How to protect yourself against fraud
It’s easy being an online consumer these days; and it’s also never been easier to split the bill with your friend after a great meal. The use of apps is a popular way to conduct transactions, however, buyer beware that all financial service apps are not alike and could cost you if you use the wrong one.
There is a distinct difference between apps used for business or merchant transactions such as buying an item from an online vendor and “P2P” apps, also known as “Peer-to-Peer” or “Person-to-Person” type of transactions. Any “P2P” transactions using our Credit Union Visa® cards are not covered in the event of fraud.
Here are a few tips to avoid falling victim to fraudulent purchases:
- Separate business and personal: Anyone selling products or services online becomes a merchant. Some “P2P” services do not support handling disputes and many credit card companies leave it up to the buyer to resolve disputes.*
- That said, choose a vetted service app and confirm that any merchant transaction disputes will be addressed by the company.
- Keep all of your apps updated. Don’t leave yourself open to hackers. Keeping your apps updated with the latest software is a good defense against a security breach and offers the best way to protect yourself.
Consumer Reports offers more information about ways to protect your financial security online.
* Visa’s Zero Liability Policy does not cover “P2P”, “Peer-to-Peer” or “Person-to-Person” transactions.