How thieves can get into your bank account from your iPhone

The convenience of mobile payment apps has unquestionably changed the way we transact in our daily lives. But with this change comes a new set of risks. KPRC 2 Investigates has reported on three key ways to protect your money and reduce the risk of losing your funds to scammers.

A Spring, Texas woman, Stormi Spurlock, shares her distressing experience of losing money from her bank account via Apple Cash on her device. Spurlock had been saving up for a new home when she woke up to fraud alerts from Chase bank. Upon investigation, she discovered three unauthorized charges – two with Delta Airlines, one with Macy’s, and another with Best Buy. She was immediately locked out of her online bank account, forcing her to rush to the bank and close her account to protect the remaining funds. But it was too late, as two large transfers – one for $2,000 and another for $1,000 – had already been made to an Apple account on Spurlock’s phone, which she had never used before. She was unable to retrieve the funds as her account had been blocked.

The scammer was able to gain access to her Apple Cash account because she used her debit card to set up her Apple Pay account. Unfortunately, Apple Cash is a peer-to-peer payment app that doesn’t provide any buyer protection, making it an easy target for online scammers.

If you have an iPhone, you have Apple Cash on your device, even if you haven’t downloaded it. Therefore, it is important to be aware of ways to protect yourself from online scammers.

The first protective measure is to avoid using your debit card to set up your Apple Pay account. Instead, use a credit card that provides better protection against fraudulent transactions. Scammers can target Apple Cash since it does not provide any protection to the buyer. Once you send someone money, it becomes impossible to retrieve it.

The second measure is cautiously examining text messages with links. There is a rising trend among scammers to send phishing text messages disguised as being related to Apple Pay. Do not fall for this tactic and avoid giving out your 2-factor authentication codes by text, phone or email.

The third protective measure you can take is to keep your codes secret. Legitimate customer support agents will never ask for your codes. Therefore, their request for your code is a red flag, and you’re most likely dealing with a scammer.

KRPC 2 Investigates reached out to Apple on Spurlock’s behalf, and they were able to regain access to her account. They then advised her to take the necessary steps to protect herself in the future.

In case you find yourself cheating on Apple Pay, there are things you can do to try to recover your lost money.

Apple has also provided information to the public about Apple Pay and Apple Cash. Apple provides a range of resources to avoid scammers and offers tips on recognizing scams and how to deal with concerns about any transaction. It is vital to be aware of security and privacy features when using Apple Cash.

In conclusion, it is vital to understand the protection methods when it comes to mobile payment apps. Setting up your phone with a credit card and not a debit card, being wary of spam messages, and keeping your codes secret is critical to ensuring that your funds are safe from scammers. With proper care, the convenience of mobile payment apps will continue to reshape our daily transactions.

Content and Photo credit go to Texas Standard

Read the full article on Texas Standard News

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