At Insight Credit Union, the security of member information is a priority. Every day, unscrupulous individuals are busy developing new scams targeting the unsuspecting public and one of the best ways to avoid fraud is to become an educated consumer. Our Security Center offers a variety of valuable materials regarding information security. Be sure to check back often as content is updated regularly.
P2P payment services, like Venmo, Zelle and Square’s Cash App, are aiming to make cash obsolete – and some would contend they’re succeeding! Just a few quick swipes and you can transfer funds to a friend, pay for an item you bought online or collect money that’s owed to you. Convenient as they are, P2P payment systems have unfortunately become a breeding ground for scams and hacks.
You can keep your money safe and still enjoy the convenience of cash-transfer apps with these simple steps:
- Only send money to people you know and trust.
- Never use a P2P service for business-related transactions.
- When using Venmo, adjust your privacy settings and opt-out of public tracking.
- Carefully read the terms and conditions of a P2P service before using.
- Always choose two-factor identification and use a PIN when possible. If your app and phone allows, choose fingerprint recognition and/or touch ID for added protection.
- Accept any security updates offered by the P2P app you use.
- Check your recipient’s information carefully before completing a money transfer.
- Choose to be notified about every transaction.
- Link an external account instead of keeping your funds in the P2P account.
Here are some other articles you may find helpful:
Texting Scams: What You Need To Know
Protect Yourself Against Card Cracking Scams
Pyramid Schemes: Don't Get Caught In One