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Are Cash Transfer Apps Safe to Use? Here’s What Your Family Needs to Know

Are Cash Transfer Apps Safe to Use? Here’s What Your Family Needs to Know

cash appsI can’t recall the last time I gave my teenage daughter cash for anything. If she needs money for gas, I Venmo it. A Taco Bell study break with the roommates? No problem. With one click, I transfer money from my Venmo account to hers. She uses a Venmo credit card to make her purchase. To this mom, cash apps may be the best thing to happen to parenting since location tracking became possible. But as convenient as these apps may be, are they safe for your family to use?

How do they work?

The research company, eMarketer, estimates that 96.0 million people used Peer-to-Peer (P2P) payment services this year (that’s 40.4% of all mobile phone users), up from an estimated 82.5 million last year.

P2P technology allows you to create a profile on a transfer app and link your bank account or credit card to it. Once your banking information is set up, you can locate another person’s account on the app (or invite someone to the app) and transfer funds instantly into their P2P account (without the hassle of getting a bank account number, email, or phone number). That person can leave the money in their app account, move it into his or her bank account, or use a debit card issued by the P2P app to use the funds immediately. If the app offers a credit card (like Venmo does), the recipient can use the Venmo card like a credit card at retailers most anywhere. 

Some of the more popular P2P apps include Venmo, Cash App, Zelle, Apple Pay, Google Wallet, PayPal.me, Facebook Messenger, and Snapcash, among others. Because of the P2P platform’s rapid growth, more and more investors are entering the market each day to introduce new cash apps, which is causing many analysts to speculate on need for paper check transactions in the future.

Are they safe?

While sending your hard-earned money back and forth through cyberspace on an app doesn’t sound safe, in general, it is. Are there some exceptions? Always. 

Online scam trends often follow consumer purchasing trends and, right now, the hot transaction spot is P2P platforms. Because P2P money is transferred instantly (and irreversibly), scammers exploit this and are figuring out how to take people’s money. After getting a P2P payment, scammers then delete their accounts and disappear — instantly

In 2018 Consumer Reports (CR) compared the potential financial and privacy risks of five mobile P2P services with a focus on payment authentication and data privacy. CR found all the apps had acceptable encryption but some were dinged for not clearly explaining how they protected user data. The consumer advocacy group ranked app safety strength in this order: Apple Pay, Venmo, Cash App, Facebook Messenger, and Zelle. CR also noted they “found nothing to suggest that using these products would threaten the security of your financial and personal data.”

While any app’s architecture may be deemed safe, no app user is immune from scams, which is where app safety can make every difference. If your family uses P2P apps regularly, confirm each user understands the potential risks. Here are just a few of the schemes that have been connected to P2P apps.

cash apps

Potential scams

Fraudulent sellers. This scam targets an unassuming buyer who sends money through a P2P app to purchase an item from someone they met online. The friendly seller casually suggests the buyer “just Venmo or Cash App me.” The buyer sends the money, but the item is never received, and the seller vanishes. This scam has been known to happen in online marketplaces and other trading sites and apps.

Malicious emails. Another scam is sending people an email telling them that someone has deposited money in their P2P account. They are prompted to click a link to go directly to the app, but instead, the malicious link downloads malware onto the person’s phone or computer. The scammer can then glean personal information from the person’s devices. To avoid a malware attack, consider installing comprehensive security software on your family’s computers and devices.

Ticket scams. Beware of anyone selling concert or sporting event tickets online. Buyers can get caught up in the excitement of scoring tickets for their favorite events, send the money via a P2P app, but the seller leaves them empty-handed.

Puppy and romance scams. In this cruel scam, a pet lover falls in love with a photo of a puppy online, uses a P2P app to pay for it, and the seller deletes his or her account and disappears. Likewise, catfish scammers gain someone’s trust. As the romantic relationship grows, the fraudulent person eventually asks to borrow money. The victim sends money using a P2P app only to have their love interest end all communication and vanish.  

P2P safety: Talking points for families

Only connect with family and friends. When using cash apps, only exchange money with people you know. Unlike an insured bank, P2P apps do not refund the money you’ve paid out accidentally or in a scam scenario. P2P apps hold users 100% responsible for transfers. 

