Millions of people around the world store their credit and debit cards on their smartphones to eliminate the need to carry around too much plastic.
But a financial advisor warned that users should not link their bank accounts to digital payment apps, including Samsung Wallet and Apple Pay.
TikTokers dean and alexisthat offer financial advice in their account, urged users to only link their credit cards.
The reason is that if someone steals your smartphone, they can access the stored information to send money to themselves, ultimately draining your bank account.
“Losing your phone is often the modern-day equivalent of losing your wallet,” Verizon warned in its place.
“Smartphones include your credit cards, contact information, calendars, personal photos, and social media accounts, among other personal data,” he continued.
“If your phone ends up in the wrong hands, a lot of valuable information could be spread or exploited.”
TikTokers dean and alexiswhich offers financial advice on your account, posted a video asking viewers to remove their bank account from any of the payment systems on their devices, including Google Pay, Apple Pay, and even apps like Starbucks.
“Just don’t link your checking account,” Dean cautioned when asked if Apple Pay is a secure payment method.
‘Link your credit card. If you want to be safe, remove your debit card from there,” he advised.
The video included a response from a user who posted: “They stole my phone and charged me $700 themselves.”
TikTokers Dean and Alexis, who offer financial advice on their account, posted a video asking viewers to remove their bank account details from payment apps like Apple Pay on their phone.
While it’s unclear how the user’s money was stolen, the only way this could happen would be if the thief was able to bypass his iPhone’s passcode.
Apple has stated that its digital payment system is “more secure than using a physical credit, debit or prepaid card.”
The reason is that the tech giant takes the extra step of encrypting the data so that your actual card information isn’t even in your iCloud.
Samsung also requires users to authenticate each transaction and does not store payment information on servers and account details are not stored on devices and shared with merchants.
With a credit card, users can easily dispute charges before they are processed.
But bank transfers are usually instant, so thieves can make off with your funds in a second.
While Dean was very against linking bank accounts to digital wallets, TikTok viewers argued that it was the safest bet.
“I’m a cybersecurity engineer and I would recommend using payment methods like Apple Pay,” shared user John Stevens.
‘It’s extremely safe. With physical cards the store obtains your card number. “Apple Pay generates a one-time ‘card number’ that, even if it’s stolen, they can’t use it again,” another viewer of the clip responded.
But other TikTok users came to Dan’s rescue.
“I have used Apple Pay for years without problems. I agree, there is NO checking or debit account linking,” one viewer posted.
“I agree 100%,” another shared.
