Digital wallets: Safeguard your money from being ‘tapped’ away

Estimated reading time
 5 min

Key points

• With the right information, criminals can add your card/s to their own digital wallet to make contactless transactions without your authorisation
  
  
• Stay alert - your personal and financial information can be stolen if you fall for a scam
  
  
• Report unusual transactions on your account immediately 

Digital wallets make everyday payments fast and convenient - but they can also be a tool for cyber criminals.

If they get access to your personal or financial information, they may be able to use your digital wallet to make unauthorised transactions.

Learn how digital wallets work and how to protect yourself from digital payment fraud.

What is a digital wallet?

A digital wallet is an app on your phone or wearable device (like a smartwatch or fitness tracker) that allows you to make contactless payments. Examples of digital wallets include Apple Pay, Google Pay, and Samsung Pay.

You can use your digital wallet at stores worldwide, wherever contactless mobile payments are accepted.

Can cybercriminals access my digital wallet?

Digital wallets are device-specific, making them harder for cybercriminals to access directly. However, with the right information - like credit or debit card details and one-time passcodes (OTP), cybercriminals can add your card to their own digital wallet or a third party’s.

Scammers often impersonate trusted organisations (e.g. your bank) via email, SMS, or phone calls that (with you unknowingly helping) allow them to get this information from you.

Once your card is added to the wallet of a third party, they can make unauthorised contactless payments globally. This is why it is important to protect your personal and financial information at all times.

How do cybercriminals get my information?

Cybercriminals use various tactics to steal your data:

• Phishing: Fake messages from trusted organisations (e.g. banks, government agencies) trick you into revealing personal details.
• Malware: Malicious software on your device can capture sensitive financial data.

Ways to help you stay safe

• Be cautious of unexpected emails, texts, or calls.
• Avoid clicking on suspicious links or opening unknown attachments.
• Never enter card details on unfamiliar or untrustworthy websites.
• Do not share your passwords, PINs or OTPs with anyone – even if they claim to be from your bank.
• Regularly monitor your transactions and report anything unusual.
• If contacted about a locked or compromised bank or credit card account, call your bank using a trusted phone number.
• Only download apps from official app stores and avoid third-party sources.

What to do if you think you’ve been scammed

Please  contact ANZ immediately if:

• You think you've been scammed or suspect fraud on your account.
• You've noticed unusual activity on your account.
• You've shared private information like your PIN, passwords or banking details in response to a scam phone call, email or SMS.
• Your phone or other payment device is lost or stolen.
• You've logged in to your online banking after engaging with a suspicious message - by downloading an attachment, clicking on a link, or downloading remote access software.
• If you shared credit card details, block or cancel those cards immediately. If your cards are with ANZ,  you can do this through the app. 

Who can you contact if you’ve been scammed?

• Report the scam to the Police through the Australian Signals Directorate’s ReportCyber  portal. This resource is there for reports of scams where money or personal information has been lost.
• Help others by reporting to Scamwatch to help them prevent future losses, monitor trends and educate the population about emerging threats. 
• You can also contact IDCare, a not-for-profit organisation providing support to those experiencing identity and cyber security concerns.