As if shoppers didn’t have enough to deal with with rising costs and everyday financial pressures, they’re now being warned about digital pickpockets using technology to steal your hard-earned money.
More and more people use the convenience of the digital wallets on their phones to make payments and criminals have already figured out ways to gain access to those accounts.
The head of security at BMO, Larry Zelvin, says technologies exist allowing criminals to use contactless payment devices to tap against your phone or wallet in a crowded area, giving them access to your digital wallet.
“And then they can use it to make transactions. So, some of the things you really need to do is to make sure you use two-factor authentication, and also, you really need to be watching your accounts closely for any unusual transactions,” says Zelvin.