Terms of Service on CNN 5 Things

We'll be right back. I'm CNN tech reporter Claire Duffy. This week on the podcast, Terms of Service. Are virtual wallets on the way to replacing the classic billfold? And as a tech reporter, I cannot help but wonder, what are the risks of storing so much personal information in one place on our phones? Thankfully, Consumer Reports investigative reporter Lisa Gill spent months trying to answer those questions. She joined me to talk about her own digital wallet journey and how to keep your financial data as secure as possible. Google Wallet, Samsung Wallet, and Apple Wallet tell you that they do not hold funds. They merely facilitate a transaction. Your information is stored on your phone, not with them. PayPal, Cash App, and Venmo actually do hold funds. And they, in my mind, act a lot more like a bank. Listen to CNN's Terms of Service wherever you get your podcasts.