The world can be a scary place, but not with ALLIANCE Credit Union. We offer personalized banking solutions and state-of-the-art identity theft protection for each of our members. However, with the increase in popularity of financial trading apps and mobile pay options, we think it is important that you understand the options available to you.
Phone vs. Wallet
The biggest difference between your smartphone and your wallet is that one of them is protected by multiple passwords and the other is vulnerable if you lose it. If you were to accidentally misplace your wallet, it could be opened by a stranger. Your smartphone, on the other hand, would be protected by things like fingerprint and facial recognition. If your phone is lost or stolen, developers provide free anti-theft countermeasures that allow you to instantly delete your financial information from your phone. Additionally, you can turn your cards off immediately through the ALLIANCE Mobile App using our Remote Control Cards service.
Mobile Pay Apps
Apps like Google, Apple, and Samsung Pay all aim to protect your financial information. Each app uses different techniques, but they all have similar results. Each company ensures that your personal information is either secured or disguised through automated processes. They create things like virtual account numbers, encryption keys (that only your payment network can unlock), and individualized numbers for your transactions to prevent your real card number from being used. So, no matter what your preference is, each of the 3 major mobile payment applications make sure you have a safe and secure transaction every time.
Peer to Peer Payment Apps
Peer to Peer payment apps (P2P for short) have grown both in variety and popularity over the past several years. P2P is a money transferring application that allows you to send funds to other people you know from your mobile device. Cash App, Venmo, PayPal, and Apple Pay are some of the most popular examples. Each application operates similarly, requiring you to create a unique ID or username before you can accept or send payments. This keeps your account or card identification secret and secure. Need tips for creating a secure password? Click HERE.
Mobile and P2P payment services are now considered to be the most secure ways to pay whether you are shopping online or in store. When it comes to protecting your financial information, awareness is key. Being aware of your account activity is critical in preventing fraud or theft. At ALLIANCE, we have all the latest fraud and identity theft securities and the backing of ASI/ESI to protect your deposits. ALLIANCE strives to provide the most modern financial solutions to each of our members – because we’ve got your back, always.
