Choosing the Right Bank Account Wallet
A wallet is typically a small software application used for online purchase transactions only. However, a more flexible version of a wallet is available called a credit card wallet. Many payment processing service companies, like Cyber Case, offer a free, downloadable version of Wallet software which enables many different methods of electronic payment to be established within the wallet (such as a number of different credit cards). The software itself does not carry any currency or charge information with it, nor does it keep track of personal account numbers, but it can act as a sort of logbook, keeping track of transactions as they occur. This is an extremely useful feature in terms of identity theft protection, and is often what prevents many people from falling prey to cyber criminals who may use stolen credit card details to make online purchases.
One common way of using a wallet program is to use it as a tap-and-hold method, whereby the user enters their details manually into a secure login area on the website and then subsequently transfers funds to their account. This is a convenient way of transferring money quickly, and is especially useful when you need to transfer money abroad on short notice. However, because users are using their own details, there is always a chance that if the information is not completely secure, hackers will get their grubby paws on it. If you are going to use a wallet app to tap and hold, make sure that it has both a dedicated security feed to monitor incoming and outgoing transactions, and also has a mechanism for transferring money securely between accounts.
There are a few additional security options that may be available in some wallets, including the ability to set up different “deposits” and “withdrawals”, and to have a built-in “deposit drawer” where you can store your most recent bills. Another option is to have a hidden “deposit shelf” where you can store less sensitive personal information and simply withdraw the money from your hidden fund drawer when you need to. Whichever option that you choose, remember that even if a wallet app offers both deposit and withdrawal facilities, you’ll still be better off using your credit card to make purchases.