More and more people are becoming comfortable with sending money through their smartphones than by writing checks and visiting physical banks. Not only is it convenient, but also cheaper, and faster. For sure, money transfer apps have disrupted the remittance industry, and they have made life a little easier for everyone. Yet, there’s one major problem affecting them – fraud.
So many individuals are complaining about losing their funds to scammers through money transfer apps. In fact, fraud cases within money transfer apps are up to four times higher than in conventional methods. Scammers are consistently exploiting unsuspecting clients with money transfer apps. So many transactions take place every minute. So much so that it can become a challenge to monitor fraudulent transactions. But in the wake of all this madness, there’s hope. Here’s what you can do to ensure that you don’t get scammed when using money transfer apps:
Transfer Money Only to People You Know
Most people get scammed for trusting unknown people they meet online. It is strongly advised that you only transact with people you know at a personal level. Preferably, you need to make payments to people within your address book. This way, even the chance of making a wrong transaction is pretty slim.
If you must send money to someone out of your address book, then you need to ensure that you have the right phone number and email belonging to that particular individual. Also, ensure that you countercheck the transaction for any errors that you might have made when feeding in the details.
Only Use Trusted Money Transfer Apps
Technology enabled the mushrooming of different money transfer apps that have flooded the market. The problem that this creates is that many people don’t even know the right apps to choose from. This is how scammers take advantage. You can easily lose your money when you use a money transfer app with questionable security. Remember, you have to be very cautious when selecting a money transfer application online.
The best way is to first do your homework before landing on any app to use. Start by checking whether or not they are registered and approved by the relevant authorities. Thereafter, you can check their online reputation. What do other clients say about the app? Preferably, you can base your research on third-party reviewers rather than the application’s website. This will paint a more accurate picture of how people perceive the app.
Once you have completed your research, you can now settle on one app that you can use to send funds. Alternatively, you can also narrow it down to two to three money transfer apps, which you can use interchangeably based on their offers.
Enable Security Features on Money Transfer Apps
Most advanced money transfer apps have sophisticated and latest security features. All of these security features are there to help keep you safe online when you make transactions. But the challenge is that some of them need your permission to run. If you don’t give the app that permission, then they can’t really protect you and your money fully.
For instance, you need to allow top-notch security features such as multi-factor authentication and biometrics. These two specifically ensure that even if someone manages to get away with your phone, they can’t access your funds. They’ll need to have your biometrics and get codes for the multi-factor authentication to at least have any chance of accessing your funds.
If you haven’t yet enabled such security features, then now is the time to do so. This will keep you safe while transacting online.
Keep Tabs with the Money Transfer until Completion
While money transfer apps are pretty quick, sometimes there may be delays that will lead to disruptions. Hence, it is very important for you to keep checking the status of your transaction until it gets to the recipient. This way, you can get to know if there was any disruption that blocked the transaction from completing.
Don’t Give Any of Your Account Credentials to Anyone
No money transfer service will call you to request your private credentials. Therefore, anyone calling you to inquire about such information is out to dupe and swindle you – avoid them like plaque.
Also, if you have any problems with your account, don’t freely give your personal details – even to a customer care representative. If you need help, they’ll always be able to help you from their end without requiring your account details. Well, unless they are scammers.
Report Any Suspicious Activities Immediately
In the event that you note some suspicious activity in your app, you need to notify the customer service team right away. Don’t postpone such an alert, as it could be crucial to the safety of your information and funds.
Final Thoughts
Your safety online is a priority to credible money transfer apps. That is why they are constantly coming up with features to ensure users and their funds remain safe at all times. But still, you have a role to play too. Follow the tips above carefully to ensure that you’re bolstering your online security.
