Security for Apple Card Savings Account
This is related to WSJ's story on how once someone gets their iPhone and passcode stolen, then they get locked out of the Apple account all together.
Usually when adding an external bank account to a bank, they'll do two micro transactions to verify that you own the external bank account. It looks like there's no verification needed when adding an external bank account from Apple Card, at least when I tried it...
So just playing devil's advocate here. Say someone puts money in their Apple Savings, and a thief gets ahold of the phone + passcode. The thief can theoretically lock the user out, turn on the recovery key so no one not even Apple can access it
The Apple Card has your external bank information on it. So they can:
1. Transfer all your money from your external savings/checking to Apple card
2. Add their own bank account (as no verification is needed or possible)
3. Transfer all the money to their bank account. So you would lose your iCloud account AND you'd lose all your moeny, right?
Being a bit paranoid so just checking if this seems right, or is there a security measure I am not aware that makes this scenario unlikely.
