Mobile Wallets

It’s key to secure your cash no matter what situation you’re in. Whether you’re wanting to track your business expenses or simply looking to keep tabs on your shopping, emerging financial technologies protect your data and help prevent fraud so you can sleep better at night.

According to the latest Capital One Rewards Card Outlook, almost 40 percent of rewards card holders would rather keep their cards in a mobile wallet. Some may be weary of using new applications like these. Personally, I like to use additional software or apps to protect sensitive information from falling into the wrong hands. Here’s how technology is making mobile banking safer.

1. Keep cards in a mobile wallet

Unlike a physical wallet where your credit cards and cash are bundled in a single location, a mobile wallet contains extra layers of security that protect your electronic transactions. A mobile wallet transforms your phone into a bank teller. Capital One, Bank of America, Wells Fargo and other financial institutions are rolling out their unique versions of a mobile wallet.

Secondly, digitally storing your financial details helps in case you misplace your wallet. Consumers face the risk that their sensitive information will fall into the wrong hands making you more susceptible to credit card fraud. What’s worrisome is that it’s fairly common to lose your stuff. For example, nearly 39 percent of respondents thought they lost or misplaced their credit card in the past year, according to the same Capital One Outlook.

To prevent unwanted access, mobile wallets are password-protected. And some applications, like Apple Pay, enable Touch ID to add biometric protocols. Will we see retinal scans in the near future? Those rumors are circulating the internet, but current apps like Capital One Wallet, give Quicksilver and Venture card holders the ability to lock and unlock their card in case it goes missing, as well as instant purchase notifications. Not only will this make you aware of suspicious activity, it can also prevent future fraudulent payments from getting approved until you’ve spoken with your bank or made a digital approval that validates your purchase.

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2. Store documents digitally

If you’re an entrepreneur or serial shopper, you’re probably familiar with the dread of organizing and filing receipts and other documents. Whether you’ve got to track business or personal expenses, it’s easy to lose or misplace documents —and storing them can be a tedious task for busy people.

Digital storage is available in most mobile banking apps, and it gives you the benefit of improved organization. It allows you to have a copy of the proof of purchase in the event that you need to return or exchange certain goods. You can also digitize multiple gift cards, such as with the Capital One Wallet.

If you’re seeking a mobile app that improves the security of your bank account, choose a system that allows to you electronically scan receipts and store them in your own, private collection. That way, all your paperwork is stored in one place and a key document can be easily retrieved the moment you need it.

3. Other banking tips

Millennials are more eager to use mobile wallets, with 58 percent wanting to adopt the technology, according to Capital One Rewards Card Outlook. Once you’ve downloaded your bank’s mobile app, follow your bank’s tips so you’re aware of best practices.

Technology may be disrupting the banking industry, but it’s also creating more efficient and safer ways of doing business.