How Secure is Your Wallet?
October 17, 2023
According to a study by McKinsey & Company, the majority of Americans, or 89% of Americans as of 2022, have used at least one form of digital payment. As the use of digital wallets continues to become increasingly popular, many people want to know how their linked accounts are being protected and whether or not digital wallets are more or less secure than traditional payment options.
For starters, digital wallets are safe, in fact, even more safe than physically carrying around a credit card or debit card in your wallet. The reason a digital wallet is more secure than the physical cards is because of the encryption and tokenization that is required for mobile payments. This means that your account numbers are not stored within the digital wallet, so the fear that if a cell phone is lost or stolen will expose your digital wallet to potential fraud is inaccurate.
Your personal information added into a digital wallet becomes encrypted and can only be accessed by authorized entities. In addition to the encryption, the sensitive, encrypted data is then replaced with a token, or a non-sensitive, digital equivalent randomly generated each time the user authorizes a payment which has to be matched by the merchant in order for the payment to be accepted.
Amboy Bank is a New Jersey based bank with 135 years in the local communities. FDIC insured up to the legal maximum, Amboy Bank will continue to successfully prioritize the best interests of the customers first. Please continue to check our
Security Center for updates and tips, and if you experience any security related activity with any of your Amboy Bank accounts, please contact us immediately at 877-222-6269 or
reportfraud@amboybank.com.