June 18, 2019
Peer-to-Peer (P2P) payment apps, such as Zelle and Venmo, CashApp and Apple Pay, make it easy to transfer money to someone – a friend, family member or even a scammer.
Yes, scammers have discovered these P2P payment services and they're using them to steal people's money.
"Because the money can be transferred so quickly into someone else's bank account, it's in many ways the perfect payment mechanism for scammers," said John Breyault with Fraud.org.
"It's easy to protect yourself," Breyault said. "Don't use one of these apps to pay someone you've never met in person."
P2P payments are not the way to buy tickets to a concert or sporting event. They're not how you buy something advertised in a classified ad.
These apps should only be used for sending money to people you know and trust. Because if something goes wrong, you do not have the same fraud protections as you do with a credit card, debit card or check.
"If you are defrauded and you dispute the charge, you may not get the money back," Breyault told me.