Finance

Is It Safe to Transfer Money Using Apps?

These days, sending money via digital apps has become one of the most popular ways of exchanging currency. However, there are many cases where people are sending money with less than safe apps, thus increasing the potential for them to be scammed out of their hard-earned dollars. This is why many people question whether or not it is safe to use a send money app.

How Money Transfer Apps Work

These money transfer apps actually are very simple and reflect an expansion of EFT or Electronic Funds Transfer. You use an EFT whenever you make a credit card or debit card payment. Generally speaking, the technology is safe and secure, and while not foolproof, it is an easy way to move money electronically.

For a high-quality app for money transferring service, security is absolutely paramount. These services will put in place a number of security measures and encryption methods that will confirm that no personal information can be stolen and that the money cannot be diverted elsewhere. Furthermore, most of the time, if there is a security breach, the network in question will be responsible for making up any financial loss. 

Thus, as long as you use these apps responsibly, they are generally regarded as very safe.

transfer money

Possible App Scams

Unfortunately, that is not to say that there are not a variety of scams out there that are designed to separate you from your hard-earned money. These include:

  • Phishing scams. In scams like these, a hacker will gain access to someone else’s Email. Posing as that person, they will then send out a massive Email blast, saying that they have been arrested or have an otherwise desperate need for money. They will urge you to wire them the money as quickly as possible or get it to them using an app. 
  • Fake apps. There is a slew of financial apps available today, so it is not unheard of for someone to be using a newer app that you may not have heard of yet. As such, someone may combine a phishing scam with a fake app, and use that information to gain access to your bank account.
  • Giveaway scam, in which you will be contacted by someone posing as a representative of the app, saying you won a giveaway. If you enter your banking information or your username and password, you will lose access to your account and give someone else access to your financial information.

How to Protect Yourself

There are few key ways to protect yourself against money app scams:

  • Never click on a link from someone you don’t know.
  • Never give anyone money unless you confirm the amount and their identity off-line – this can help to prevent accidental transactions.
  • Never, ever give out your contact information, and don’t enter your username or password on any site unless you can confirm that you are at the right URL.
  • Only use apps that have high ratings and that you have Googled ahead of time.

transfer money

There is no question that there are very, very safe ways to use these financial apps. Unfortunately, there is also no question that it is easy to get scammed. Using common sense and a bit of caution can go a long way to protecting yourself from being scammed by one of these apps.

 

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