Digital wallets and credit card features can help protect consumers’ account and personal information.
FOLSOM, Calif., Oct. 11, 2024 /PRNewswire-PRWeb/ — With recent attacks by bad actors on financial institutions and scammers continuously sharpening their schemes, it’s important that consumers arm themselves with information on ways to protect their financial data and personal information, advises SAFE Credit Union Chief Technology Officer Mike McCarthy.
“The best way to shop is to use one of the one-time transaction code services like Apple Pay and Google Pay … because every time you buy something, a unique one-time transaction ID number is created.” — SAFE Credit Union CTO Mike McCarthy
“It’s good to be skeptical because there are a lot of bad actors out there,” McCarthy says.
He lists several ways for shoppers to be safe while making purchases in person and online.
“The best way to shop is to use one of the one-time transaction code services like Apple Pay and Google Pay,” he says. “The reason for that is that every time you buy something, a unique one-time transaction ID number is created that even if a bad actor took that, he wouldn’t have your card data so he couldn’t do anything with it like make another purchase.”
Services like Apple Pay, Google Pay and Samsung Pay are also the best options to use when making online purchases, McCarthy says.
“Another cool thing convenience-wise and for security is that online retailers have one-click” options for digital wallet services, he says. This also prevents people from “inputting your card information to be stored in a merchant’s website, and you don’t know over time what their security will be like.”
He also encourages shoppers to use tap-to-pay technology when using debit or credit cards at ATMs and payment terminals to avoid skimming devices potentially placed by criminals in card insertion points.
When choosing to shop with a credit card or debit card, McCarthy suggests using credit cards over debit cards because credit cards offer more fraud and purchase protection. “So if a bad actor does use your card information, it’s easier for you to dispute it,” he says.
McCarthy also touches on gift cards, popular gift giving items during the holidays. “I’d say purchase digital over physical, not only for security reasons but even the common-sense part. Because how many gift cards have you lost in your life?” he says. “Digital cards are harder to lose, and you can store them and use them from your digital wallet.”
About SAFE
SAFE Credit Union is a $4.6 billion credit union headquartered in Folsom, California, serving 236,000 members in its service area of 13 counties in the Greater Sacramento region. Insured by NCUA.
Media Contact
Carole Ferguson, SAFE Credit Union, 916-836-6318, carole.ferguson@safecu.org, ttps://www.safecu.org
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SOURCE SAFE Credit Union
