Payment apps have surged in popularity, but can you really trust them?
“If you use [a peer-to-peer app] to buy those great-priced tickets off of Craigslist, and you never get those tickets, you’re out the money,” Stokes says.
If you’re doing business with a merchant you don’t know, use a payment app built for such transactions, such as PayPal, which offers dispute resolution and purchase protection.
Lee recommends reviewing an app’s security, fraud and privacy policies before installing. He also recommends using unique, complex passwords, and turning on features, such as facial recognition and passcodes, that could prevent others from accessing your phone. Enable your phone’s “find my device” feature, which lets you erase its data if the phone is lost or stolen.
With proper precautions, though, feel free to use mobile payment apps, Lee says. In many ways, they’re more secure than traditional payment methods because your financial information isn’t exposed during the transaction. Your bank account or credit or debit card numbers can’t be intercepted by criminals or stored in a merchant database where they could be accessed by hackers.
“The mainstream products and services are very secure,” Lee says. “And particularly today, there are a lot of advantages to contactless payments in one form or another.”
More on: independenttribune.com