Protect your privacy when using a mobile payment app
Fortunately, if you’re one of the more than 7 in 10 adults who use a money transfer app, according to AARP research, you can enjoy the convenience it offers without exposing sensitive information or surrendering yourself. vulnerable to hackers. Here are some tips on the most popular money transfer apps, as well as general tips on protecting your accounts.
Cash App is affiliated with Square
Cash App is a mobile payment service developed by Square Inc., a payment application widely used by small retailers. You transfer money to your friends and family using the app. When you create an account linked to your debit card, you pay no fees. The money is usually transferred within one to three days.
Advice: Do not link Cash App to a credit card which can expose you to more scams and will also cost you 3% fees for each transaction.
PayPal was the first on the scene
The former of online payment services, PayPal was launched in 1998 and acquired Venmo in 2013. On its own, PayPal has been a long-time favorite of online sellers, and the company has years of experience in the field of online payment services. management of security issues and hackers. While this is the most complex service, it is also the most flexible, including international transfers and a small business billing option.
Advice: PayPal charges a lot of fees, depending on the transaction. Using a PayPal account or personal bank account, PayPal charges 5% for international personal transactions. Credit card payments for international transactions cost 7.9%.
Venmo adds more privacy
Responding to the President’s personal data exposure, Venmo recently changed its settings to make it easier to keep all your transactions and contacts private. Go to Settings then select Privacy in the app to see your options.
Also, note that some fees on Venmo will increase on August 2. An âinstantâ transfer to your bank account, which the company says takes 30 minutes or less, will cost 1.5%, with a minimum of 25 cents and an amount of $ 15. maximum, 1 percent and a maximum of $ 10. “Slow” transfers, which take one to three working days, will remain free.
Advice: Like many other apps, Venmo will want you to automatically add all of your Facebook contacts to your address book. To prevent all of this information from potentially being exposed, do not allow it. Add a person’s contact details only when you need them.
Zelle has links with 7 major banks
Zelle enjoys the support of most of the major banks. Seven of them – Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank and Wells Fargo – own the company that created it. Using your existing banking app or website, you can transfer money from your account to anyone using their email address or cell phone number.
And it’s free. Simply sign up on your bank’s website and enter your email address or phone number. Then whenever a friend wants to pay you half of their dinner or a bet they lost, they just use their banking app or website to send you the money using your email address. The money is deposited into your bank account within minutes.
Advice: Always verify the email address or phone number where you are sending the money. If you get the wrong information or send it to a scammer, you probably won’t see that money again.