Online payment apps and services like Zelle, Venmo, and CashApp are becoming a norm that allow you to quickly send and receive money. But, it’s important to be on guard for scams, especially with how quickly they can happen. Once you send money to someone, it can be nearly impossible to get it back.
Here are some tips to help you stay alert and safe from scams while using your payment apps and services.
Avoid Sending Money to a Scammer
- Don’t click on links in an unexpected email, text message, or direct message that asks you to send someone money
- Confirm you know the person you are sending to when you do make a transfer.
- Double-check who you are sending to and the amount you are sending before pressing send
Protect Your Accounts
- Set up two-factor authentication to log into your account
- Never share your login credentials
- Set up alerts to receive transaction notifications, such as via email or text
- Regularly check your payment app and bank accounts to ensure there are no unauthorized payments
Report Scams
If you find yourself in a bind where you sent money to a scammer, it is important to take a few key steps:
- Report the payment to the payment app or service and request them to reverse the transfer
- Contact your financial institution
- Report the scam to the Federal Trade Commission at ReportFraud.ftc.gov
These tips are courtesy of the American Bankers Association. CLICK HERE to view the full publication by the ABA.
