In the News
Your morning commute may be getting a bit easier. In Fitbit Pay will also work with NYC’s subway turnstiles, Brian Heater at TechCrunch discusses the many options using tap-payment for public transit fair in NYC. Heater explains that with newer additions of the Fitbit will have the capability to pay for single trip transit fares. Heater furthers that this payment method is available in other major US cities as well.
Our Take
Mobile payment has been continuing to make its way into our daily routines. From ordering food, to tap-payment at stores, and now transit fare, there is no doubt that the move towards our phones serving as our financial wallet provides a simplification for many daily tasks. However, just because a new service or technology is useful does not mean that it is the best or most safe option. Scammers target mobile financial services, and as mobile payment becomes more commonly used, attacks on this form of payment will continue to increase. To use these new and innovative services safely, make sure that you are the only one making purchases with your mobile-pay method of choice.
Recommendations
How can you avoid financial damages when using payment apps and services?
- Minimize the number of accounts that have direct access to your bank account or card numbers
- Utilize additional security/privacy measures and settings on apps, accounts, and platforms whenever possible
- Check your email, financial accounts, and credit reports regularly for abnormal activities