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3 Crazy Ways That Poor Tech Use Can Actually Ruin You With Money

This contributed post is for informational purposes only. Please consult a business, financial and legal professional before making any decisions. We may earn money or products from the affiliate links in this post.

poor tech use can ruin you

There’s a common misconception among young adults that modern technology is the best way to organize your assets. Indeed, as the tools of facial recognition and password transcription are becoming more and more sophisticated, a lot of people assume that the levels of protection have increased greatly too.

In reality, modern technology provides greater access to your data in a click – or even without a click, depending on the tool you use. For digital-savvy Millennials, life couldn’t be easier. All it takes to make a phone call is to ask your phone to call one of your contacts.

Do you need to vacuum the house? Ask Alexa to start the vacuum cleaner, providing you use a compliant brand. You can even set your living room to the right temperature remotely as you’re on your way back from work. But, don’t be fooled by the false impression of safety that the digital world provides. In fact, digital risks could ruin you for good if you’re not careful.

Clicking your money away

Cryptocurrency investments are attracting millions of new investors, as they allow individuals to take a chance on financing a startup, and even international companies, more easily than on the stock market. There’s no need to worry about currency conversion or even when the crypto funds will be available. In the cryptocurrency world, everything is transferred in a click.

The blockchain technology, used in crypto exchanges, allows investors to send digitally and anonymously payments without needing a third party. While the crypto market seems secure, you can’t avoid scam risks.

Indeed, hackers have been attacking digital wallets for years, and have succeeded in stealing $15 to $18 billion since 2011. Recently the Parity bug froze $160 million in investors accounts.

Paying with your face

Chinese applications are already using the Face++ software technology to enable money payments and transfers authorized via face recognition. Ultimately, this means that you don’t need to remember your credentials anymore.

Your face is your authentication and your password. While facial recognition is not new, it’s the first time that it is applied to individual financial operations. Unfortunately, hackers have long figured out how to spy on you through your webcam.

Without C-Slide gadgets, a webcam cover company, you would potentially expose yourself to a new form of identity theft: The theft of your facial features.  

Phishing your Apple Pay credentials

If you’re using a payment application on your iPhone or Android phone, you’ve probably received the warning of your app developer. While in theory criminals would need your phone to proceed to payments, they can, however, learn your credentials using phishing emails and fake virus alerts.

Scammers trick you into sharing your personal information so that they can access the app remotely and use a copied version for their own transactions. They swipe, you pay. All it takes is a phoney call to get the information they need. In short, protect yourself with two-factor authentication and remember not to share your password with anybody. Neither Apple or any other smartphone company would call you to know your passwords.

As reliable as tech financial tools are, you should always be cautious when paying with a click or a swipe of your phone. It’s as easy to pay with technology as it is to bleed your account dry with it.

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