Can you trust your mobile payment app?

Money transfer apps including Venmo, Cash App and PayPal have surged in popularity during the pandemic as people seek safe, contactless ways to send and receive money. Unfortunately, many people don’t understand the limitations of these payment platforms or how they can put someone’s finances at risk.

Like over-the-counter medicines, payment apps can be safe when used as directed — but people often don’t read the directions, says James E. Lee, chief operating officer for the Identity Theft Resource Center, a nonprofit that provides victim assistance and public education about identity theft.

In my latest for the Associated Press, how to make sure you’re using the right one.

Wednesday’s need-to-know money news

Today’s top story: Credit cards that earn 2% cash back or more on purchases. Also in the news: Most Americans go mobile with payment apps, why you shouldn’t let your credit score define you, and the best tax preparation software of 2020.

Credit Cards That Earn 2% Cash Back or More on Purchases
Reward simplicity.

Most Americans Go Mobile With Payment Apps — Here’s How They Roll
Nearly 80% of Americans are using these apps.

Keeping (Credit) Score: Don’t Let a 3-Digit Number Define You
You are more than your credit score.

The best tax preparation software of 2020
NerdWallet ranks the options.