The ease of transferring money from apps on your phone carries inherent risks of being scammed. Learn how to avoid digital wallet fraud.
Category
📚
LearningTranscript
00:00 Mobile payment apps like Venmo, Cash App, Zelle, and PayPal make it really simple to send someone money straight from your checking account using just your phone.
00:08 But simplicity can turn sinister when scammers use sneaky ways to hack into these accounts and steal your money mid-transfer.
00:15 Our security expert Bill Stanton is back with me and we're going to walk you through the do's and don'ts of money apps.
00:20 So let's get started. The first thing, you want to link to your credit card. Do not link to your debit card. What's the big difference?
00:26 Well, the big difference is when you link to your business or personal credit card, you're going through the bank.
00:32 They have a lot more, it's an easier time to trace where it's going. It also delays the payment a little bit.
00:38 You go with the debit card, it's connected right to your bank account and that cash is going where they can carry and be gone.
00:44 I don't even use a debit card with my credit card.
00:47 Yeah, I go old school. I carry cash.
00:49 Oh, you don't. I use credit cards, but I don't know why I would give my debit card to a vendor to put into a machine.
00:55 If they make a mistake, if they get scammed, I get taken advantage of.
00:57 That's exactly right.
00:58 All right, next I'm going to turn on two-factor authentication. I don't know how many of you know what that is.
01:02 Super simple. Explain why it's important.
01:04 It's very strong, Doc. It's an extra layer.
01:06 What it is, is simply when you're looking to make a payment, they want to know that it's actually you.
01:14 They will send a code to the phone that you have registered.
01:17 Now, when you get that code, if you're making that payment, you put it in.
01:20 No problem. No harm, no foul.
01:22 If it's not you, you see someone's using your identity.
01:26 You don't give the code. You notify the proper authorities, and they're going back empty-handed.
01:31 Help the system be more secure. Two-factor authentication.
01:34 And finally, avoid making mobile payments over public Wi-Fi.
01:38 Now, first of all, explain why public Wi-Fi is a problem.
01:41 And if I'm sitting in a coffee shop, right, and I'm just trying to do the right thing, and there's free Wi-Fi there, why would that put me in scams way?
01:48 Okay, so while we're going to coffee shops for that free second cup of coffee and the free Wi-Fi,
01:53 the bad guys are looking at you as free money, because that open Wi-Fi makes it open to you and the bad guy that's scanning you.
02:02 So what you need to do is don't do that, because what they're doing is they're the barrier.
02:06 They're the in-between man between you and who you're trying to pay or what you're doing.
02:11 Getting all that information that we previously spoke about, they're going to use it against you.
02:15 I say, just like I said earlier, be careful about using public Wi-Fi.
02:20 It doesn't make a lot of sense. So no debit cards, no public Wi-Fi, and two-factor authentication.
02:26 Absolutely.
02:28 Always remember to pay attention to your surroundings, even in the digital era.
02:30 It makes sense. Pay attention to what's being said, what's being done around you.
02:34 Be situational awareness. It matters.
02:36 Remember, if something looks fishy, it probably is.
02:39 Thanks, Bill, for joining us as always. God bless you.
02:40 Remember, check out his book, Prepared and Not Scared.
02:43 Thank you for watching.
02:44 Don't forget to subscribe and turn on notifications,
02:46 so you never miss out on new videos to live the good life.