Count on these cybersecurity tricks.
Financial experts have been vocal recently about the risks of storing various payment methods within Apple Pay and other digital wallets.
In his video, Dean, the money man of the TikTok duo “Alexis & Dean,” warned that there's one way in particular that storing money in a digital wallet puts it at the greatest risk of being exploited by bad actors.
“Don't link your checking account [account]”Don't link your debit card,” Dean warned.
Dean knows that most people make this mistake and admits that he has so many cards on his account that he sometimes loses track of them.
“If you want to be safe, remove your debit card from the platform and use credit card as your primary payment method,” he said.
This warning may come as a surprise to those who were convinced that tap-to-pay was completely legitimate.
Tech care companies like Asurion boast that “contactless payments are actually more secure than physical cards.”
So what are the risks?
This means someone could gain access to someone's phone and seamlessly transfer that person's savings via their bank card using apps like Venmo or Apple Pay.
While that may seem unrealistic, the threat is serious enough that New York District Attorney Alvin Bragg called on money transfer apps to implement better protocols.
The suspected thief, Aaron Johnson, 26, of Minnesota, was arrested after stealing $300,000 through the scheme.
He targeted drunk college-aged men in bars, hacking into their cell phones by pretending to enter their contact information.
Within minutes of being hacked, Johnson had transferred a large amount of money to himself.
