Whether it’s Venmo or Cash App, WOKV’s Consumer Warrior Clark Howard says you need to take steps to protect yourself when using mobile payment services.
Howard says there’s one key rule to keep in mind.
“Only use it for payments to friends and family. You do those two ways of paying people, you will eliminate 99% of the problems that have come up with Venmo and the Cash App,” says Howard.
Howard also recommends setting up a separate bank account to use with mobile payment apps with only small amounts of money in it, so that your regular funds are not at risk if you do end up getting scammed.
Get more consumer news and advice in Clark Howard’s latest on-demand podcasts.