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P2P Payment Scams

This time of year, scams using P2P apps, or “person to person” payment apps such as Cash App, Venmo, Zelle, Meta Pay, etc. are on the rise. While these types of apps are generally secure and convenient to use, here are some scams to be on the lookout for – including some do’s and don’ts to protect yourself, courtesy of the American Bankers Association.

Common P2P service scam scenarios:







10 do’s and don’ts to protect yourself:

  1. DON’T send money to someone you don’t know or have never met in person.
  2. DON’T share bank authentication or verification numbers or your personal information with anyone who contacts you, even if the caller ID indicates it’s a familiar company. Keep your account usernames and passwords, SSN, and bank account, debit, and credit card information to yourself. If you’re pressured or have any concerns, hang up and contact your financial institution directly using the number on the back of your card or on your monthly statement.
  3. DON’T let any strangers persuade you to send money to yourself or anyone else.
  4. DON’T let anyone you don’t know borrow your phone.
  5. DON’T do a Google search for customer service phone numbers. Scammers have created fake websites with toll free numbers that connect to them. Only call your financial institution or the P2P service companies using the number on the back of your card or monthly statement, or found within the P2P app itself. Many P2P apps also have other in-app methods for contacting them.
  6. DO be sure to know and trust the other party who’s receiving your money. Confirm the name, email, phone number, or applicable identifier when you transfer money. If you make a mistake – even one wrong digit – you will send your money to someone else who may not give it back. Just like handing someone cash, you financial institution typically can’t get it back for you.
  7. DO set up alerts to notify you of any transactions on your accounts.
  8. DO enable multi-factor authentication for all accounts and do not share the verification codes with anyone, including anyone contacting you claiming to be your financial institution.
  9. DO ensure that any banking app or P2P app that you use is updated so it is secure.
  10. DO be wary of accessing any financial or personal information on public wi-fi or mobile hotspots. They often lack security and hackers can capture sensitive personal information on these open servers.


More useful information regarding common Venmo scams can be found here. If you are concerned that you may have fallen victim to one of these P2P service scams, please contact us right away! Our Member Advocate Specialists can help you identify if there has been fraud on your account, and Cutting Edge offers free identity theft recovery services for all members and their families.

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