Avoiding payment app scams Be cautious when sending money online
I T’S SUMMER AND the patios are calling. But as gathering with large groups for happy hours or dinners resumes, so too does the headache of splitting the check multiple ways. That’s where the convenience of using a payment app comes in. Once you sign up for a payment service — such as Apple Pay, Google Pay and Venmo — you can transfer money to pretty much anyone from your computer, tablet or smartphone. However, as convenient as they are, all is not rosy when it comes to this technology. Fraudsters are happy to exploit the convenience of payment apps to separate you from your money or personal information. Here are three guidelines to remember: Know who you’re sending money to. Remember, most payment apps are 1 meant to be used between people who know each other and not to buy things from strangers. Treat these transactions like cash: Once you send the money, it’s gone. Do your due diligence to make sure funds are being sent to the right person for the right purpose.
Avoid using payment apps to purchase a product or service that you haven’t
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already received. Depending on the payment service provider, there may be no recourse. Don’t disclose your personal information. Cybercriminals will pretend to be an employee of your bank or from your payment provider’s customer care center or fraud department. The fraudster will try to talk you into sharing your login ID and password. That’s a red flag. Enable multifactor authentication. Many payment services already include this security setting, which is a second step to verify who you are, such as a text with a code — for any accounts or services you use that support it. Your bank or payment provider will never call you to request information it already has or ask to remote into your computer unless you initiated the request for help with some banking issue. Always be careful when discussing financial details over the phone. When crossing the street, you always look both ways just to be safe. The same caution can be used when using a payment app. As long as you take precautions, you can enjoy the great convenience of using them with your friends and family. 3 4
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IN YOUR CORNER ISSUE 11 | 2022
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