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I'm a financial influencer - Here is why you should NEVER link your bank account to digital payment apps like Apple Pay and Samsung Wallet
Millions of people worldwide store their credit and debit cars on their smartphone to eliminate the need of carrying around too much plastic.
But a TikTok video has warned that users shouldn't link their bank accounts to digital payment apps like Samsung Wallet and Apple Pay.
TikTokers Dean and Alexis, who offer financial advice on their account, urged users to instead only have their credit cards linked.
The reason is if someone steals your smartphone they can access the stored information to send themselves money - ultimately draining your bank account.
'Losing your phone is often the modern age's equivalent of losing your wallet,' Verizon warned on its site.
'Smartphones include your credit cards, contact information, calendars, personal photos, and social media accounts, among other personal data,' it continued.
'If your phone ends up in the wrong hands, a plethora of valuable information could be disseminated or exploited.'
Dean and Alexis posted a video advising viewers to remove their bank account from any of the payment systems on your devices including Google Pay, Apple Pay and even apps like Starbucks.
'Just don't link your checking,' Dean warned when he was asked if Apple Pay is a safe payment method.
'Link your credit card to it. If you wanna be safe, remove your debit card from that,' he advised.
The video included a response from a user who posted: 'My phone got stolen and they apple cashed themselves $700.'
TikTokers Dean and Alexis, who offer financial advice on their account, posted a video telling viewers to remove their bank account details from payment apps like Apple Pay on their phone
While it is unclear how the user had money stolen, the only way it would happen if the thief was able to bypass their iPhone's passcode.
Apple has stated that its digital payment system is 'safer than using a physical credit, debit, or prepaid card.'
The reason being 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 every transaction and does not store payment information on servers and account details are not stored on devices are shared with merchants.
With a credit card, users can easily dispute the charges before they are processed.
But bank transfers are typically instant - so thieves can make off with your funds in a second.
While Dean was very much against linking bank accounts to digital wallets, viewers of the TikTok argued that it was the safest bet.
'I'm a cybersecurity engineer, I would recommend using payment methods such as Apple Pay,' user John Stevens shared.
'It's extremely safe. With physical cards the store gets your card number. Apple Pay generates a one time use' card number' that even if it's stolen they can't use again,' another viewer of the clip replied.
But other TikTok users came to Dan's rescue.
“I’ve used Apple Pay for years without issue. I agree, NO debit or checking account tie-in,” one viewer posted.
“I agree 100%,” another shared.