Q: I’ve heard there’s been an increase in scams through mobile payment apps, like Cash App. Can I continue using these apps safely?
A: Yes, unfortunately, there has been an uptick in payment app scams, but that doesn’t mean you must stop using them.
Person-to-person (P2P) payment apps such as Cash App, Venmo, and Apple Cash are a popular way to transfer money between friends and family. With a few taps on your mobile device, you can send money to people instantly.
Unfortunately, the speed and convenience of payment apps mean they're also popular among scammers looking for a quick payday.
Follow these “dos and don'ts" to use payment apps safely:
DO Verify Information Before Sending Someone Money
Double (or triple) check the recipient's username, phone number and/or email address before sending them money.
DON'T Accept Unexpected Payments
If money suddenly appears in your account from a stranger, be cautious. Scammers will often use a stolen credit card, claiming they “accidentally" sent the money to you and asking you to send it back. However, when the stolen credit card is later reported for fraud, it's your money on the line.
DO Check Your Accounts at Least Once a Week
The sooner you know about fraud, the sooner you can take action to fix it and potentially get your money back. Report any unusual activity immediately. If you no longer use an app, delete your account to prevent hacking.
DON'T Share Your Login Information with Anyone
This tip applies to all your online accounts. Don't respond to emails or text messages urging you to “unlock" or “verify" your account immediately. If your account has actually been compromised, contact the app's customer service directly.
Stay Ahead of the Scammers
Azura credit Union is here to help you protect your personal and financial information and avoid becoming a victim of fraud. For even more helpful fraud prevention tips, tools and resources, visit our fraud education and awareness page.