Digital payments are on the rise and apps like Zelle, Venmo, Cash App and Apple Pay have changed the landscape of payments, but how secure are these apps? Despite numerous steps having been implemented to protect consumers fraudsters are using every trick in the books to steal money from consumers.
Digital payments apps are less regulated than debit and credit cards, especially for payments that are disputed as fraudulent, yet consumers are increasingly using digital apps to send payment to friends and family and to buy goods and services. Financial losses incurred by consumers on these apps have increased 62% from 2021. How can you protect yourself from scams and fraudulent transactions? Here are a couple of tips.
Send money only to people you know. Make sure their information is correct. Verify the information and person you are dealing with. Verify the recipient’s information carefully before sending the money. Don’t fall for scams asking you to send the money before actually verifying the person or product/service you are buying.
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