David C. Branch on Advice for Using Payment Apps

Payment apps are growing in popularity because they offer a more convenient way to pay, allowing people the option of leaving their wallets at home. While these apps do provide secure payment methods, the app you use is only as secure as your practices. Here are a few tips for keeping your payment app and your financial information protected.

Set a Secure Password
Your password should be unique, and you should avoid sharing it with anyone. In creating your password, use a broad mix of characters that include upper and lowercase letters, numbers, and special characters. As a general rule, change your password every three months.

Make Use of Two-Factor Authentication Protocols
While the phrase "two-factor authentication protocol" may sound confusing, it simply means that there are two steps to logging into your payment app. Before you can enter your username and password, you must request a login code. That code will be sent to you via a text message or email and, once received, you'll be required to enter it into a field in the app. After entering the correct code, you can log in normally.

Don't Keep an Account Balance
It's not necessary to maintain a large balance in a payment app, and it provides no benefit to you. If you feel comfortable keeping a balance, make it a small amount. This will protect you from losing a large sum of money if you lose your phone or your app is hacked.

Don't Supply Too Much Information
Some people take the extra time to fill out a profile completely even when that means providing information that isn't required. This can make it easier for a hacker to commit identity theft and access multiple accounts. When filling out your payment app profile, don't provide a photo, phone number, or other unnecessary information.

As you sign up for a payment app account, you should also be sure to familiarize yourself with their payment dispute process. While these steps can help you stay secure, there's nothing that makes an app impenetrable and you may get hacked someday. If you're prepared for that eventuality, you can respond more quickly and minimize the damage to your financial accounts. When you stay informed and practice good security protocols, you can make the use of any payment app that much more convenient and safe.