Feb 19, 2020 | Security
The following is an excerpt from an article that originally appeared on FDIC.gov.
Mobile banking technology and services provide so much convenience. You can access your account from just about anywhere using a smartphone or mobile computer device today. As demand grows, the banking industry strives to improve online services while keeping customers' funds safe. A new addition to banking technoloy is person-to-person payment services.
Person-to-person payment services and mobile payment apps have become part of everyday life for many people. Payment services and apps let you send money to people without having to write a check, swipe a card, or hand them cash. With the development of new payment methods, there are also new risks, so keep the following in mind when using these services and apps.
1. Have your friend send you a request for payment first. This helps ensure that you're sending funds to the right person for the right amount. Consider sending a small, test payment to the recipient to confirm it is the right person before sending larger amounts.
2. Double-check before you press that send button. A simple mistype can send money to the wrong person or the wrong amount. Mobile payment services generally don't have a recall or retrieval feature.
3. Know when to expect to receive transferred money or when it should leave your account. Be sure to read the disclosures to find out how much time they have to complete the transaction. When you send money via mobile apps, most payments get deducted from your balance immediately.
For more information on how to stay safe while using person-to-person payment services, click here.