The Do’s and Don’ts of Using Cash Apps

Be it PayPal’s® Venmo, Square’s Cash App, PopMoney® and others, cash transfer and payment apps are becoming a popular way to pay friends back and send money.
Though these peer-to-peer payment apps are convenient, this new way to transfer funds comes with its own set of risks: Scammers will try to get you to pay for things you don’t need, transpose account numbers or even try to hack your account.
Keep your payment apps secure with these tips:
 Your research. Read terms and conditions to ensure the app guarantees your transaction and encrypts your data.
 Link to a credit card instead of a debit card — it’s easier to reverse fraudulent transactions.
 Limit the amount of money in any account. Instead of linking to a bank account (some offer this to avoid a transaction fee), giving them direct access to your funds, link to your credit card or, if you must, debit card, and create a set amount available in your account.
 If you do link to a bank account, make sure it has a low balance.
 Monitor transactions carefully.
 Triple-check your recipient’s information before you send a payment.
 Only install a payment app on a device with a password, passcode and/or PIN.
 Send money to people you don’t know or trust.
 Use these apps for business purposes.
 Provide goods before you receive payment.
 Assume payment is immediate. Some take a few days to clear.
 Give anyone claiming to be a legal support representative access to your app.
 Download troubleshooting apps from a supposedly legal source at their request.
Source: Halpern Financial