Verify details of each transfer. The sender is responsible for funds, even in the case of an accidental transfer. So, if you are paying Joe Smith your half of the rent, be sure you select the correct Joe Smith, (not Joe Smith_1, or Joe Smithe) before you hit send. There could be dozens of name variations to choose from in an app’s directory. Also, verify with your bank that each P2P transaction registers.

Avoid public Wi-Fi transfers. Public Wi-Fi is susceptible to hackers trying to access valuable financial and personal information. For this reason, only use a secure, private Wi-Fi network when using a P2P payment app. If you must use public Wi-Fi, consider using a Virtual Private Network (VPN).

cash apps

Don’t use P2P apps for business. P2P apps are designed to be used between friends and include no-commercial-use clauses in their policies. For larger business transactions such as buying and selling goods or services use apps like PayPal. 

Lock your app. When you have a P2P app on your phone, it’s like carrying cash. If someone steals your phone, they can go into an unlocked P2P app and send themselves money from your bank account. Set up extra security on your app. Most apps offer PINs, fingerprint IDs, and two-factor authentication. Also, always lock your device home screen.

Adjust privacy settings. Venmo includes a feed that auto shares when users exchange funds, much like a social media feed. To avoid a stranger seeing that you paid a friend for Ed Sheeran tickets (and won’t be home that night), be sure to adjust your privacy settings. 

Read disclosures. One way to assess an app’s safety is to read its disclosures. How does the app protect your privacy and security? How does the app use your data? What is the app’s error-resolution policy? Feel secure with the app you choose.

We’ve learned that the most significant factor in determining an app’s safety comes back to the person using it. If your family loves using P2P apps, be sure to take the time to discuss the responsibility that comes with exchanging cash through apps. 

The post Are Cash Transfer Apps Safe to Use? Here’s What Your Family Needs to Know appeared first on McAfee Blogs.

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Attention Facebook Users: Here’s What You Need to Know About the Recent Breach

Attention Facebook Users: Here’s What You Need to Know About the Recent Breach

With over 2.4 billion monthly active users, Facebook is the biggest social network worldwide. And with so many users come tons of data, including some personal information that may now potentially be exposed. According to TechCrunch, a security researcher found an online database exposing 419 million user phone numbers linked to Facebook accounts.

It appears that the exposed server wasn’t password-protected, meaning that anyone with internet access could find the database. This server held records containing a user’s unique Facebook ID and the phone number associated with the account. In some cases, records also revealed the user’s name, gender, and location by country. TechCrunch was able to verify several records in the database by matching a known Facebook user’s phone number with their listed Facebook ID. Additionally, TechCrunch was able to match some phone numbers against Facebook’s password reset feature, which partially reveals a user’s phone number linked to their account.

Attention Facebook Users: Here’s What You Need to Know About the Recent Breach

It’s been over a year since Facebook restricted public access to users’ phone numbers. And although the owner of the database wasn’t found, it was pulled offline after the web host was contacted. Even though there has been no evidence that the Facebook accounts were compromised as a result of this breach, it’s important for users to do everything they can to protect their data. Here are some tips to keep in your cybersecurity arsenal:

  • Change your password. Most people will rotate between the same three passwords for all of their accounts. While this makes it easier to remember your credentials, it also makes it easier for hackers to access more than one of your accounts. Try using a unique password for every one of your accounts or employ a password manager.
  • Enable two-factor authentication. While a strong and unique password is a good first line of defense, enabling app-based two-factor authentication across your accounts will help your cause by providing an added layer of security.

And, of course, to stay on top of the latest consumer and mobile security threats, be sure to follow @McAfee_Home on Twitter, listen to our podcast Hackable? and ‘Like’ us on Facebook.

The post Attention Facebook Users: Here’s What You Need to Know About the Recent Breach appeared first on McAfee Blogs.

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How to Spring Clean Your Digital Life

How to Spring Clean Your Digital Life

With winter almost gone, now is the perfect time to start planning your annual spring clean. When we think about our yearly sort out, most of us think about decluttering our chaotic linen cupboards or the wardrobes that we can’t close. But if you want to minimise the opportunities for a hacker to get their hands on your private online information then a clean-up of your digital house (aka your online life) is absolutely essential.

