Tips for the Money Apps
Sending money using a money app is very simple. After all, it only takes a touch of a button. No more making change or worrying about where you put your checkbook. However, you need to understand some tips to protect yourself and your hard-earned money.
Simple tips to protect yourself:
- Set up the app so that it requires a two-step authentication before money is transferred.This can help to safeguard your funding accounts by making sure that you are the one that has authorized the transaction.
- Slow down and make sure all of your recipient’s details are correct: Before you press ‘send’ or ‘pay,’ make sure you have the right username, phone number, photo, or other identifier.
- Transfer incoming funds into your bank account as soon as possible. With most money apps, the funds will stay on the app until you schedule a transfer.
- Avoid connecting your money apps to your social media accounts.
- Never send money to strangers! Money Apps are designed for sending money only to family or close friends.
- Don’t use the money app for business purposes.If you have a business, look into payment apps specifically meant for business users.
- Keep your Money App up-to-date. Updates are designed to protect you from scammer’s most recent tricks.
To understand more about the different Money Apps, click here: https://www.consumerreports.org/scams-fraud/how-to-protect-yourself-from-p2p-payment-scams/