A financial advisor on social media has warned against linking debit cards to Apple Pay or any other digital wallet, citing the risk of unauthorised transfers if a thief gains access to your phone, according to The New York Post.
Dean, of the TikTok duo Alexis and Dean, said in a video that debit cards are particularly risky because they are directly linked to your checking account, potentially allowing a thief to steal your entire life savings.
He advised using a credit card instead, as credit cards typically offer more fraud protection.
Dean acknowledges that many people link their debit cards to digital wallets for convenience, but stresses the importance of prioritising security.
"If you want to be safe, remove your debit card from that platform and just use your credit card as the main payment," he told The Post.
This warning contradicts assurances from tech companies that contactless payments are secure. Some companies even claim that contactless payments are safer than using a physical card.
However, there have been instances of thieves stealing money through digital wallets. In one case, a thief in Minnesota targeted intoxicated young people at bars and stole $300,000 by gaining access to their phones and transferring money through a money transfer app.
New York District Attorney Alvin Bragg has called on money transfer apps to implement stronger security protocols in light of these incidents.
Debit cards offer convenience and speed, but they also come with some security risks. Here are some tips to mitigate these dangers:
Memorize your PIN: Avoid writing your PIN down or storing it electronically. The best way to protect it is to memorize it.
Beware of skimmers: Check the ATM for suspicious attachments on the card reader or keypad. Skimmers can steal your card information.
Review statements regularly: Regularly monitor your debit card statements for any unauthorized transactions.
Report suspicious activity: Immediately report any lost, stolen cards or suspicious activity on your account to your bank.
Use secure websites: When shopping online, only use websites with a secure connection (https://) and a verified payment gateway.
Beware of phishing attempts: Don't click on links or open attachments in emails claiming to be from your bank. Phishing scams try to steal your card information.
Consider transaction limits: Set transaction limits on your debit card to minimize damage in case of unauthorized use.
Enable alerts: Sign up for real-time transaction alerts from your bank to be notified of any debit card activity.
Be cautious with contactless payments: While convenient, be mindful of using contactless payments in crowded areas where someone might skim your card.
from NDTV News- Topstories https://ift.tt/Yr0xTt7
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