Mobile wallets protect card data with unique digital tokens

Mobile wallets are safe to use because they replace actual payment card information with a unique digital account number, or token, during transactions. This prevents the merchant from ever receiving your real card details, protecting your data even if a breach occurs. Even if a token is stolen, it is useless for fraudulent purposes, and the same security applies to online and in-app purchases. Additionally, users do not need to enter card information, which prevents electronic devices from capturing screen activity or keystrokes. The guidance comes from Charles Schwab, which assures that this security protects Schwab Bank debit card information. The company also notes that its banking subsidiary provides deposit and lending services, with this advice part of broader financial product offerings.