{"id":91540,"date":"2018-09-18T06:00:54","date_gmt":"2018-09-18T13:00:54","guid":{"rendered":"https:\/\/securingtomorrow.mcafee.com\/?p=91540"},"modified":"2025-08-04T22:27:02","modified_gmt":"2025-08-05T05:27:02","slug":"sending-money-over-mobile-devices","status":"publish","type":"post","link":"https:\/\/www.mcafee.com\/blogs\/mobile-security\/sending-money-over-mobile-devices\/","title":{"rendered":"Mobile and Digital Payments: Worth the Risk?"},"content":{"rendered":"

Thanks in part to the convenience that our mobile devices provide for us, much of the world operates now on instant gratification. From accessing information on the web to doing work \u2013and now sending and receiving digital payments\u2013 our devices and applications support us while we\u2019re on the go. Whether we\u2019re paying a friend for dinner, our roommate for rent, or otherwise, many of us use peer-to-peer (P2P) mobile and digital payment apps rather than cash to settle our bills.<\/p>\n

P2P mobile and digital payment apps like Cash App, PayPal, Venmo, and Zelle have changed the way we transfer money; today it\u2019s faster, simpler, and easier than ever. In fact, they\u2019re so popular that it\u2019s estimated that in 2018, $700 billion<\/a> will be transferred in this manner. With so much money being sent and received in this way, the ease of transfer begs the question, how secure are these apps?<\/p>\n

While some have turned to using cryptocurrency and blockchain to curtail the known dangers of traditional mobile payment apps, recent cryptojacking<\/a> incidents have proven that even this new technology is not foolproof when it comes to cybersecurity and the determination of cybercriminals. And while the convenience of digital payments can\u2019t be denied, we seem to be prioritizing ease of use over security. Let\u2019s take a look at how digital payments work, as well as their security implications.<\/p>\n

How Digital Payments Work<\/strong><\/h2>\n

P2P apps like Venmo, Cash App, and others essentially all work in the same way. \u00a0Functioning as a digital wallet, users link the app to their bank accounts or credit and debit cards. Then the app adds or subtracts money based<\/a> on when users receive or send a payment. From there, users can \u201ccash out\u201d their balance to their preferred digital property, such as the account attached to a card or bank account.<\/p>\n

P2P Money Transfer Apps and Cybersecurity Concerns<\/strong><\/h2>\n

On the surface, digital money transfers may seem harmless, when in fact, they could lead to a headache of unforeseen cybersecurity concerns. The good news is that most money transfer apps will reimburse you for fraudulent charges<\/a>. However, if someone has physical access to your phone and you don\u2019t keep it locked, they can send money to themselves or others and you won\u2019t get that money back.<\/p>\n

Aside from the obvious concern of losing your phone, if you use an unsecured network to transfer money, it\u2019s easier for someone to launch a phishing attack to gain access to your data. That\u2019s because some payment apps will send request links from other users to download the app on their device. These links can be manipulated<\/a> by cybercriminals and often contain just a letter or number off so that these changes go unnoticed by day-to-day users. When clicked on, a user can be redirected to a web page and presented with malware or a virus and might be prompted to download it\u2013 giving an unfriendly host access to your financial information. Thankfully, leveraging your data plan or a VPN rather than an unsecured or pubic Wi-Fi network can help create an extra layer of protection, making it more difficult for cybercriminals to access your sensitive data.<\/p>\n

Lastly, there are often unforeseen holes in software that provide backdoor access to your financial information. Meticulously updating the software on your mobile device can help patch up known security issues, also making it easier to protect your data.<\/p>\n

Tips to Stay Safe While Using Peer-to-Peer Money Transfer Apps<\/strong><\/h2>\n

If you already use a peer-to-peer money transfer app or are on the fence about downloading one, here are some tips to take into account. By practicing multiple security habits simultaneously, your financial information is much more likely to remain safe on your devices and apps:<\/p>\n