Folsom, Calif. – (Oct. 7, 2024) – With recent attacks by bad actors on financial institutions and scammers continuously sharpening their schemes, it’s important that consumers arm themselves with information on ways to protect their financial data and personal information, advises SAFE Credit Union Chief Technology Officer Mike McCarthy.
“It’s good to be skeptical because there are a lot of bad actors out there,” McCarthy says during a recent appearance on Fox 40’s Studio40 Live focusing on ways to shop safely and securely.
He lists several ways for shoppers to be safe while making purchases in person and online.
SAFE Credit Union CTO Mike McCarthy
“The best way to shop is to use one of the one-time transaction code services like Apple Pay and Google Pay,” he says. “The reason for that is that every time you buy something, a unique one-time transaction ID number is created that even if a bad actor took that, he wouldn’t have your card data so he couldn’t do anything with it like make another purchase.”
Services like Apple Pay, Google Pay and Samsung Pay are also the best options to use when making online purchases, McCarthy says.
“Another cool thing convenience-wise and for security is that online retailers have one-click” options for digital wallet services, he says. This also prevents people from “inputting your card information to be stored in a merchant’s website, and you don't know over time what their security will be like.”
He also encourages shoppers to use tap-to-pay technology when using debit or credit cards at ATMs and payment terminals to avoid skimming devices potentially placed by criminals in card insertion points.
When choosing to shop with a credit card or debit card, McCarthy suggests using credit cards over debit cards because credit cards offer more fraud and purchase protection. “So if a bad actor does use your card information, it’s easier for you to dispute it,” he says.
McCarthy also touches on gift cards, popular gift giving items during the holidays. “I’d say purchase digital over physical, not only for security reasons but even the common-sense part. Because how many gift cards have you lost in your life?” he says. “Digital cards are harder to lose, and you can store them and use them from your digital wallet.”
To interview SAFE Credit Union CTO Mike McCarthy, please contact AVP Communications and PR Carole Ferguson at [email protected] or 916-836-6318.
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About SAFE
SAFE Credit Union has made members an integral part of its vision since 1940. Over the years the credit union has kept the focus on what really matters, putting members first, a formula that has seen SAFE grow into a leading financial institution in Northern California with $4.6 billion in assets and about 236,000 members. SAFE crafts every cutting-edge product and sterling service with members’ needs foremost in mind. In addition to banking services conveniently available through online, chat, mobile, or phone options, SAFE offers in-person services for members and small businesses at service centers across the Greater Sacramento region. SAFE is a not-for-profit, state-chartered credit union with membership open to businesses and individuals living or working in Sacramento, Placer, Yolo, El Dorado, Sutter, Butte, Nevada, Solano, San Joaquin, Contra Costa, Yuba, Amador, and Alameda counties. Insured by NCUA. www.safecu.org