Payment apps, and sending money without losing it

Payment apps let you send money to someone without writing a check or handing over cash. You link a bank account, a debit card or a credit card as the source of funds. Scammers push people toward these apps because money sent through them is hard to get back.

Why a payment is hard to undo

Most payments you send come out of your balance right away. A check can sometimes be stopped and a bill payment cancelled, but mobile payment services generally have no recall feature. Money you receive may not be available to spend right away, even when it shows in the app.

Who to pay

The safest way to use these apps is with family, friends and others you know and trust. Payments to strangers go wrong in familiar ways. A seller takes payment for tickets and never delivers them. A buyer appears to pay you, then cancels the payment before it reaches your bank.

Before you press send

• Ask for a request first. When you pay someone for the first time, ask them to send a payment request from their app. If the app has no request feature, send a small test payment first.
• Check the name and the amount. A simple mistype can send money to the wrong person, or send the wrong amount.
• Confirm an unexpected request. If someone you know asks for money out of the blue, speak with them directly, since their account may have been hacked.

The common scams

In a fake emergency, someone poses as a loved one in trouble and asks for money fast. In a fake prize, you're told to pay a fee to collect winnings. Never pay to collect a prize. Never share your account login with anyone who contacts you. To reach the app's real support team, start from the app itself.

Locking the app

Most payment apps let you set a passcode, PIN or fingerprint to approve each payment. Multi-factor authentication adds a second check when someone signs in to the account.

An annotated example

What to do next

Open each payment app you use and turn on a PIN or fingerprint for payments, and multi-factor authentication for the account. Before paying someone new, ask them for a request from their app.