Transcript for What to know about money payment app misfires
David. Thanks robin. We’re going to talk about peer to peer payment services. An estimated 79 million Americans use as like vin Mo, apple pay. There are questions about possiblerisks. Gio Benitez has much more from our Los Angeles bureau this morning. Good morning. David good morning. Gone are the days of writing checks. You can send people money from your phone. An important warning before you transfer that hard earned cash. Reporter: Peer to peer payment services now make it easier than ever to send money to friends, family and businesses. Tens of millions of Americans use them every year. It’s growing very fast. Reporter: How does it work? It’s as easy at pulling up a phone number. Type in the dollar amount, confirm and it’s on its way. It’s important to check before you hit that pay button. Reporter: Irving accidentally sent more than $1,700 to the wrong person. I made the mistake of putting a wrong number. That was it. I lost my money. Reporter: He said he called the cell number who he sent the money to. No response. He reached out to his bank, chase, and they gave him back a portion. We’re looking at three popular services apple pay, Ven Mo and Zell. I’m going to send some money to my producer. I’m sending $1. I get a warning. That warning send only pay to people you know. Next we try apple pay and Ven Mo. It’s not warning me. Neither give me a warning to check. They both say it’s because they assume we know each other. Ven Mo said their algorithm checked that we have had mutual contacts. In all three services once I sent that dollar off to my producer I’m probably not getting I back. Next, you get a text message — I got your dollar. Reporter: She’s not being asked to confirm her identity. There’s not criminally law enforcement can do. Reporter: Irving said the Chicago police department had him file a report and told him there’s not a crime. Something needs fixed. Reporter: His bank, chase, said we review these situations and work with customers on a case by case basis. It’s a huge loophole where we’ve not caught up with technology. With apple pay if the person hasn’t accepted the money, you can cancel the payment. If you send to a Ven Mo user it can’t be canceled. Check with the person after you send the money or maybe send a test payment of a couple cents. Your producers deserves more than a dollar.
This transcript has been automatically generated and may not be 100% accurate.