What is a Person-to-Person (P2P) Payment App
A Person-to-Person payment app is a digital platform that enables users to send and receive money from one another using their mobile devices. Examples of such apps include Venmo, PayPal, Zelle, and Cash App.
Scammers often send messages through email, text messages, social media, or phone calls. They may also use fake websites or pop-up ads to lure people into giving them personal information or money. It’s important to be cautious and verify the legitimacy of any messages or requests you receive. Scammers use P2P apps because it makes it difficult to trace the scammer and recover funds for their victims. They may also impersonate a trusted individual or use a fake identity to convince victims to send money. It’s important to be cautious and verify the identity of the person you’re sending money to before using these apps.
How to Recognize a P2P Scam
A P2P scam can be recognized by certain red flags, such as unsolicited offers, pressure to act quickly, requests for personal information or money, and promises of large rewards for little effort. Always be cautious when dealing with strangers, and research before giving out any personal information or money. It’s best to trust your instincts and not engage with any suspicious individuals or offers.
- Check the sender’s email address or phone number. If it looks suspicious or unfamiliar, it might be a phishing attempt.
- Watch out for urgent or threatening language that pressures you to act quickly without thinking.
- Be cautious of links or attachments in the message, especially if they are asking you to download or enter personal information.
- Look for spelling and grammar errors in the message, as this is often a sign of a scam.
- If you’re unsure about the authenticity of a message, contact the supposed sender through a known, legitimate channel to confirm its validity.
- If the message appears to be from your bank or credit union, contact your bank or credit union first. Do not respond or select any links within the message you received.
- If you use P2P apps, keep a record of your successful and unsuccessful transactions.
If you are unsure of a recent message or call you may have received, please refrain from clicking any links or responding to them. Security First Federal Credit Union will never call unprompted or text asking for your online banking login, debit or credit card number, security codes, or Social Security Number. Please contact us immediately at (956) 661-4000, opt. 7, if you suspect fraud on your account.