Digital Wallet or Debit Card

By forumpal | submitted on November 4, 2024, 1:09 pm

"Digital Wallet vs. Debit Card: Which Is Safer?"

KEY POINTS
    Rising debit card crime rates adds to the appeal of digital wallets.
    Digital wallet transactions are encrypted, which makes it harder to steal your information.
    Debit cards may offer more in the way of consumer protection.

Digital wallet usage is skyrocketing, according to a recent J.D. Power study. It showed that almost half of Americans had used a digital wallet in the previous 90 days. They're such a convenient way to store debit and credit cards, loyalty cards, gift cards, and more, that I often leave my actual wallet at home.

Convenience isn't the only benefit. Fans also argue high-level encryption makes digital wallets more secure than cards. But how safe are they really? Read on to find out how debit cards and digital wallets stack up, safety-wise.

Are digital wallets safer than debit cards?

I don't want to sound alarmist, you're at risk every time you use your debit card. Your card information and three-digit security code are printed there for anyone to see. If you physically swipe, the card reader could be rigged to let criminals skim your information. Someone may see you enter your PIN at the ATM. Last year, FICO said debit card crime nearly doubled from the year before.

READ more online at: https://www.fool.com/the-ascent/banks/articles/digital-wallet-vs-debit-card-which-is-safer/