Electronic Wallets and Digital Payments - Keep it safe

Certainly cash works if you are paying in person, but the new digital wallets may be even better.

Digital Wallets

Apple, Google and Samsung all have an app on their smart phones which enable you to make touches payments in many stores.  The apps allow you to add your credit card information where it is securely stored and encrypted.  When you are at the store you can make a contactless purchase by summoning the app.  The apps confirm your ID through their normal fingerprint, facial recognition or password before they finalize the transaction.  You payment information is kept safe and secret.  Best part is you don't need to carry or get your wallet or credit card out in the store.  

Keep it safe by reviewing your credit card statement for all transactions.  You can also turn on credit card charge notifications.

Peer to Peer Payment Apps

These apps are great for transferring money to friends or family.  Some of the more popular and more trustworthy are PayPal, Venmo and Zelle.  You download the app, connect it to your bank account and then connect with people you know.  I can't emphasize that enough.  These apps do not guarantee or back up scam transactions so continue to use your credit card for purchases with other's whom you don't know.  These are great apps to transfer money or to easily split a bill at a restaurant.

Keep it safe by only using the app with people you know.

Bank Electronic Payments

These are the best and most secure way to make payments.  Using your bank you can make utility bill, mortgage and any other type of payment to a company or individual.  These electronic payments are backed by your bank and can be withdrawn if there was a problem or mistake.  Being on the road and traveling a lot, I setup recurring bank payments for some of my bills so I never need to worry about sending the money.   You can also use your checking account number and bank routing number to setup an automatic payment with utility companies or others.  For example I logged into my Detroit Edison online account and added my bank account information so that they automatically pull funds from my checking account when the bill is due.

Keep it safe by only giving your account numbers to companies you trust.  Avoid entering you account information on fake company sites.  Remember don't visit them using links in emails.

Keep your computer secure

Here are a few tips to help keep you computer secure.  Remember if you can connect to the internet, then others may be able to connect to your computer.  This will also help you with peace of mind on any scams others may try to pull on you.

1. Don't open emails from senders who you don't know.  Just delete them.
2. Beware of fraudulent emails, again delete them if you are unsure.
3. Don't follow links in emails from senders you don't know or even from emails where a friend or family may have forwarded information.
4. Change your passwords regularly.
5. Use long and complicated passwords with the help of a password manager.
6. Keep your antivirus software up to date.  I use an Apple Mac and so I rely on apple and safari for much of this.
7. Be very cautious of websites you visit.  Make sure you read and understand the URL for unknown web sites.  I heard of someone who typed in SSS. com thinking they were getting to the Social Security government site.  They entered their social security number on the fraudulent site.
8. Keep you computer operating system up to date with the latest security patches.

Stay alert, scammers are everywhere.

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Secure your banking and financial logins

With COVID more and more of us have turned to using online tools to handle our banking and financial tasks. These are some tips you should follow:

HTTPS and Multi-factor Authentication

Whenever you are using a web browser like Safari, Chrome, Explorer or Fire fox, make sure the website you are accessing use using a secure connection. The website should be Https not just Http, the “s” stands for secure. You should also setup multi-factor identification. This is a second code sent to you smart phone or using one of the authenticator apps. This adds a second layer of protection for you accounts.

Fraud Notification and Account Alerts

Your financial institutions that issue credit and bank cards should offer the opportunity to turn on notifications should your card be used. For example I turn on fraud notification every time my credit card is used. It’s a simple text that notifies me of the purchase. You can also usually setup balance notifications when your funds are running low.

Use A Strong Password for Logging In

You should do this for all your accounts, but especially for your banking and financial accounts. Make sure it’s long and uses special characters.

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