Digital wallet scams explained
A digital wallet lets you store your cards on your phone, smartwatch or tablet. This allows you to pay quickly without using your physical card.
It’s fast, easy and secure, but scammers can still try to get into your wallet or trick you into giving them access.
Here’s how they work, and how to protect yourself.
On this page:
Step 1: A scammer gets your information
To get into your digital wallet or add your card to theirs, a scammer needs information.
They might try to get it by:
- sending fake emails or texts that ask you to open a link, download software or enter your card details
- pretending to be from your bank or wallet provider and asking you to confirm a card you have not added
- using personal details from a data leak or social media
- tricking you into scanning a fake QR code in a shop, online or in a message
- stealing your device
Once they have enough, they can try to add your card to a wallet on their own device.
Step 2: They use your card or wallet to spend money
Once they’ve added your card, the scammer can:
- spend your money in shops using contactless payments
- buy things online
- send money to themselves or others
- add your card to other apps or fake accounts
- link the stolen payment details to a physical card to withdraw money from ATMs
- purchase cryptocurrency as it’s harder to trace
You might not realise it’s happening because digital wallets do not always need a PIN. Digital wallet scams are designed to go unnoticed.
Step 3: You notice unusual activity
You might then notice unusual activity. Common warning signs include:
- a payment on your card that you did not make
- a message saying your card was added to a new device
- receiving a one-time passcode (OTP) that you did not request
- an email saying your details were changed, even though you did not log in
Always pause if something seems unusual. It’s okay to stop and check.
Top tips to protect yourself from digital wallet scams
Make it harder for scammers by:
- using a strong device passcode – not a simple number or one you reuse
- never sharing one-time passcodes (OTP) with anyone who contacts you
- not opening links sent by text or emails – go directly to the app or website instead
- use fingerprint or face ID for extra security
- only downloading apps from official app stores
- turning on app alerts so you are notified of any changes on your account
How to turn on app alerts
Being a mobile app user has benefits and can help you to avoid fraud.
This is because we alert you of any account changes such as a new device registering for mobile banking or a change of details so you can contact us if this was not you.
To opt in for push notifications on your phone, go to Settings, Notifications, then scroll down to find The Co-operative Bank and tap Allow Notifications.
Learn more
-
Take Five
Take Five offers straightforward and impartial advice to help everyone protect themselves from fraud.
-
Common fraud threats
Find out more about common fraud threats and how to avoid them.
Not found what you're looking for?
Contact our support team