Mobile money transfer apps and online banks let you transfer and receive funds with just a few taps. This means you don’t have to worry about carrying a pile of debit cards or credit cards.
Although these peer-to-peer money transfer applications host a variety of advantages, they do put you at certain risks as well. For example, cybersecurity can be at the hands of hackers who may try to scam you or get unauthorized access to your sensitive accounts.
Luckily, there are some tips that can help you in securing your account and keeping hackers away from inflicting any damage.
Don’t Underestimate The Power of Complex Security Password
Have you ever been in a hurry to sign-up with an app that you didn’t pause and think about the password that you are choosing?
Well, if you want to minimize threats from scammers, the first thing to focus on is your password. Most of us make the mistake of choosing an obvious combination such as our name initial with date of birth, etc.
However, such information is easily accessible and therefore, it increases the chances that somebody would be able to guess your password.
Remember, a complex password is a strong defense against hackers. Moreover, choosing a tricky PIN can help you secure money transfer such as sending funds from Chime to Cash App, or other applications that require confirmation before transaction.
Turn On Alert Notifications Especially For Money-Sharing Apps
It may not be a pleasant experience to have your phone “beep” every second notifying you with a useless update but when it comes to mobile money transfer apps on online banks, it is best to keep this service turned on at all times.
Alert notifications can prove to be useful in catching frauds as and when they occur. They will provide you with all sorts of information about how your account is working.
In fact, some companies allow you to avail text-message updates which means you will receive alerts even when your internet connection is not active. Such features are great for monitoring your account activity at all times.
Allow Two-Factor Authentication To Safeguard Your Every Transaction
You can strengthen the security of peer-to-peer apps by turning on two-factor authentication. This means every time you make a new payment; the app would ask you to confirm it with a security code that only YOU are supposed to know.
This type of additional protection is then applicable to every action that you perform on a certain platform. For example, let’s consider that you login to Cash App using the designated password. If you then proceed to apply for a loan on Cash App, you would be asked to again confirm the task with a PIN.
Even if your password has been compromised, there is little that the hacker would be able to do in your account. You can turn on the two-factor authentication by visiting the security settings on your app.
Log Out From Apps Once You Are Done With The Payments
Most of us are under the impression that mobile phones and laptops are safe as long as we own them. Therefore, we often tend to leave apps and online accounts logged in when we wander away.
Not a smart move!
It would just take a minute to log out from such devices but this simple trick can help save you from any major loss.
Taking all the necessary steps to protect your account from hackers and scammers can secure you against an unfortunate event in the future. Just a little extra effort is all that it needs!