10 Oct Is it safe to use an e-wallet on a mobile phone?

Q. Is it safe to use an e-wallet on a mobile phone?
— Shopper

A. E-wallets, commonly called digital wallets, allow you to store your credit card or bank account information. Instead of pulling a credit card out of your physical wallet, you’d use an app on your phone to pay.

These apps use different kinds of security measures, such as passwords, facial recognition, fingerprint technology, encryption and others.

They make it harder for a scammer to successfully access your digital wallet.

BankRate.com has a very informative article covering the benefits and the risks of using digital wallets, and we recommend you read it carefully.

But generally, as with any technology, you need to do your part. Keep your passwords safe and keep an eye on your accounts. And importantly, look into options that would allow you to freeze your wallet, or disable access to it, from another device in case you ever lose your phone.

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This story was originally published in October 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.