{"id":122467,"date":"2024-03-26T07:26:39","date_gmt":"2024-03-26T14:26:39","guid":{"rendered":"\/blogs\/?p=122467"},"modified":"2025-04-24T20:07:18","modified_gmt":"2025-04-25T03:07:18","slug":"avoid-making-costly-mistakes-with-your-mobile-payment-apps","status":"publish","type":"post","link":"https:\/\/www.mcafee.com\/blogs\/mobile-security\/avoid-making-costly-mistakes-with-your-mobile-payment-apps\/","title":{"rendered":"Avoid Making Costly Mistakes with Your Mobile Payment Apps"},"content":{"rendered":"

T<\/span>here used to be a time when\u00a0<\/span>one roommate<\/span>\u00a0split the\u00a0<\/span>cost of<\/span>\u00a0<\/span>rent<\/span>\u00a0with another<\/span>\u00a0by writing a check.<\/span>\u00a0Who still owns a checkbook these days?<\/span>\u00a0Of course, those days are<\/span>\u00a0nearly<\/span>\u00a0long gone, in large part thanks to<\/span>\u00a0\u201cpeer to peer\u201d (P2P)<\/span>\u00a0mobile payment apps<\/span>, like\u00a0<\/span>Venmo,\u00a0<\/span>Zelle,<\/span>\u00a0or Cash App<\/span>.\u00a0<\/span>Now with a simple click on a<\/span>n app, you can transfer your friend money for brunch<\/span>\u00a0before you even leave the table<\/span>.\u00a0<\/span>Yet for all their convenience,\u00a0<\/span>P2P\u00a0<\/span>mobile payment apps could cost you a couple of bucks<\/span>\u00a0o<\/span>r more<\/span>\u00a0if you\u2019re not on the lookout for things like fraud<\/span>.<\/span>\u00a0The good news is that there are some straightforward ways to protect yourself.<\/span>\u00a0<\/span><\/p>\n

You likely<\/span>\u00a0have\u00a0<\/span>one<\/span>\u00a0<\/span>of these apps on your phone already<\/span>.\u00a0<\/span>If so, you\u2019re among the many. It\u2019s estimated\u00a0<\/span>that<\/span>\u00a0<\/span>49% of adults in the U.S. use <\/span>mobile payment\u00a0<\/span>apps like these<\/span><\/a>.\u00a0<\/span><\/p>\n

Yet with all those different apps come different policies and protections associated with them. So<\/span>,<\/span>\u00a0if you ever get stuck with a bum charge, it may not always be so easy to get your money back.<\/span>\u00a0<\/span><\/p>\n

Seven<\/span>\u00a0quick tips\u00a0<\/span>for using your P2P mobile payment apps safely.<\/span><\/h2>\n

1.\u00a0<\/span><\/b>Add extra protection with your face, finger, or PIN.<\/span><\/b>\u00a0<\/span><\/h3>\n

In addition to\u00a0<\/span>securing your account with a strong password<\/span><\/a>,<\/span>\u00a0go into your settings and set up your app to use a PIN code, facial ID, or fingerprint ID. (And make sure you\u2019re locking your phone the same way too.) This provides an additional layer of protection in the event your phone is stolen or lost and someone<\/span>,<\/span>\u00a0other tha<\/span>n<\/span>\u00a0you<\/span>,<\/span>\u00a0tries to make a payment with it.\u00a0<\/span>\u00a0<\/span><\/p>\n

2. <\/span><\/b>Get a request or make a test before you pay in full.<\/span><\/b>\u00a0<\/span><\/h3>\n

What\u2019s worse th<\/span>a<\/span>n sending money to the wrong person?\u00a0<\/span>When paying a friend for the first time, have them make a\u00a0<\/span>payment\u00a0<\/span>request\u00a0<\/span>for<\/span>\u00a0you. This way, you can be sure that you\u2019re sending money to the right person.\u00a0<\/span>With the freedom to create account names however one\u00a0<\/span>likes, a s<\/span>mall typo<\/span>\u00a0can<\/span>\u00a0end up as a donation to\u00a0<\/span>a complete stranger<\/span>.<\/span>\u00a0<\/span>To top it off,\u00a0<\/span>that money could be gone for\u00a0<\/span>good<\/span>!<\/span>\u00a0<\/span><\/p>\n

Another option is to make a test payment. Sending a small amount to that new account lets both of you know that the routing is right and that a full payment can be made with confidence.<\/span>\u00a0<\/span><\/p>\n

3.\u00a0<\/span><\/b>You can\u2019t always issue a \u201chold\u201d or \u201cstop payment\u201d with mobile payment apps.<\/span><\/b>\u00a0<\/span><\/h3>\n

Bye, bye, bye!\u00a0<\/span>Unlike some other payment methods, new mobile payment apps don\u2019t have a way to dispute a charge, cancel a payment, or otherwise use some sort of recall or retrieval feature. If anything, this reinforces the thought above\u2014be sure that you\u2019re absolutely making the payment to the right person.<\/span>\u00a0<\/span><\/p>\n

4. <\/span><\/b>When you can,\u00a0<\/span><\/b>use<\/span><\/b>\u00a0your app\u00a0<\/span><\/b>with<\/span><\/b>\u00a0a credit card.<\/span><\/b>\u00a0<\/span><\/h3>\n

Credit cards offer a couple of clear advantages over debit cards when using\u00a0<\/span>them in association with\u00a0<\/span>mobile payment apps (and online shopping for that matter too).\u00a0<\/span>Essentially, t<\/span>hey can protect you better from fraud:<\/span>\u00a0<\/span><\/p>\n