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August 16, 2022

What Are Mobile Payment (P2P) Apps?

Mobile Payment apps, also known as peer-to-peer (P2P) apps, allow for the transfer of money using bank accounts or debit cards. Popular Mobile Payment (P2P) apps include Cash App, Google Pay, Apple Pay, PayPal, Venmo, Facebook Payments, and Zelle.

What Are the Risks?

Payment transfers on Mobile Payment (P2P) apps only require a few clicks and are often irreversible. Mobile Payment (P2P) apps are highly convenient but pose risks if you choose to use them. Educating yourself on scammer tactics will prevent you from falling victim.

Scammer tactics when using P2P include:

  • Sending you money “accidentally” through the payment app, requesting that you initiate a payment back to them or to someone completely different.
  • Pretending to be from Tech Support or the Fraud Department, asking you to send them money or tell you they need your personal information so you can receive a refund. Later, you realize the scammers debited your account.
  • Pretending to be selling an item online for a price that might be too good to be true. Once you send them a payment, the item you purchased doesn’t arrive.

How to Use Mobile Payment (P2P) Apps Safely

What You Can Do

  • Enable multi-factor authentication, such as biometrics or text codes, for extra security.
    • SECURITY TIP: Never share these verification codes or access with anyone.
  • Trust and know the other party who is receiving your money.
  • Ensure your apps are always up to date for optimal security.

What Not to Do

  • Do not send money to someone you don’t know or have never met in person. Do not let strangers persuade you to send them a “refund,” correct an “error,” or convince you to send money.
  • Do not let strangers persuade you to provide them with your personal or account information. This includes your social security number, date of birth, possibly security question answers, passcodes, passwords, account numbers, and debit card numbers.
  • Do not give access to your devices or applications.

When in doubt, reach out to your banker to discuss before taking any action!