Millions of Americans currently use mobile pay or cash apps for sending money from person to person; of course, that number is only expected to rise this year and beyond. Cash apps, such as Venmo and Apple Cash, are an ideal method to send money to your college student, split lunch with a friend, or pitch in for the office luncheon; however, have you considered their security features, if cash apps are safe to use, and ways to protect yourself?
According to the Federal Trade Commission (FTC), there are some measures users of these services can take to help further ensure they’re using these cash apps safely.
- As with all online banking and financial transactions you’re making on a digital device, always ensure your devices are regularly updated and that the security and permission settings within the app are reviewed. Configure any additional security options the app may offer, such as two-factor authentication, fingerprint identification, or establishing a PIN.
- If you do not know the person, do not send them money through any cash app service. Scammers take advantage of any methods they can, including this type of electronic payment service, to trick victims into sending them money. Always be cautious and alert!
- Verify all information and contact details are correct; most importantly, ensure you are sending your money to the correct contact by checking their profile details, such as email and full name.
- When selling an item online, always transfer the payment to your bank account and verify it’s deposited prior to handing over the item you are selling (such as a piece of furniture or other household item). Also, always check the terms of service to see what types of transactions are allowed through that specific app.
As an alternative to the cash app payment services, please know that First Bank offers its own secure person-to-person payment method, called People Pay. People Pay offers a safe, secure method to quickly and easily send payments online or from your mobile phone. You can even manage all of your People Pay payments conveniently through your First Bank online banking dashboard. Sign up for First Bank’s eBanking today to get started!
Let’s stay safe when using cash apps online.
Source: Federal Trade Commission, Consumer Information