Payment Apps Scams
Payment App Scams on the Rise
Payment apps like Venmo and Cash App are more popular than ever before…both among law-abiding citizens and criminals. These apps make it easy to send money, and scammers take advantage of their convenience to trick you.
It’s time to educate yourself on the risks so you can be safe while using payment apps.
Types of Payment App Scams
Many payment app fraudsters pretend to be someone they’re not. For example, a scammer might pose as a family member who needs money for medical bills or bail. Or criminals impersonate your financial institution, tell you about account issues and ask you to move money from your account to the “bank” payment app account.
Another type of payment app scam offers a product or service, but it’s not legitimate. Once you send the money, the criminal either sends you nothing or junk you didn’t order.
The End Goal
No matter what tactic they use, the end goal for these criminals is the same: getting your money into their accounts. And because you’re basically sending cash, you don’t have the same protections you’d have with a credit card.
Tips to Stay Safe
How do you stay safe? Here are some tricks of your own to outwit the scammers:
- Only send money to people you know and trust.
- Verify someone’s identity (and payment request) by sending a text or calling the phone number you know is already right.
- Understand your financial institution will never ask you to send them money over a payment app to solve an account issue.
- Look up business websites and reviews to uncover scams before buying products.
- Report fraudulent transactions to the payment app, your financial institution and the Federal Trade Commission.
Continue enjoying the ease of payment apps, but make sure you’re safe while you do it! And if you are a fraud victim, make sure to let your Kelly Community family know about it.
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