As technology continues to rapidly evolve, more and more consumers are turning to their smartphones and tablet devices to do just about everything, including paying bills and making purchases. Unfortunately, while these technologies may be convenient and wildly popular, they may not be as secure as one would assume.
According to a recent analysis conducted by Consumer Reports, if you use your cell phone to make mobile payments, your level of protection against financial liability if something goes wrong will vary depending on your wireless carrier's policies and your cell phone contract.
Protections are not the same as those that are guaranteed for direct transactions made with credit and debit cards.
“Often technology moves faster than the security to accompany it,” said Dale Mingilton, president and CEO of the BBB Serving Denver/Boulder. “This is the case with smartphones and similar devices so consumers need to know what protections are in place, as well as what the risks are.”
To avoid problems with your device carrier and/or merchants you purchase from, keep these tips in mind:
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