Which Online Money Transfer Service Is the Most Secure?
Dear Lifehacker, Services like Venmo, Square Cash and other instant money-transfer services make sending a money to friends, splitting a check, or paying the rent easy. However, Venmo was just called out for its lax security, and now I’m spooked. Which of these apps are secure? Can I trust them? Sincerely, Mobile Moneymaker Dear Mobile Moneymaker, Money transfer services that let you send money from your bank account to anyone with a few clicks at your computer, or a few taps on your smartphone, are fairly popular. Once you’re used to sending money to a friend by email address or phone number instead of asking them for a banking and routing information, it can be really convenient. It’s even better if you live far apart, don’t carry cash, or want to send money instantly instead of wait for your bank to process the funds. However, whenever you grant a service access to your bank account, you also open the door to identity theft, stolen money, fraudulent transactions, or worse. Like you mentioned, last week Venmo, one of the most popular apps of this type (owned by Paypal), was got caught up in a nasty hack that ended up with one […]
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