Don't Fall Victim to P2P Scams
Utilizing payment platforms such as Zelle, Venmo, PayPal, and other P2P payment apps is a convenient way to pay for goods and services, but also puts you at greater risk for transaction fraud.
Recent findings from an Experian study reveal that 41% of all fraud transactions occur within P2P apps. Criminals like payment apps, because they are fast (the money is transferred almost immediately), hard to trace (if someone has your credentials, it is assumed you initiated the transaction), and hard for the consumer to reverse (there is no way to recall the transaction once it has been set in motion).
If you are a regular user of P2P apps, use these tips to help protect you and your hard-earned money from falling victim to a criminal:
- NEVER share your credentials for payment or online banking apps with anybody.
- Be cautious of ANYBODY asking you for any personal or financial information via phone, text, or otherwise. There is no reason why anybody should know your banking information or sensitive personal details other than yourself.
- Always validate the legitimacy of recipients before transferring funds and question any unsolicited money requests.
- Implement multi-factor authentication (MFA) for a second layer of protection which will help prevent someone else from getting your login credentials.
- Monitor your account activity regularly, and promptly report suspicious transactions. Use your mobile app to log in and view transactions to ensure there are no suspicious transactions.
- Remain vigilant and stay informed of emerging threats.
P2P payment apps offer unparalleled convenience in today's digital age, but they also present significant risks of transaction fraud. If you stick to the above tips, you can significantly reduce your vulnerability to such threats and minimize the associated risks of fraud.