Is it safe to store your credit card and other information in a mobile wallet?
With the added convenience of Apple’s mobile wallet and other similar services, more people are considering putting their credit cards and important information on their cell phones.
Boston 25 News visited cyber security expert Caleb Barlow, CEO of Cylete, in Newburyport, to find out what’s safe and what’s not.
“The great thing about a mobile wallet is it adds a couple of extra layers of security to your transactions,” Barlow said.
Barlow points out that with a mobile wallet, credit card numbers aren’t actually stored on your phone, so a hacker can’t get them if your phone is lost or stolen.
“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 said, adding you can also disable your mobile wallet if your phone is lost so you don’t have to cancel the card right away.
Barlow does caution against using your debit card with a mobile wallet, since it’s linked directly to a bank account and your money can be more difficult to recover money if lost.
Barlow suggests a mobile wallet could also be helpful for families with teens, if you get a secondary credit card attached to your account with a lower spending limit, and store it in their phones. He pointed out the risk of a teen losing their phone is much lower than them losing a actual credit card.
Beyond financial information, Barlow discussed the benefits of using mobile wallets for other items including airline tickets, transit passes, and even car keys.
In the end, Barlow states that “these mobile wallets are highly secure and a very recommended way to keep yourself safe.”
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