How to Spring Clean Your Digital Life

Not Glamourous but Necessary

I totally accept that cleaning up your online life isn’t exciting but let me assure you it is a must if you want to avoid becoming a victim of identity theft.

Think about how much digital clutter we have accumulated over the years? Many of us have multiple social media, messaging and email accounts. And don’t forget about all the online newsletters and ‘accounts’ we have signed up for with stores and online sites? Then there are the apps and programs we no longer use.

Well, all of this can be a liability. Holding onto accounts and files you don’t need exposes you to all sorts of risks. Your devices could be stolen or hacked or, a data breach could mean that your private details are exposed quite possibly on the Dark Web. In short, the less information that there is about you online, the better off you are.

Digital clutter can be distracting, exhausting to manage and most importantly, detrimental to your online safety. A thorough digital spring clean will help to protect your important, online personal information from cybercriminals.

What is Identity Theft?

Identity theft is a serious crime that can have devastating consequences for its victims. It occurs when a person’s personal information is stolen to be used primarily for financial gain. A detailed set of personal details is often all a hacker needs to access bank accounts, apply for loans or credit cards and basically destroy your credit rating and reputation.

How To Do a Digital Spring Clean

The good news is that digital spring cleaning doesn’t require nearly as much elbow grease as scrubbing down the microwave! Here are my top tips to add to your spring-cleaning list this year:

  1. Weed Out Your Old Devices

Gather together every laptop, desktop computer, tablet and smartphone that lives in your house. Now, you need to be strong – work out which devices are past their use-by date and which need to be spring cleaned.

If it is finally time to part ways with your first iPad or the old family desktop, make sure any important documents or holiday photos are backed up in a few places (on another computer, an external hard drive AND in cloud storage program such as Dropbox and or iCloud) so you can erase all remaining data and recycle the device with peace of mind. Careful not to get ‘deleting’ confused with ‘erasing,’ which means permanently clearing data from a device. Deleted files can often linger in a device’s recycling folder.

  1. Ensure Your Machines Are Clean!

It is not uncommon for viruses or malware to find their way onto your devices through outdated software so ensure all your internet-connected devices have the latest software updates including operating systems and browsers. Ideally, you should ensure that you are running the latest version of apps too. Most software packages do auto-update but please take the time to ensure this is happening on all your devices.

  1. Review and Consolidate Files, Applications and Services

Our devices play such a huge part in our day to day lives so it is inevitable that they become very cluttered. Your kids’ old school assignments, outdated apps and programs, online subscriptions and unused accounts are likely lingering on your devices.

The big problem with old accounts is that they get hacked! And they can often lead hackers to your current accounts so it’s a no-brainer to ensure the number of accounts you are using is kept to a minimum.

Once you have decided which apps and accounts you are keeping, take some time to review the latest privacy agreements and settings so you understand what data they are collecting and when they are collecting it. You might also discover that some of your apps are using far more of your data than you realised! Might be time to opt-out!

  1. Update Passwords and Enable Two-Factor Authentication

As the average consumer manages a whopping 11 online accounts – social media, shopping, banking, entertainment, the list goes on – updating our passwords is an important ‘cyber hygiene’ practice that is often neglected. Why not use your digital spring cleaning as an excuse to update and strengthen your credentials?

Creating long and unique passwords using a variety of upper and lowercase numbers, letters and symbols is an essential way of protecting yourself and your digital assets online. And if that all feels too complicated, why not consider a password management solution? Password managers help you create, manage and organise your passwords. Some security software solutions include a password manager such as McAfee Total Protection.

Finally, wherever possible, you should enable two-factor authentication for your accounts to add an extra layer of defense against cyber criminals. Two-factor authentication is where a user is verified by opt-out password or one-off code through a separate personal device like a smart phone.

Still not convinced? If you use social media, shop online, subscribe to specialist newsletters then your existence is scattered across the internet. By failing to clean up your ‘digital junk’ you are effectively giving a set of front door keys to hackers and risking having your identity stolen. Not a great scenario at all. So, make yourself a cuppa and get to work!

