T-Mobile's 4% interest allure for their new mobile banking platform is not a safe way to invest your money.
Here is the short of what I have found out and why you should not join T-Mobile at this time:
1. Your T-Mobile Bank Account login information is shared identically with your T-Mobile Mobile Account login information(in security terms T-Mobile Banking Servers retrieve your login info from their own T-Mobile Cellular Account database. There is no separate distinction as far as t-mobile is concerned so changes made to one is automatically done to the other and vice versa). This makes T-Mobile's customers even more valuable to identity thieves as if you can crack a T-Mobile billing account you now have access to their bank account as well :)
2. This also means you will be locked out of both your T-Mobile Account AND your T-Mobile Bank account if you try to access either unsuccessfully. So Make sure you never forget your password because if you do T-Mobile will Freeze your assets for 24 hours or until you call them as the registered account owner under which your phone number is administered.
3. If I wish I can constantly try to log into your T-Mobile Bank Account (via their app from any device) if I know your phone number(which is usually the easiest piece of information to get/ social engineer from people), and if I don't like you I can constantly make sure you have no access to your money in your Tmobile Bank account, by incorrectly entering your password locking you out.
4. T-Mobile doesn't use an email or username, they use your very public phone number to log you in. However, if you don't want to log into your T-Mobile phone number you can always use your actual checking account number they give you :) So if your phone has a RAT or other type of Spyware installed, whoever has access to your phone can see your account number. They can then simply look up your state's routing number for T-Mobile and they can now start printing checks for your T-Mobile Account and start making purchases with your money :)
5. If you are not a registered account owner/authorized user T-Mobile cannot/Will not unlock your account for you. This means your bank account is frozen indefinitely if they decide your account needs to be locked for security purposes as well as your personal billing account(because again they are essentially the same thing).
6. If you do happen to be an authorized user that's GREAT! Here's what you can do:
6a. You can deactivate the phone number(s) under your account that happen to use T-Mobile Banking(your grown children's, or even Employees)
6b. You can activate a new sim card and simply port that adult child or employee's phone number to it(it is your account and therefore number after all).
6c. You can reach out to T-Mobile and let them know that you have forgotten your T-Mobile Account password and would be grateful if they helped you reset your password for you. (But will mention they need to send that particular number a confirmation text for security ;o)
6d. They will happily send the now stolen(not illegally though) phone line a confirmation text code and you can then reset not only that phone number's billing password but also their banking password too.
6e. You can then have access to their digital debit card, their checking information, and most importantly their money.
This is why I immediately closed my T-Mobile Bank account after trying to simply reset my password. These flaws make simply spoofing a number and social engineering someone's money right out from so incredibly easy it's almost laughable. Whatever you do please don't open a T-Mobile money account.
EDIT: This is also an incredibly wreckless thing to do for a company trying so hard to prove to the government they are responsible enough to try and be the leader in 5G technologies as well as the Nation's 3rd largest carrier.
Submitted August 21, 2019 at 09:14PM by QualityQontent https://ift.tt/2Zll5f1
