How can you protect yourself from mobile payment fraud?
Mobile payment apps have some security features to help protect you, but they are not enough, and you should not rely on them alone. You should also do these 10 things.
1) You should always access the payment app from the official app or website, and not from any third-party platforms or services.
2) Look at the security settings that the payment app offers and make sure they’re all set to the highest and most protective settings.
3) You should create a strong, unique, and complex password for each of your mobile payment apps and change it often. Consider using a password manager to generate and store complex passwords.
4) Enable two-factor authentication, which means that you need to enter a code or use your fingerprint or face to unlock your account to prevent unauthorized access. This way, even if someone knows your password, they can’t log in without your device or confirmation.
5) Lock your device and log out of your apps. You should always lock your phone with a password, PIN, pattern, fingerprint or face. Never share your password, PIN or security code with anyone. You should also log out of your mobile payment apps after each use and turn off the auto-login feature. This way, even if someone takes or borrows your device, they can’t access your mobile payment apps without your approval.
6) Verify the identity and legitimacy of the sender or receiver. You should always check the name, photo, username and contact information of the person or organization you are sending money to or receiving money from before accepting or sending any payment requests. You should also confirm the reason and amount of the transaction before you agree to it. If you are not sure or have any doubts, you should contact the person or organization directly through another way, such as a phone call, text message or email, but only if you know for sure that those forms of communication are legitimate. You should never send money or give your account details to anyone you don’t know or trust, or anyone who asks you to do so out of the blue.
7) Link your Venmo, Cash App and PayPal account to a
credit card as opposed to a debit card, so you can dispute a charge from scammers more easily. Zelle does not allow credit card payments. However, keep in mind that linking a credit card to your payment app can provide additional protection in the event of fraud, but this can come with extra costs in terms of transaction fees.
8) Try not to keep a balance in your money-transferring apps. You have a much better chance of being helped by your bank or credit card company when it comes to fraud than you do from a money-transferring app.
9) Never click on links from unknown sources, especially when an email or text appears to have come from the payment App. Protect yourself from accidentally clicking malicious links by running antivirus software on your device.
10) Monitor your account activity and report any suspicious or unauthorized transactions. You should set up notifications from your payment app and your bank via text or email, and check your account activity regularly. Look for any signs of fraud, such as payments you didn’t make or receive, or changes to your account settings or information.
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