Tips for Safer Mobile Payments

Popular mobile payment apps like Venmo, Zelle, and CashApp promise to make sending and receiving money with others as easy as using cash. But that also means once you send money, it’s nearly impossible to get it back. 

Learn how you can make safer transactions using mobile payment apps before it’s too late.

How to Avoid Sending Money to a Scammer

  • Detect phishing attacks. Don’t click any links in text messages, emails, or direct message that ask you to send money. Avoid giving out any personal or sensitive information like your username, PIN, or password.
  • Only send money to people you know. Before you hit pay, double-check the contact details you have for the person are correct.
  • Never use money transfers to make purchases or sales. You could lose your money without ever getting what you paid for.

 

How To Protect Your Accounts

  • Use multi-factor authentication. If your smartphone is lost or stolen, all your sensitive information is available easily to fraudsters. Protect your data by using a combination of a password and a biometric mechanism such as a fingerprint, voice, or facial recognition.
  • Set up alerts in the payment app. Turn on transaction notifications outside of the app environment, such as via email or text.
  • Never share your password or verification code. You could be handing over access to your account to a scammer.
  • Regularly check your payment app and bank accounts. If you see transactions you don’t recognize, contact your bank and your app’s customer service.
  • Tie payment apps to a credit card rather than directly to your bank account. It’s easier to challenge a fraudulent credit card charge than to get money back that’s been taken from your account.

 

Paid a Scammer Through a Payment App?

  • Report it to the payment app or service and ask to reverse the transfer. 
  • Tell your financial institution immediately. If you suspect fraud via a payment app, contact Union Bank.
  • Report it to the Federal Trade Commission at ReportFraud.ftc.gov.             

Interested in helping your friends and family stay safe when using mobile payment apps? Share this handy infographic created by the American Bankers Association to arm them with useful tips.

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Interested In Union Bank Digital Wallet Debit Cards?

In addition to mobile payment apps, you may want the convenience of a digital wallet, which holds your credit cards, debit cards, boarding passes, concert tickets and more. Union Bank offers digital wallet debit cards in the Apple Pay®, Google Pay™, and Samsung Pay systems. If you have additional questions about mobile payment apps, digital wallets, or our other mobile banking options, please contact your local branch today.