As we rely more and more on peer-to-peer (or P2P) payment apps like Venmo or Zelle, it’s essential to protect yourself. We love P2P apps because they are convenient and easy to use, but this make them appealing to fraudsters as well. Follow these best practices to help keep yourself and your money safe when using P2P payment apps.
- Make sure you know who will be receiving the money. Don’t let strangers persuade you to send money to someone you do not know. Be sure to confirm the name and email of the recipient before transferring funds.
- As always, be on the lookout for common scam scenarios. If something seems too good to be true, it’s likely not real.
- Review the transaction before hitting “send.” Once the money is sent, it is gone from your account. You cannot get your money back if you entered the wrong amount or sent it to the wrong recipient.
- Keep your payment account secure!
- Ensure your app and device are updated with the most recent version for higher security.
- Use a strong password and multifactor authentication.
- Opt into strong security settings and payment protection features whenever possible.
For more information, check out this article from CNET: