Is your money safe? Tips for safely using peer-to-peer payment apps

Is your money safe? Tips for using peer-to-peer payment apps

(CNN) - Whether it’s paying a family member your portion of the phone bill or splitting the bill on Taco Tuesday, chances are you’ve used a peer-to-peer payment app like Venmo or Zelle.

In fact, 76 million people use the them. But which ones are the best and safest to use?

Mobile payment apps are quickly replacing cash when it comes to paying friends and family.

Cash App, Venmo and Zelle are becoming the industry standard.

All three allow you to link up your bank account, type in a dollar amount and send the money fast.

The biggest difference is that Venmo is the only one that lets you get social.

On Venmo, you can post about your transactions and interact with others.

Zelle is also setting itself apart by going after older users.

The service is already built into many mobile banking apps like Wells Fargo and Bank of America.

Zelle also puts that cash into your recipient's bank account instantly.

On the Venmo app, instant payments costs 25 cents and you must have a Visa or Mastercard.

Instant deposits on the Cash App will cost you 1.5% of the total amount you’re trying to send.

Consumer Reports recently rated all three apps’ security, and they recommend you follow these three tips for the best experience and to stay safe.

First, opt in to extra security.

Take those extra seconds to setup protections like a pin and features that require a special code to confirm payments.

Second, keep your app up to date.

If you have the old version, you're missing the latest security protections.

Finally, it may sound obvious, but only send money to people you know.

Copyright 2019 CNN. All rights reserved.