How to protect your money when using digital wallets

Digital wallets are becoming a popular method for payments, with 75% of Americans using them and 40% doing so weekly, according to a 2024 Consumer Reports survey. However, they pose risks, such as unauthorized access if a phone is lost or stolen. To safeguard finances, users should lock their wallets with biometric or passcode security, enable remote phone tracking and erasure, and be vigilant about scams. Additionally, setting transaction alerts, monitoring account balances, and using banks for recurring payments are recommended precautions.