Is Peer to Peer Payment Apps as Safe as They Are Convenient?

Peer to peer payment apps or P2P payments is booming game changers when it comes to financial exchange, especially amongst millennials. No matter whether you are doing a business transaction or loaning five bucks to a friend, P2P payments bring a relieving feeling of convenience.

With guides available online, anyone can find out how to create a mobile peer to peer payment app if they’re curious to know how it works or want to make their own. The question skeptical users want to know is are they as safe as they are convenient.

1. Scammers

Although many people use P2P payment apps as an option to do business transactions, it is highly recommended not to. You could make yourself a target to fraudulent sellers, or buyers buy using this as a payment method.

A fraudulent buyer may tell you they will Venmo or CashApp you and send you either the information from someone else’s cash app, or if your notifications aren’t on, you may not realize right away that they never sent the funds at all.

Fraudulent sellers can take the money from you and never send you the product or complete the service. It is easy for them to accept the payment and disappear.

2. Hackers

With any form of technology comes some form of hacker waiting for an opportunity in the dark web. It is essential to get information on how to protect yourself on these apps because there is money involved.

With P2P apps, if you don’t go to the settings and make sure your account is private, hackers can quickly get into the app and take the money you are sending or receiving.

Not only can they take that money, but they can also get into your connected bank account and get information and linked credit and debit cards, and personal address. If your account has been hacked, there isn’t a law that requires the apps to return your money, which can be devastating and frustrating.

3. Keep Yourself Safe

There happen several things that you can do to protect yourself while using your peer to peer payment app. The first thing to do to protect yourself is to go into your settings and make your account private. Enable any security settings that are offered.

This will lessen the chances of you becoming a victim of a hacker getting into your account. Turn on your notifications also so that you can be verified immediately when you receive money. If the recipient is someone you don’t send money to often, verify all of their information before you send the money.

Also, as stated earlier, it is highly advised not to conduct your business transactions with these apps. Try to only use the app amongst people you know and are already locked into your phone list. That secures that you can understand who you are sending your money to and trust they won’t scam you.