How to Stay Safe With the Currency of the Future

Apple and Samsung Pay services both have many benefits when it comes to mobile banking including convenience, security, and usefulness. Apple and Samsung Pay personnel have developed great security against hackers and areas for identity theft, however, things can get tricky if someone else is able to get ahold of your card information. With a quick Google search, anyone could pass through your security questions that these systems have set in place for added security in verification of your card. Having access to your information is the bridge to gaining full access leading to draining out your bank accounts through Apple and Samsung Pay.

As far as cryptocurrency – if you were not already aware – Bitcoin has become a controversial subject teetering between great investment and even greater risk. In addition, Bitcoin is no longer the only form of cryptocurrency out there. Other cryptocurrencies are offering speedier transactions and more storage space that may make Bitcoin a thing of the past.

Here are a couple of risks you should think about before dipping into the future of money:

1. Phishing – Almost anyone could hack into your phone through emails, social media, or even text messages. Identity theft has become a simple task in today’s world of technology.
2. Glitches – Try not to become dependent on mobile wallets! If your device shuts down or resets, you could be looking at a lot of disputes.
3. Another cyber attack – Bitcoin has already been a victim of a large cyberattack that cost them what would now be worth 6.8 billion dollars. And with new technologies and the growing craftiness of online criminals, who’s to say that it cannot happen again?
4. Name brand companies may stop accepting Bitcoin as a form of currency – If these companies were to overall stop recognizing Bitcoin as valid currency, there would be a major drop in the value of each bitcoin that could end up costing you nearly your entire investment.

Tips

• Don’t post the same information you would normally use for your security questions.
• Make sure your answers are unique but memorable.
• For bitcoin, look into multiple types of cryptocurrency before settling. Do your research and make sure your choice is something that will be profitable to you and not a downward slope. Don’t buy into something because it is popular or cheap this week – that could mean that the market is depleting!
• Don’t utilize the “keep me logged in” feature! If your phone gets stolen, this makes it easier for thieves to spend your money!
• Contact your financial institution to ask what extra steps you could take in order to make sure your mobile banking is safe (Passwords can be placed on your account, or bill pay services send no record of your account information).

These are just a few tips for protecting yourself in this world full of technology! Share your tips in the comments below!