Peer-to-peer (P2P) Scams
According to the Federal Trade Commission, there were more than 70,000 reports of fraud in mobile payment apps and $130 million in losses in 2021. If you use P2P (peer-to-peer) apps like Zelle, PayPal, and Venmo, follow these tips to keep your financial information safe:
- Send money only to people you know. Scammers know and exploit the fact that many peer-to-peer transactions are instantaneous and irreversible.
- Research customer service contacts and procedures before using an app.
- Double-check the recipient’s name and dollar amount before hitting “send.”
- Keep your app up to date to ensure you have the most recent security updates.
- If you are scammed, file a complaint with the Consumer Financial Protection Bureau at www.consumerfinance.gov/data-research/consumer-complaints/
For more tips on keeping your personal information safe, visit https://www.firstharvestcu.com/insurance-and-education/index.html