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Transferring with trust: Person-to-person payments through your financial institution.

Ever find you’re short of cash when you need to split a purchase, or pay a friend back for the concert tickets she picked up for you? Person-to-person (P2P) payments are an increasingly popular, convenient way to save time and effort in transferring money to someone—not to mention a great alternative to carrying cash.

With apps like Venmo, Square Cash and Facebook Payments, paying your friend back has become incredibly simple. By adding your bank information to this app and connecting with a friend on the same platform, you can easily transfer funds back and forth.

 

Privacy and security.*

These days, however, privacy and data security are causes of concern for consumers. So, what are some of the potential issues with P2P apps? Here are five:

 

• It’s difficult for consumers to fully understand their rights with third-party P2P apps.

• They provide thieves an additional avenue to commit fraud.

• App settings do not default to the highest security levels; users must actively set their privacy settings.

• By default, Venmo makes your transactions public to your friend communities.

• Most P2P apps reserve the right to use your data for purposes such as targeted advertising, or to sell your information to third parties.

 

A better P2P solution.

There are alternatives to downloading P2P apps that pose security and privacy risks. If you’re an OSB account holder, our mobile banking app—eBank—enables you to make the same transactions in an app that is backed by your bank. With eBank, you can send or request money from anyone as long as you have their email address; they don’t even need an OSB bank account. The eBank app uses encrypted data, so you will never see their personal information, and they won’t see yours. And no one can see your transaction history but you.

Visit the iOS or Android app stores and look for Oklahoma State Bank eBank to get started, or learn more about the many banking features you can access from your mobile phone with OSB’s eBank app.


 

*Source: ConsumerReports.org

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