Consider this cyber security tip for your financial safety.
A finance expert recently highlighted the dangers of storing various payment methods in digital wallets like Apple Pay.
Dean, from the TikTok duo Alexis and Dean, emphasized in a video that one specific method is particularly vulnerable to exploitation when stored in a digital wallet.
“Don’t link your checking account, don’t link your debit card to it,” Dean cautioned.
Dean acknowledges that many individuals make this error — he confesses to having too many cards linked to his own account, making it hard to keep track.
“To stay safe, remove your debit card from that platform and stick to using your credit card for primary payments,” he advised.
This warning might surprise those who have been assured that contactless payments are completely secure.
Tech companies like Asurion even claim that “contactless payments are actually safer than physical cards.”
So, what’s the risk then?
In essence, there is a chance of someone gaining access to a person’s phone and effortlessly transferring their savings through the bank card using apps like Venmo or Apple Pay.
While it may sound unlikely, the danger is significant enough that New York District Attorney Alvin Bragg called for money transfer apps to implement better protocols.
In Minnesota, a thief named Aaron Johnson, 26, was apprehended after stealing $300,000 through this method.
He would target intoxicated college students at bars, gaining access to their phones under the guise of entering contact information or other pretenses.
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