However, Venmowas just called out for its lax security, and now I’m spooked.
Which of these apps are secure?
Can I trust them?
Subsequently, the companyhalfheartedly agreed to tackle its security problems.
How Secure Are These Services Overall?
On the surface, all of these services do the right things.
They all use SSL to protect your identity and activity when you use their apps and web sites.
They all have security policies and help pages that say the right things.
They warn users to avoid phishing emails, watch their transactions, and avoid authenticating too many devices.
Beyond that though, they only have instructions on how to avoid phishing and other fraud attempts.
Some don’t even have mandatory notifications when you process a transaction.
To their credit, PayPal does offer two-factor authentication, and notifications on account changes like password resets.
That’s good from a safety perspective, but definitely less convenient than some other services.
Which Ones Are TheMostSecure?
On their face, PayPal and Google Wallet would be the most secure.
The others are new, and their aim is to make sending and receiving moneyconvenient.That convenience comes with sacrifices.
That doesn’t, however, make either service “hackproof.”
PayPal hashad its shareorsecurity worriesin the past.
It’snever suffered a broad intrusion, but that doesn’t mean it’s not possible.
Google Wallethas suffered a series of hacks.
That’s a thin screen, but its more than the competition.
What Are Some Alternatives?
There are a few alternatives to these money payment services, although they may not be as convenient.
Even so, it’s worth looking into what your bank offers.
Should I Trust These Services at All?
With all of these security issues, it’s tempting to give up on mobile money transfer.
If the outrage over Venmo’s security issues is any indication, more than a few people have.
However, it’s not fair to say these services are insecure, or that you should avoid them.
Keep your notifications turned on, and keep the number of connected devices to your account low.
Title image made usingfrescomovie(Shutterstock) andPandaVector(Shutterstock).
Additional images byJean-Etienne Minh-Duy Poirrier,Michael Cote, andTerry Johntson.
