Safety Tips for Using Money Transfer Apps
Money transfer apps like Venmo™ and PayPal™ make sending money from peer to peer extremely easy and convenient. To make sure your money is safe while sending money to people through these apps, there are a few things you should do.
Double-Check the Recipient’s Info
Before you send money to anyone, you should confirm their information to make sure you’re sending it to the right person. Some platforms ask you to confirm the last four digits of the recipient’s phone number before you send money. Even though you can decline this option, you may want to put in the phone number for someone you have never sent money to before. It’s better to be safe than sorry!
Enable Additional Security Settings
If your phone is lost or stolen, it may be easy for anyone to go into your money transfer app and send money. This is because with the lowest security settings, you aren’t asked for a PIN, faceID, or password. Check your security settings to see if you need to change them to enhance the security on your money transfer apps.
Use Two-Factor Authentication
With two-factor authentication, you have a second layer of security. You will receive an email or text message with a code to enter. Typically, you enter this code after your password, ensuring an extra layer of security. If someone does not have the correct code, they won’t be able to access your money transfer apps.
Turn On Notifications
If you don’t already have notifications enabled on your money transfer apps, you may want to do that. The money transfer app will send you a notification every time a transaction is initiated on your account. If you didn’t make a transaction, you will be aware of it right away through the notification. This will help you know what amount of money you are sending to each person and can even help you catch fraud.
Avoid Public Wi-Fi
If you’re completing any financial transactions, you should avoid being on public Wi-Fi during that time. You should only access your financial information on secure, private networks. If you are using public Wi-Fi, you are increasing your risk of exposing your financial information to malicious people. Save yourself from scammers and don’t use public Wi-Fi!
Pay Attention to Payment Requests
When you receive any payment requests, check to make sure they are legitimate. If you weren’t expecting a request from someone, verify it was them and what it was for before you send over your money.
If you receive an urgent request from someone via call, text, or email, be cautious. Never send money without verifying the person or the request. Scammers typically demand immediate payments and can impersonate your financial institution or a loved one. Protect yourself and be highly suspicious if you ever receive an urgent payment request.