Peer-to-peer (P2P) payment apps like Venmo, PayPal, Cash App, and Zelle make sending money quick and convenient. Unfortunately, they’ve also become a popular tool for scammers looking to trick people into sending them money.
How the Scams Work
Fraudsters often pose as banks, online sellers, or even friends and family to convince users to send money. They might contact you by phone, text, or email, sometimes even pretending to be from your bank’s fraud department.
Because P2P payments are instant and irreversible, once you send money, it’s almost impossible to get it back. That’s why it’s so important to double-check who you’re sending money to before confirming any transaction.
Common P2P Scams
- Fake fraud alerts: A scammer pretends to be from your bank, warning you about suspicious activity and asking you to “verify” a transaction.
- Online marketplace scams: A seller takes payment for an item but never delivers it.
- “Send money to yourself” tricks: A scammer may convince you to transfer money “to yourself” as a way to protect it, but the account is actually theirs.
How to Stay Safe
- Only send money to people you personally know and trust.
- Don’t let strangers persuade you to send money to yourself or anyone else.
- Never send money back that was “paid to you by mistake.”
- If you receive a bank alert or payment request, contact your bank directly using the official phone number, not the one in the message.
- Never share verification codes or passwords with anyone claiming to be from your bank.
Learn More
Stay informed about P2P scams and how to protect your money by visiting these trusted resources:
