BANK024 The Rise of Digital Wallets… How Safe is Yours? Part 1 (602 words)

In this article, we dive into the risks associated with digital wallets while highlighting the built-in security features that help protect your financial data. Discover how these technologies work and why understanding them is the first step to keeping your digital wallet safe! This article is part one of a two part series.

Digital wallets, like Apple Pay and Google Pay, along with mobile banking apps have fast become the go-to solution for making payments and managing money. Whether you're paying for groceries, splitting bills with friends, or shopping online, these apps simplify your financial life.

Their convenience is unmatched—no more fumbling for cards or cash, just a quick tap or swipe on your phone, smartwatch, or even your fitness tracker and you’re good to go. However, with convenience comes responsibility. In 2023, the National Anti-Scam Centre, run by the ACCC, reported losses of over $26.5 Million from hacking and phishing scams alone, highlighting the importance of device security measures.