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Risks of using certain social payment apps

There are certain social payment services that are prey to hackers. Due to technological advancement in the mobile industry, transferring money online is much easier. The trouble arises because hackers have also become more advanced in their methods. 


The hackers’ entry point 

If those social payment systems are compromised, the worst scenario is that the hacker can access the sensitive bank information for payment transaction of every single user.

Open banking technology

There are social payment apps that enable payments directly from the bank of the account holder. Their process taps the funds using open banking technology. These kinds of apps have a bank payment gateway. App users may create their groups for social events such as concerts. For example, an app user buys the concert tickets for their friends. To be paid back, the person shares a payment link to those who they bought tickets for.

Choose the right social payment app

The social payment app to choose is the one that maintains the highest possible cybersecurity standards. As the open banking method for payment transactions exposes the sensitive bank information that hackers can use, it is wise to choose a safer method. There is this social payment app from a reliable money services company that uses email transfers. With this method, no banking information can be accessed by hackers. 

Tampered mobile devices 

Another issue that can happen when using a social payment app is when the user’s mobile device is accessed by someone else. If the user is logged into the app, it is possible that the person who got a hold of the mobile will manipulate the payments. The mobile device is also open to being used by anyone if there is no password. 

Add another level of security 

There is a need for any user of social payment apps to add another level of security to protect their funds. If they have a social payment app, it is best to log out when it is not in use. It is also a good idea to place a PIN or a lock on a mobile device.

Easy transfer of funds

A social payment app makes it easy to exchange money. Money transfers can take a day or be immediate. This type of money service makes it simple to pay someone back or to send funds for any other reason. For example, if someone spots the cash for the meal of a friend, the person can be paid back right away. 

About social payment apps

Social payment apps are P2P or peer-to-peer applications that provide money services. The app user can connect with their network of friends using this service. It is possible to select a person, type in the amount, and send payment to any app user. 

Download the right peer-to-peer app

When you use a social payment app, you can become more secure if you choose the right peer-to-peer application to download. Though it may seem nice to belong to a group for social payment, the open banking method makes the users more vulnerable to hacking. Don’t take risks. Discover how to pay with security and ease when you download the P2P app of this reliable money services.