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The Danger in Digital Wallets

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Nowadays everyone is into minimalism. Minimalism is having less to do, less to carry and less to worry about. With smartphones, this dream is made a reality. Gone are the days one needs a cellphone, a planner, a contact book, and a wallet. With smartphones everything you need is in the palm of your hand, literally. Some may believe that having a digital wallet on your phone is smart because you aren't carrying around a small piece of leather with cash and cards that could easily get lost or stolen. However, digital wallets can be just as dangerous if not more.

What are digital wallets?

Digital wallets are apps or services based on encryption software that allows the user to make monetary transactions by simply inputting and identification number, tapping a button, or even just holding the phone up to a scanner. Digital wallets allow you to input your credit and debit information as well as store gift cards, bus and subway passes, coupons or concert tickets.

Popular Digital Wallets

PayPal

Apple Pay

Android Wallet

Samsung Pay

Why are they useful?

They put everything you need in one spot. Having all of your payment options located on your phone eliminates the need to carry multiple cards or cash and gets rid of the threat of someone stealing your purse or wallet. Another reason they are useful is that some companies offer promotions for using your digital wallet such as points incentives or rewards.

Why are they dangerous?

All of your money is linked into one device. If you phone gets lost, taken, or even worse hacked, anyone has information to that private information. You may not notice how much money you are spending on a regular basis because you are not pulling out and counting cash.

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We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

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