Payments - Keeping your info safe

As far as first world problems go, learning your credit card or bank information has been compromised is up there on the 'pain in the butt' scale: you'll need to get new account numbers, change all your autopay or online pay plans, and (probably) argue to avoid paying for someone else's purchases. This is why I'm such a fan of European-style credit card payments (right there at your table, not back behind the counter) and Apple's ApplePay. When you use ApplePay, the vendor doesn't get your credit card number, they get a single-use, or throwaway, code for that transaction. If a bad guy steals that, who cares, It only works once!

On the opposite end of the security spectrum, along with handing over your credit card for someone to take into the back room, Walmart and a few other merchants have concocted a payment system called CurrentC by MCX. Don't go near this thing! It's not secure like ApplePay, you won't get benefits like points or miles, and it's a pain to use. Companies love it because they withdraw money directly from your bank account, do not pay a fee to credit card companies, and gather more data on your purchasing habits. Good for them, not good for you. For a short summary from the Wall Street Journal about CurrentC's slow implementation, click here. And another summary is here.

(For Android lovers, I'm also a huge fan of Google Wallet) To learn more about keeping your financial information safe, call me (904-469-0299) or send me an e-mail: Max@HappyPersonalTech.com.