wallet with a padlock on it

Wallet apps are typically more convenient than trying to keep tabs on a slew of identity and payment information yourself. However, that assumes that the apps are secure in the first place -- and unfortunately, LifeLock is learning this the hard way. The ID protection firm has both pulled the LifeLock Wallet mobile app and deleted user data after learning that its tool (based on recent acquisition Lemon Wallet) "may not be fully compliant" with payment card security standards. While there's no sign of a breach, the company says that it would rather play it safe and only restore the apps once people can trust them "without question."

The move will have big consequences if you've poured a lot of data into LifeLock Wallet. You may have to dig out cards that you could previously afford to leave at home, and you won't be recovering any receipts if you tossed out their paper copies. However, this is a potentially wise gesture to protect customers who might not otherwise realize that their data is at risk. It may also be necessary to avoid a run-in with the government, for that matter -- LifeLock has to meet certain security requirements following a 2010 FTC ruling that the company both misled customers with fear-driven marketing and didn't do enough to secure identity information. In that sense, the move is as much about saving the company's skin as your own.

[Image credit: Gettystock]

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LifeLock pulls its wallet apps, deletes data in light of security worries