Payment apps are a handy way for you to send and receive money with just a few taps on your mobile phone. It’s convenient and quick, which explains why payment apps have risen in popularity over the last few years. But with this increase in usage comes an inevitable increase in scams.
How can you protect yourself from payment app scams? Or, an even more pressing question: How can you recover if you already fell victim to one of these scams?
Look out for scam warning signs.
One of the first lines of defense is for you to be familiar with the common tactics that scammers use. Next time you use a payment app, think twice before acting if you notice one or more of these red flags:
Emergency scams
Some fraudsters will pretend to be someone you know, asking for money to deal with a sudden emergency like an accident or a health scare. These scams pull on your heartstrings. But take a moment to evaluate the situation:
- Did the request for help come via text with a payment app link for you to tap?
- Does it make much sense for this person to be contacting you in this way?
Here are a few things you can do to double-check a suspicious message:
- Call the individual in question to confirm the story.
- If you can’t get ahold of them, try contacting other people who know them and may be able to shed some light on the issue.
- Whatever you do, don’t tap the link in the text! This could take you to a malicious website, download malware on your device, or lead you straight to the scammer’s payment app info instead of the person you think it is.
Prize scams
“Congratulations! You have won a prize!” Some scam texts may contain messages very similar to this one. They could also include a payment app link for you to send a fee before you can collect your supposed winnings. In reality, you will only send your money to a fraudster who will never send you any
prize money in return. If you receive a congratulatory message like this, don’t click any links and do some research before you believe it.
Request scams
Perhaps someone asks you if they can log into your payment app. Even if you know and trust this person, don’t give them your info. There is no need for you to hand over your private details. Make sure you are the only person who knows how to log into your accounts. Keep your passwords and other credentials in safe, secure locations where nobody else can access them. Better yet, enable multi-factor authentication on your accounts to keep hackers at bay.
Know how to recover if a scammer gets your money.
What if you find out that you’ve already fallen victim to a payment app scam? Each major app has a way for you to report these incidents directly to them. Here is the information that you need to make a report:
- Cash App: You can call them at 1 (800) 969-1940, go to their website at cash.app/help, or chat through the “Support” page on your app profile.
- PayPal: You can call them at 1 (888) 221-1161, or report online at their PayPal Resolution Center when you sign into your account.
- Venmo: You can call them at 1 (855) 812-4430, email them with their contact form, or chat through the “Get Help” page on your app profile.
It’s also recommended that you report the scam to the Federal Trade Commission on the ReportFraud.ftc.gov page. This helps the FTC and other law enforcement agencies pinpoint current scams and create solutions to stop them.
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Pre-Paid Legal Services, Inc. (“PPLSI”) provides access to identity theft services through membership-based participation. IDShield is a product of PPLSI. All Licensed Private Investigators are licensed in the state of Oklahoma. The information made available in this blog is meant to provide general information and is not intended to provide professional advice, render an opinion, or provide a recommendation as to a specific matter. The blog post is not a substitute for competent and professional advice. Information contained in the blog may be provided by authors who could be third-party paid contributors. All information by authors is accepted in good faith; however, PPLSI makes no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of such information.
