Do this to make peer-to-peer payments more secure

SAN ANTONIO – Money may be king, but many people no longer carry it much. They use peer-to-peer applications such as Cash App, PayPal, Zelle and Venmo. But what happens if something goes wrong?

After you sent it, you spent it. This is what electronic payment applications can tell their users. Peer-to-peer applications are fast and convenient, but Consumer Reports warns that a lack of protection can make them attractive to fraudsters and risky for consumers.

“The main risk with using a P2P application is that you are not entitled to a refund if you send money to a fraudster or the wrong person, or if you send the wrong amount due to a typo,” said Octavio of Consumer Reports. Blanco.

Last year, the Federal Trade Commission received more than 70,000 fraud reports with $ 130 million in losses from the use of payment applications.

Mobile payment applications are under fire from consumer advocates who demand protection against fraud and consumer errors. For now, here’s a way to protect your payments.


“Link your credit card to the app and fund your credit card payments,” Blanco said.

This way you can get the same purchase protections that your credit card offers. However, it may not be free. Many apps charge about three percent when you use a credit card.

If you want to keep your P2P application linked to your bank account, Blanco offers a warning.

“If you’re going to use your P2P account for things like sending money to people you don’t know, you really have to be very careful, because there’s no way to get that money back if something goes wrong, and that can be very expensive.” he said.

Cash App, Paypal, Venmo and Zelle say that maintaining information and educating consumers and protecting them from fraud are top priorities. Their full company statements are below:

Money application

Fraud prevention is extremely important for the Cash application. We continue to invest and support anti-fraud resources by increasing staff, training our customers and adopting new technologies. We are constantly improving our systems and controls to help prevent, detect and report bad activity on the platform.


Paypal / Venmo

The security of PayPal and Venmo users and their account information is a top priority and we take all necessary steps to protect our customers. We have always made preventing the use of our platform by bad actors a top priority for the company. We have a zero tolerance policy for fraudulent activities and our teams work tirelessly to protect customers against anyone who tries to defraud people with good intentions.


Zelle® and its participating financial institutions monitor payment activity on the 24/7 network for suspicious activity and to help proactively protect consumers. If a consumer believes that he has been the victim of fraud, he is encouraged to contact his bank, credit union or Zelle immediately. We believe that the best protection is prevention and we offer educational resources on how to use Zelle effectively and how to spot potential fraudsters and fraudsters.

Consumer Reports describes in detail the following instructions for linking your credit card to your P2P account:


Apple Pay

From Mac or iPad: Open the Wallet settings on your device.

  • On your Mac model with Touch ID, go to System Preferences >> Wallet & Apple Pay.

  • On your iPad, go to Settings >> Wallet and Apple Pay.

Tap Add map >> Follow the on-screen instructions to add a map. >> Check your information with your bank or card issuer, which may require more information.

From iPhone: Open the Wallet app, tap the plus button. >> Touch Debit or Credit Card. >> Tap Continue. >> Follow the on-screen steps to add a new map. If prompted, select your bank or card issuer from the list or use the search bar to find them. >> Check your information with your bank or card issuer, who may request more information or may ask you to download an app before approving your card. >> If you have a paired Apple Watch, you can also add the card to your watch.

Money application

From computer: Impossible.

From smartphone: Open the Cash app. >> Tap the “Profile” icon in the upper right corner of the Cash app’s home screen. >> Then, under options, tap Related Banks. >> Tap ‘Credit Card Link’ and enter the requested information. >> Then tap “Add card” and the card will be in a file.



From computer: Log in to your account from the PayPal homepage. >> Then click ‘wallet’ at the top of the page. >> Then, on the left side of the page, click ‘Connect a debit or credit card.’ >> Then follow the instructions on the page to connect your card.

From smartphone: Log in to your account. >> Tap “wallet”. >> Then tap the plus (+) symbol to the right of Banks and Cards. >> Tap Debit and credit cards. >> Then connect your card manually or connect your PayPal account to your bank.


From computer: From the Venmo homepage, click ‘Edit payment methods.’ >> Then click “Add a debit or credit card” and add information for your card.

From smartphone: Open the Venmo app >> Go to the “You” tab by selecting the one-person icon. >> Touch the gear wheel for settings on the top right, then touch “Payment methods”. >> Tap Add Bank or Card, then tap Card. >> Add your card information manually or with your phone’s camera.


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Do this to make peer-to-peer payments more secure

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