Imagine you’re at a restaurant with
your friend. She pays the check, and says you can pay her back. Do you:
a) write an IOU on a napkin?
b) pull out a wad of cash and give her
exact change?
c) take out your phone and pay her
through a mobile payment app?
If you answered c), this post is for
you.
Like apps that let you pay at stores
with your phone, “peer-to-peer” payment services can be a convenient way to pay
friends. But before you use one — or use one again — check the app’s settings
for available security features.
Here are some features to consider to
make your account less vulnerable:
·
Two-factor
authentication: This requires
you to enter a password plus something else — like a code sent to your phone
— to prove it’s really you.
·
Pin
code: Look at
creating a pin to send a payment — like a pin you might use at an ATM.
·
Social
media permissions: If a payment
service is linked to social media, it could broadcast your payment history to
your network, so make sure you check those permissions.
As with any kind of money transfer,
make sure you know who you’re dealing with before you send any money. Also,
know that setting up your payment account with a credit card could offer extra
protections.
Check your account statements
regularly. That way, you can make sure someone else isn’t using your account
and running up the bill. If you find unauthorized charges, report them to the
payment service right away. And if your phone is lost or stolen, treat it like
you would a lost credit or debit card, and learn how to remotely cut off access
to your account so someone else can’t use it.
Source: http://www.consumer.ftc.gov/blog/paying-your-friends-through-app-read-0?utm_source=govdelivery
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