DAYTON — Mobile wallets on your phone are an increasing trend for millions of Americans but are they truly secure? It’s a question that gets different responses depending on who you ask.
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“I know I could do the iPhone wallet and I haven’t,” answered one person we spoke to on the street. “It’s one less thing you have to worry about,” answered another. “You can just usually have your phone in your hand, you tap on the counter and you go on your business.”
Many people we talked with brought up similar concerns when it comes to credit card security and the storage of vital information on your phone. “Well, I wouldn’t put my debit card on it,” said one cautious consumer, “just like if your phone gets stolen and it’s not secured.”
Caleb Barlow owns a cyber security company and explained the technology actually has some built-in benefits.
“The great thing about a mobile wallet is it adds a couple of extra layers of security to your transactions,” said Barlow. “Generally speaking, the credit card is actually not even stored on the phone.
It sets up a secure token between your phone and your bank so that it’s only passing that information back and forth and that merchant isn’t able to actually see the credit card number, so it’s actually a more secure way to pay for whatever it is you’re buying.”
Barlow does suggest avoid using a debit card in the mobile wallet. He says credit cards limit your liability in case of fraud but with a debit card, once the money leaves your bank account it can be very difficult to get it back. He also explains losing your phone may not pose as big a risk as you might think.
“The great thing about having your credit card in a mobile wallet is you’re still going to have to sign into that phone to use it. so even if you lose your phone, you can’t get access to those credit cards.” If you happen to misplace or lose your phone, you can also put the device in
in “lost mode” which then disables the mobile wallet without having to cancel your cards right away. Barlow says that is just one advantage of the mobile wallet.
“You can put all kinds of other cool things in there, whether that’s the ticket to an airplane or a transit pass. These mobile wallets are highly secure and a very recommended way to keep yourself safe.”
Another option when it comes to mobile wallets applies to parents with teens: parents can get a second credit card on their account with a lower limit put it in the teen’s phone and not worry about them losing it or over-spending.
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