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Payment App Security - How safe is your money?

One of the big credit card companies constantly asks, “What’s in your wallet?” In today’s modern world, you will be hard pressed to find someone to answer cash. The birth of debit and credit cards slowly started the decline of cash carrying individuals. With smartphone technology, we don’t even need to carry a wallet anymore. It is simply a click on an app and voila - cash on demand! But many still ask, are these types of applications safe?

Essentially, yes. However, malicious actors are very skilled at social engineering and and can manipulate apps, and their users. This is why if you are ever exchanging money with a stranger, you should take extra precautions with whatever medium you are using.

One of the easiest ways to mitigate your risk exposure is by using a credit card instead of your debit card for all transactions. By doing so, you essentially transfer the risk to the credit card company and avoid directly linking your personal accounts for financial transactions. With credit card companies, they generally are able to correct fraudulent activity much faster than a traditional bank given that once a withdrawal from your account has occurred, you are most likely out of those funds until the bank is able to resolve the issue, if at all.

Be sure to always check your bank balances regularly. You have the right to freeze your credit accounts if you spot something out of the ordinary (see https://www.facebook.com/secuvantage/videos/552772838866840)

Adding to the Confusion

Hackers and scammers know that since these apps are relatively new, more commonplace, and assumed to be safe, there is a window of opportunity for them to take advantage of you. Processing on the back end may take a few days, despite appearing to be an immediate payment between parties. There can be a claim filed on a stolen card (another reason to avoid transactions with strangers) or purchases made to scammers, and the funds are gone by the time you realize the error.

One recent scam had users receive a text notifying them of a pending transaction, and for them to log in to the app and decline the transaction or face unexpected charges. The user is given a link to click within the text notification to give them “direct access” to the login page. Once clicked, the user enters their credentials and banking information, without realizing they have just provided a hacker with a golden ticket.

In the event of fraudulent activity, the level of customer service is not going to provide you with what you may need either. These apps are designed to work between friends, not unknown entities, so before you send, spend or collect, remember, if you’re running a business, use the right tools. Above all else, remember, if you receive a notification that something is amiss with your account, on any account, log in to that application or website directly rather than clicking on the link provided.

https://secuvantage.com

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