Mobile payment applications, like Venmo, Cash App, and PayPal, are a very popular way to electronically send money to family and friends because it’s so quick and easy. However, it’s important to remember that scammers also like the convenience of mobile payment apps. We have some tips on how you can protect yourself from potential scams involving mobile payments. Because you know when there is money to be stolen — fraudsters are finding new (and creative) ways to separate you from your hard-earned cash.

  1. Be cautious of online marketplace purchases requesting P2P payment for goods if you don’t personally know and trust the seller.
    • Once the payment is sent, it can’t be reversed or disputed unless you specifically send the money under a “good and services” option.
  2. Unexpected requests for a cash payment from a person claiming to be someone you know, but from a number or email you do not know are very suspicious and likely a scammer.
    • Trust your intuition — if the circumstances seem weird or suspicious — chances are you’re spot on with that gut feeling.
    • Reach out to the person using a trusted phone number you have in your Contacts to confirm it’s really them… don’t simply reply to a message they sent through a social media app or from a number or email you don’t recognize.
  3. Getting a request to send payment in order to collect winnings for a prize (or sweepstakes) is a big red flag! Never send a payment in this type of situation.
  4. Did you double check your recipient information before clicking send? Make sure you’re sending money to the person you intended to send your money to.
  5. Keep your account credentials private and use multifactor authentication and PINs when available.

Tell your family and friends about these important security tips! The more these fraud fighting strategies are shared, the less likely your loved ones will be conned by a payment app scam. If you are concerned that you have been a victim of fraud, call us right away at 1.800.542.3328.