For most consumers, the biggest benefit of mobile payments is convenience.  No need to pull out your wallet for cash or plastic—especially if you’ve got your phone at hand anyway.  No need to type your payment information to buy online.  But what if your financial and other personal information isn’t safe?

Security is important since you usually carry your mobile device with you, it’s on most of the time, and it may contain sensitive information.  Consumer Federation of America (CFA) offers advice on how to avoid security pitfalls, what features keep your mobile device and your payments safe, and how to prevent others from making mobile payments without your permission.

For more information, click here.

 Teaching Suggestions

• Ask students to read the privacy policies of the companies whose services they are using to make mobile payments.
• What are your options if you don’t like a company’s privacy policy?

Discussion Questions

1. Should you voluntarily provide information that is not necessary to use a product or service or make a payment?
2. Why is it important to use extreme care when you use free public Wi-Fi?