With the rapid increase in technology, the old-school of transferring money by going to the bank is going to have completely vanished very soon.
The introduction of money-transfer apps has made it easy for people to send or receive money with a single click.
No matter in which place you are living in and what time it is, if you want to transfer money, you can do it anytime from anywhere.
Despite the fact that these apps are quite convenient for us, there are involved some risks too. Transferring your hard-earned money can be risky if you fall prey to an online-scam or someone is keeping an eye on your financial information.
Scammers these days have devised a new method of stealing users’ information. Although some apps guarantee safe money transaction, there is no such app which is invulnerable to an online scam.
Risks involved with using money-transfer apps
Fake sellers- there are a number of fake online sellers who tarp people into their scam. When the buyer buys an item online, he/she is forced into using the app to transfer money in advance for his purchase. When the seller receives the money he is never to be found, and the ordered product is never received.
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Deceitful emails- another scam which is trending these days is the use of malicious emails by scammers. They send people an email which says that somebody has transferred money into their account and this way they lure people into their trap. The email contains a link through which one can check the transferred amount. Once the victim clicks on this link, he is requested to share his financial credentials to proceed further. This way the scammers gain your private information and eventually, you lose your money.
Ticket scam- the scammers these days have devised a new way to trick people into sharing their financial info. They sell concert or sporting event tickets online and ask the buyers to use apps for purchasing the ticket. But, then the ticket seller completely vanishes away.
Safety measures to take while making online-transactions
Only connect with whom you know– when using such apps, it is recommended that you only connect with friends and family because cash apps hold the users responsible for transferring money. Also, there is no refund policy if you make an accidental transaction. Once you transfer your money, you will not get it back.
Check before you pay- the most important safety measure includes verifying the details of the recipient before you transfer him the cash.
Avoid public network- do not use a public Wi-Fi connection to transfer money because these networks are vulnerable to hackers trying to access valuable financial information. Also, one should not use cash apps for business purposes.
Use an app locker- since the cash apps on your phone carry your money, it is better to secure them with an app-locker. Use a strong password or PIN to lock these apps so that nobody could hack into your phone and gain access to your financial data.
To avoid such scams, one should install and activate comprehensive security software such as McAfee AntiVirus Plus on the device which he uses to make online-transactions. Another thing to note that is one should always be open to conversations with his family and friends and discuss the risks involved with using the latest apps and programs.