Til Next Time

Alex xx

 

 

 

 

The post How to Spring Clean Your Digital Life appeared first on McAfee Blogs.

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Clicks & Cliques: How to Help Your Daughter Deal with Mean Girls Online

Clicks & Cliques: How to Help Your Daughter Deal with Mean Girls Online

Clicks & Cliques: How to Help Your Daughter Deal with Mean Girls OnlineAccording to a new report released by the National Center for Education Statistics (NCES), mean girls are out in force online. Data shows that girls report three times as much harassment online (21%) as boys (less than 7%). While the new data does not specify the gender of the aggressors, experts say most girls are bullied by other girls.

With school back in full swing, it’s a great time to talk with your kids — especially girls — about how to deal with cyberbullies. Doing so could mean the difference between a smooth school year and a tumultuous one.

The mean girl phenomenon, brought into the spotlight by the 2004 movie of the same name, isn’t new. Only today, mean girls use social media to dish the dirt, which can be devastating to those targeted. Mean girls are known to use cruel digital tactics such as exclusion, cliques, spreading rumors online, name-calling, physical threats, sharing explicit images of others, shaming, sharing secrets, and recruiting others to join the harassment effort.

How parents can help

Show empathy. If your daughter is the target of mean girls online, she needs your ears and your empathy. The simple, powerful phrase, “I understand,” can be an instant bridge builder. Parents may have trouble comprehending the devastating effects of cyberbullying because they, unlike their child, did not grow up under the threat of being electronically attacked or humiliated. This lack of understanding, or empathy gap, can be closed by a parent making every effort empathize with a child’s pain.

Encourage confidence and assertiveness. Mean girls target people they consider weak or vulnerable. If they know they can exploit another person publicly and get away with it, it’s game on. Even if your daughter is timid, confidence and assertiveness can be practiced and learned. Find teachable moments at home and challenge your daughter to boldly express her opinions, thoughts, and feelings. Her ability to stand up for herself will grow over time, so get started role-playing and brainstorming various ways to respond to mean girls with confidence.

Ask for help. Kids often keep bullying a secret to keep a situation from getting worse. Unfortunately, this thinking can backfire. Encourage your daughter to reach out for help if a mean girl situation escalates. She can reach out to a teacher, a parent, or a trusted adult. She can also reach out to peers. There’s power in numbers, so asking friends to come alongside during a conflict can curb a cyberbully’s efforts.Clicks & Cliques: How to Help Your Daughter Deal with Mean Girls Online

Exercise self-control. When it comes to her behavior, mean girls habitually go low, so encourage your daughter always to go high.  Regardless of the cruelty dished out, it’s important to maintain a higher standard. Staying calm, using respectful, non-aggressive language, and speaking in a confident voice, can discourage a mean girl’s actions faster than retribution.

Build a healthy perspective. Remind your daughter that even though bullying feels extremely personal, it’s not. A mean girl’s behavior reflects her own pain and character deficits, which has nothing to do with her target. As much as possible, help your daughter separate herself from the rumors or lies being falsely attached to her. Remind her of her strengths and the bigger picture that exists beyond the halls of middle school and high school.

Teach and prioritize self-care. In this context, self-care is about balance and intention. It includes spending more time doing what builds you up emotionally and physically — such as sleep and exercise — and less time doing things that deplete you (like mindlessly scrolling through Instagram).

Digitally walk away. When mean girls attack online, they are looking for a fight. However, if their audience disengages, a bully can quickly lose power and interest. Walk away digitally by not responding, unfollowing, blocking, flagging, or reporting an abusive account. Parents can also help by monitoring social activity with comprehensive software. Knowing where your child spends time online and with whom, is one way to spot the signs of cyberbullying.

Parenting doesn’t necessarily get easier as our kids get older and social media only adds another layer of complexity and concern. Even so, with consistent family conversation and connection, parents can equip kids to handle any situation that comes at them online.

The post Clicks & Cliques: How to Help Your Daughter Deal with Mean Girls Online appeared first on McAfee Blogs.

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