Researchers say digital wallet loophole can let thieves use credit cards after they've been reported stolen

HOUSTON - Tap your phone and go! Digital wallets are considered to be a safe way to pay for purchases. But researchers say they have discovered a loophole that can let thieves use a credit card in a digital wallet even after it's been reported stolen.

Digital wallet loophole

What we know:

Your credit card information isn't stored in your digital wallet. It uses what's called tokenization to replace your card number with a unique code for each transaction.

But researchers at the University of Massachusetts Amherst and Pennsylvania State University say the loophole is that tokenization also allows digital wallets to be automatically updated with new credit card information when the original card has been blocked.

Cybersecurity expert Bruce McCully with Galatic Advisors says he