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How Secure Are Payment Apps?

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Cash is King, for now. The use of electronic payment applications has been steadily growing, according to a recent survey by the US Federal Reserve, cash payments accounted for only 26% of all payments in 2020. Payment cards (credit/debit) and electronic payment applications were used for 65% of all payments, leaving 9% to wire transfers directly from a bank. The wave of cashless payments and e-commerce has led to the creation of many different payment applications. Apple Pay, Google Pay, PayPal, Venmo, and Trello Pay are some of the most common mobile payment apps. Yet, these applications often come with risks, with cybercriminals dreaming up new scams to trick us out of our cash – whether virtual or cold and hard.

Mobile Payment Application Risks

Smartphones, like any other device, can be exploited by malware. One way cybercriminals can get your sensitive information is through keyloggers. This malware records and sends each action (tap) on your…

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