Although Peer-to-Peer (P2P) apps, like Venmo or Zelle, are convenient, many consumers don’t realize these payment services offer no or limited fraud protection. There is a risk involved because once you send money digitally using these apps, it may be impossible to get it back.
Here are helpful tips:
- Never send money to strangers.
- Double check the username or phone number of the person you are sending money to. There may be similar usernames.
- Always OPT IN for stronger security.
- Research the app policies and customer service information so you know where to go if you run into an issue.
- Make sure you update your P2P apps, so they always have the latest protection and security features.
- Set up transaction alerts so you are notified immediately anytime your account is used. Nymeo provides these security features in online banking.
- Consider using your credit card instead of your debit card.
- Don’t use public Wi-Fi: When it comes to money transfers, it’s best to use your own Wi-Fi or data. It’s also important to secure your devices at home.
Money transfer apps are convenient, but don't have FDIC or NCUA insurance or all the protections a credit union or bank offers. As a reminder, no one representing a financial institution or a respectable company should ask for your password information over the phone, on social media, or through any other medium.
Sending money using the Nymeo Online Banking or Mobile App:
At Nymeo, we want to make sure our members’ information is secure and doesn’t end up in the wrong hands. If you have questions or concerns about fraud, we are happy to help you.
We also offer a secure payment option in Nymeo online banking under Bill Pay. You can pay a business or a person safely. More information on how to set this up can be found in online banking.
Category: Online Banking