Do you use CashApp, Zelle or Venmo? Don't make this mistake
Advances in technology have made every aspect of our lives easier. This has become more obvious with people staying home during the pandemic.
Many of us have been able to work from home during these troubling times and one tool that’s made that happen is video conferencing apps like Zoom and Google Meet. Tap or click here to find out which video conferencing service is right for you.
Another way tech helps out is by making sending payments to family and friends much easier. Peer-to-peer (P2P) apps like Venmo and CashApp are more popular than ever. But there are some risks when using services like this. Keep reading and we’ll show you how to use them safely.
The risks with P2P apps
So what are P2P apps? The concept is pretty basic, honestly. It’s a way to send money to a friend through a mobile device. P2P apps let you transfer money from your bank account or credit card to another person’s account.
Some banking apps also make use of geolocation payments — which is also considered a P2P system. When two people are near one another, their mobile devices can connect through Bluetooth to transfer funds.
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Apps and services like PayPal, CashApp, Venmo, Google Pay or Apple Pay are the most popular P2P payment systems. These payment methods are perfectly safe under normal circumstances, but there are some risks that you should be aware of.
Since it functions as a direct deposit, there is limited interaction with an actual bank. Once payment has been authorized it cannot be undone, and you would have little recourse if something is amiss.
Payment and fraud protection
That’s why you should always try to use a payment method that has some form of fraud protection included. If something does go wrong, at least you will have someone to help you figure it out.
According to Consumer Reports, most scams on P2P systems happen when people are transacting with strangers. Scammers can string you along, promising services or products, but once you have paid, they can disappear with your money.
Fake customer support scam is wiping out bank accounts - don't fall for it!
We all make online or app-based transactions from time to time, but there’s a lot at risk when you share your personal or financial information with strangers. After all, tons of scams have been identified over the last few months, and people across the country continue to lose money by falling for them.
How-to: Set up mobile payments to avoid coronavirus
Just a few months back, it may have seemed obsessive-compulsive to wash your hands after every interaction. But with the specter of the coronavirus looming large, hygiene is at the forefront of everyone’s minds.
Frequently cleaning your hands and devices is one of the best ways you can protect yourself. If everyone takes action to reduce the spread of germs, it can slow the creep of infection. Tap or click to see the best disinfectants you can use for your gadgets.