5 peer-to-peer payment services rated safe

From millennials to baby boomers, an estimated 79 million Americans will use a mobile peer-to-peer payment service this year.

But with so many data breaches and hacks, trust in these services can be questionable.

Consumer Reports rated five services this month, focusing on privacy and security.

It reviewed Apple Pay, Venmo, Square’s Cash app, Facebook Messenger payments and Zelle.

"We didn't find any of the services were so bad you shouldn't use them," said Tobie Stanger, money editor for Consumer Reports.

There are differences consumers should know. Apple Pay, for instance, is the only one to rate high for data privacy.

"They try to take the least amount of data and keep the least amount of data to keep your privacy protected," Stanger said.

But it's only available if both parties use an Apple smartphone, watch, or tablet — and a newer version, at that.

Across the board, you have to use the same service to exchange funds through peer-to-peer services.

"So I have to have Zelle, you have to have Zelle,” Stanger said. “I have to have Venmo, you have to have Venmo."

Depending on which service you use, accounts are linked to your bank account, credit or debit card, prepaid card, or PayPal account.

If you sign up, make sure you opt for the highest app privacy and security settings possible. Adding a personal identification number or fingerprint authentication is a good idea.

And as fun as the social feed may be on Venmo, it's best to keep your transactions private.

Most importantly, do not use peer-to-peer services to send money to strangers.

"You should really only pay people that you know," Stanger said.

Hackers are always trying to find new vulnerabilities, so make sure you use the most recent version of your app available.