally, if you lose your physical wallet, anyone could take the card numbers and start using them. With a digital wallet, there are often additional security settings like a passcode, face ID, touch ID, or other barrier to help keep a stranger from using your card.
What are other benefits of a digital wallet?
Digital wallets are convenient – no more having to search through your wallet to find the card you want to use and typing in the numbers in by hand. With digital wallets, everything is securely stored, making your purchase quick and easy. You can also use contactless payments at many retailers. Just hold your phone over the payment kiosk and you’re all set!
Add your MSUFCU Visa Debit or Credit Card to your digital wallet today for an extra layer of security.
Tags: Fraud Prevention Series, Security, Credit Cards