A California man is making news with an invention that he says could help cut down on identity theft and credit card fraud.
According to a report on San Diego’s KGTV, Steve Cabouli has created the “iWallet,” an otherwise conventional wallet that can only be opened when its owner runs a fingerprint over a scanning device.
The television station notes that Cabouli, who was once himself a victim of identity theft, also featured technology that allows an alarm on one’s cell phone to go off, while future versions of the invention may feature a GPS-based device allowing a stolen wallet to be tracked. The station also added that about 10,000 of these wallets have been sold so far.
Technology does have a difficult time keeping up with identity thieves given the increasingly sophisticated methods they use in order to obtain consumers’ financial data. Hacking and spyware are increasingly common, although finance experts also warn that old-fashioned methods like stealing old credit bills from dumpsters and trash remain problematic as well.
When it comes to fighting fraud and identity theft, another important tactic is to regularly check one’s credit report to catch suspicious account activity.
