You are not sending money by email or text message: Only the notification travels over the Internet to advise the recipient that the transfer has been initiated and to provide instructions on how to deposit the money.
The money always resides safely at a financial institution and is transferred through existing payment networks that banks and credit unions have used for years to settle cheques, bank machine deposits and withdrawals. Security measures have been built into the system, including:
- Encryption technology
- Confidential user IDs and passwords issued by financial institutions
- Secure login process
- A security question and answer to ensure only the intended recipient receives the money
- 128-bit browser encryption