The liar has endless creativity. from Toll road text For the “unclaimed package” alert, it seems that there is a new plan to be aware of every day. But thieves can also target you with a method that may not cause too many red flags: Digital Payment App.
Apps like Zelle, Venmo, Cash App and PayPal can easily send money to others. Click the button and your cash disappears – if you send it to a scammer, it is almost impossible to get it back.
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According to the lawsuit Consumer Financial Protection Bureau. Banking giant JPMorgan Chase will soon Block certain Zelle transactions Hope to prevent fraud, but it is also what you keep your money safe.
Keep reading to learn the most common digital payment app scams, so you are unlikely to fall one.
9 Common Digital Payment App Scam
Scam artists can be creative, but most digital payment scams fall into the following categories.
💰 Cash Flip Scam
You’ll get DM from someone on Instagram or other social media platforms and offer an attractive offer: “Please give me $100, I’ll use an app partnership to turn it into $500.” Sounds too good to achieve? That’s because yes. No one, especially some strangers on the Internet, can make money exponentially immediately.
🎣 Phishing scam
You will receive an email from someone who claims to work on the mobile payment app asking you to click on the link and update the information to upgrade your account or accept payments. It’s a standard phishing adventure, a scam that tricks people into sharing sensitive information with people they think are trustworthy sources.
If you click on the link, you can infect your phone to hijack your account’s malware. Never click on the email link that requires login credentials or other personal details, even if it appears legitimate. Contact Customer Service through the payment app to verify the request.
The mobile payment app may not send you a link to update your information. If needed, you can do this directly in the application.
🛋️ Fake item sales scam
You are browsing new sofas on sites like Craigslist and finding deals that look like amazing. When you contact the seller, they tell you it’s first come first served and if you really want the item you need to pay immediately or not even see the sofa in person.
If you submit funds through the digital payment app, you may risk the seller disappearing and you will be trapped on the floor without a new sofa. Fake sales are especially attractive if items are rare or expensive, such as collectibles or cars. Even if the deal seems too tempting to pass, don’t pay for the invisible product scene.
🎟️ Fake ticket scam
You want to see Taylor Swift and find some surprisingly low-priced tickets on the online marketplace. But they may not let you on the show. Stick to well-known secondary ticket market services, such as StubHub or Ticketmaster’s proven resale services. Tickets may be expensive, but they are legal.
📱 Software failure scam
You receive an email saying you need to download a new version of the payment app to keep the software updated. The link will take you to a website that looks like a service provider and enter your username and password. The problem is, there is no new version of the app. Instead, the scammer just got your details and now has access to your account.
To keep the app updated with the latest software, visit your phone’s app store and manually download any available updates or enable automatic updates.
Digital payment application updates can include features that enhance application security measures. By keeping the app up to date, you can further protect yourself from scams.
🏚️ Margin scam
Finding new apartments can feel stressful, especially in the competitive real estate market. But no matter how attractive the list looks, you should never send money to “book” at a place to see. If you transfer currency based solely on the payment app on the online list, it will not be available when you appear.
🏆 Award winning scam
Digital payment services will never contact you to say you have managed to win prizes you didn’t even know. Don’t click on the link to ask for your prize, as your fake bonus will be a real loss. A scammer may be able to steal your account details or infect your mobile device with malware.
💸 Unexpected payment scam
You will receive payments from people you don’t know. Then, someone contacted you and said that the payment was a mistake and asked you to return the money.
Just like your good guy, you send strangers back their funds. However, these funds may be stolen first using someone else’s credit card or bank account. Contact your bank first to determine the best course of action and avoid being part of the maze.
❤️ Romantic scam
Pairing services like Bumble, Tinder, and Match can make you worse than the first bad date: an impostor who pretends to fall in love with you but does fall in love with the opportunity to steal money.
If you meet someone online and do a digital courtship, don’t send them money to pay for travel to visit you or pay for emergency fees. If the relationship is real, it won’t depend on the people you’re willing to send funds to the people you meet.
How to Avoid Scams on Mobile Payment Apps
You don’t have to stop using P2P applications altogether to avoid losses. These services can send and receive funds in a convenient and cost-effective manner. You just need to be alert to monitor your account for any suspicious activity and use common sense. These tips can help you.
- Don’t send money to strangers. Limit person-to-person payments to people you actually know. Use these apps to repay your friends, send money to family members or purchase products and services from trusted business owners. Avoid using them to transfer money to strangers.
- Do not click on links in text or email. Unsolicited messages asking about your information is usually a phishing attempt. Contact the company directly and verify the request using the customer service option in the application.
- Use a security lock. Payment app security lock uses a four-digit pin or fingerprint scan or face scan to prove that this is indeed what you initiated the payment. Even if someone steals your phone and opens the app, this added security measure can prevent them from accessing your account.
- Double-check the sender’s email address. Scammers often rely on tips that can browse quickly, such as using email addresses ending with “zelleapp.com” or “venmoservice.com”. If you are not sure if the sender is really the service you are using, log in to the app to chat with customer service.
- Beware of anything that seems urgent. A liar can feel panic, causing you to act before you think. If you receive an emergency warning, like an email says, if you don’t update the information, your account will be closed, take a deep breath and check it out carefully.
- Make sure your account information is secure. Create a strong password for the application using a mixture of upper and lower case letters, numbers and special characters. Do not use the same login credentials for different accounts. And avoid distributing your email address or phone number, which scammers can use to decipher other information about you.
- Consider linking your bank account to the app. If you are really worried about the potential of fraudulent activity, you can disconnect your bank account from the app. This will make receiving and paying more challenging, but can provide additional peace of mind.
What to do if you fall down a digital payment app scam
If you suspect you have fallen into a digital payment app scam, contact the app and your financial institution immediately. There is no guarantee that you can recover the stolen funds, but your bank may be willing to step in and help. You can also Federal Trade Commission and FBI’s Internet Crime Complaint Center.
