Safe and Secure Shopping this Holiday Season with Mobile Wallets

November 2024

As holiday shopping begins, it’s a timely reminder to be vigilant about protecting our personal information. This year, consider using mobile wallets for a safer and more convenient shopping experience.

What are Mobile Wallets?

Mobile wallets are digital applications that store credit, debit, and loyalty cards on smartphones or other devices. They allow you to make secure payments without carrying your physical cards.

Benefits of Using Mobile Wallets for Holiday Shopping

  • Enhanced Security: Mobile wallets offer several added layers of security in addition to those of traditional credit cards. When you use a mobile wallet, your actual card number is not shared with the merchant. Instead, a unique token is used for the transaction. This significantly reduces the risk of fraud if a data breach occurs.
  • Convenience: No more digging through your purse or wallet to find the right card. With a mobile wallet, all your cards are in one place, readily available for contactless payments from your mobile device.
  • Budgeting Tools: Some mobile wallets offer budgeting features that can help you track your holiday spending and stay on budget.
  • Rewards: Many mobile wallets allow you to earn points or rewards on your purchases, just like you would with some credit cards.

Best Practices for Secure Mobile Wallet Use

  • Use strong passwords and PINs to protect your mobile wallet app and device.
  • Enable biometric security such as fingerprint or facial recognition for added security.
  • Only download the app directly from your official app store.
  • Be mindful of public Wi-Fi and avoid using public networks to access your mobile
    wallet app.
  • Monitor your transactions and regularly review your mobile wallet transaction history for any suspicious activity.
  • Report lost or stolen devices as soon as you believe you lost your phone or suspect it has been stolen to your financial institution and mobile wallet provider.

Mobile wallets are a secure and convenient way to shop this holiday season. Following these best practices can help protect your financial information and enjoy a stress-free shopping
experience.

In addition to using mobile wallets, here are some other tips for secure holiday shopping:

  • Shop from reputable retailers: Only shop from websites you trust and use secure
    encryption (https) for transactions.
  • Beware of phishing scams: Don’t click on links or attachments in emails or text messages
    from unknown senders, mainly those promising deals or discounts.
  • Review your credit card statements regularly: Look for any unauthorized charges.
  • Consider using a credit card for online purchases: Credit cards typically offer better fraud protection than debit cards.

Following these tips can help safeguard your financial information and make the most of your holiday shopping experience.

As holiday shopping begins, remember the importance of staying safe online. Using mobile
wallets and following these best practices can help protect your personal and financial
information.

Learn more about using a mobile wallet and making mobile payments with your UCU cards.

Insured by NCUA