The advent of smartphones has brought about the arrival of mini wallets and the rise of the ‘goyart’ or smart wallet.
And while the term ‘gift’ has been used in the past to describe this technology, the term goyart is also used to describe the concept of a personal wallet which contains your credit card, bank account details and your other financial information.
But the concept is not necessarily a new one.
In fact, a number of countries have created their own personal wallets.
It’s not only the UK that has developed its own version of a wallet, as its latest version, the ‘Easter Egg Wallet’, features a QR code reader which opens the wallet.
So if you want to keep your money safe and secure, here are the five basics you need to know.
Your credit card number is not a private key but a digital identity The credit card is an identification number, which can be used to verify the identity of a person.
It is not something that can be ‘trusted’ as such.
When a credit card issuer asks you to confirm your identity, the card is a digital identification number.
However, credit card issuers often use the credit card to track who you are and track the information that you receive and use, such as your name, address and contact details.
Your personal information is not stored on your credit cards or on your smartphone If you hold your personal information on your phone, it can be shared by third parties who use it to access your financial data, such in your personal details or credit card numbers.
The cardholder does not have the right to control the content of that information, such is the nature of the data being shared.
If you have an online banking account, this could include your name and address and the details of your transactions.
Your smartphone or tablet can be accessed through a third party website If you use your smartphone or laptop to access a website, this data can be stored on the device.
The website then can use the information for other purposes.
Your financial information can be stolen This is a risk that you should consider before you make any purchases or use a personal account.
If your credit or debit card is stolen, your personal account may not be able to access the funds that you have with it.
If this happens, the stolen information can then be used for fraudulent transactions.
If the card has not been lost or stolen, you can then have a copy of the information.
Your wallet can be hacked In a cyber attack, your credit and debit card details can be remotely accessed from your smartphone and your personal wallet.
This information can include your bank account number, date of birth, address, phone number, email address, payment details and more.
If a hacker gained access to your wallet, they could steal the personal information of others or their bank account, your contact details and possibly your personal identification number or password.
What you need before making a purchase: The essential items for any personal wallet are a credit or credit debit card, a mobile phone, a web browser, an internet browser and a computer.
1 The essential essential items to include in your wallet include: A credit or a debit card with a balance of at least £500.
A mobile phone with internet access (and not a data connection) A web browser with a data plan (and at least one gigabyte of internet bandwidth) A mobile telephone that supports the web browser An internet browser with cookies.
2 Credit or debit cards with a credit balance of £500 or more and a mobile telephone with internet service.
A computer with internet connection (and a data contract).
3 A computer and a smartphone.
4 A computer, a smartphone and a wallet containing personal data.
5 Your personal account details can also be stored in a computer, computer and smartphone.
Before making a payment, make sure you understand what personal information you are transferring to the wallet and how it is used.
If there are no issues with your personal card, your wallet can only store the information you provide.
3 How to store your personal data on a credit and/or debit card and/ or mobile phone Your credit and personal card number will contain your name (or your chosen name if you are a British citizen), date of birthday, address (city, state or country), telephone number, payment and the value of your card or mobile telephone (if you have a fixed rate).
The credit or personal card will also contain your account number.
If both your card and mobile phone are used to make a payment you will also need to provide the account number and the name of your contact person.
Your payment will also be sent via email or text message, and your account will not be linked to the email or phone number.
In most cases, you should have your credit/debit card or your mobile phone and computer ready to go before making any transactions.
The personal information can only be