Overview of P2P Payment App Risks
The Federal Bureau of Investigation (FBI) in El Paso, Texas, has issued a caution regarding the potential risks associated with peer-to-peer (P2P) payment applications. Popular apps such as Apple Pay, Cash App, PayPal, Venmo, and Zelle, which allow easy money transfers using phone numbers, email addresses, or usernames, are not immune to fraudulent activities.
The FBI has identified several methods employed by scammers to defraud users of P2P apps:
- Impersonation of Bank Officials: Scammers may pose as bank representatives and deceive users into transferring money under the guise of reversing transactions or verifying account status. It’s important to note that banks never request customers to transfer funds in such a manner.
- Request for Personal Information: Fraudsters often masquerade as fraud department officials or merchants, asking users to provide sensitive information like bank account details, passwords, and Social Security numbers. This data is then used to create fraudulent P2P accounts and access victims’ accounts.
- False Transaction Claims: In some cases, scammers might transfer money to a user’s account and then claim it was a mistake, asking for the money to be returned. Often, these funds are sourced from illegal activities and flagged as fraudulent by the P2P service, potentially implicating the innocent recipient.
To mitigate these risks, the FBI suggests several precautionary measures:
- Use P2P apps only for transactions with known and trusted individuals.
- Avoid using P2P apps for transactions with unfamiliar entities.
- Be cautious of situations involving urgent payment requests.
- Never lend your phone to strangers.
- Contact your bank using verified phone numbers, such as those found on the back of your card or bank statements, and avoid numbers found online.
- Enable transaction alerts for your accounts.
- Regularly update your bank and P2P apps to the latest versions.
- Be skeptical of text messages from full 10-digit phone numbers, as genuine banking communications usually come from short codes and do not include links.
- Exercise caution when using bank or P2P apps on public Wi-Fi or mobile hotspots.
Reporting Incidents
If you become a victim of a P2P scam, it is advised to immediately notify the payment platform and your bank. Filing an online report with the FBI’s Internet Crime Complaint Center at www.ic3.gov and contacting the FBI El Paso Field Office at 915-832-5000 is also recommended.
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