Cash App
Tips for beating P2P payment scams
When you get separated from your hard-earned dollars, it should be for something like premium leather gaming chairs with lumbar massage capabilities. You know, stuff that’s worth it. Losing money because you fell victim to a digital payment scam? In no world is that worth it. Unfortunately peer-to-peer (P2P) payment scams are increasingly common: 8% of banking customers reported being victimized in the prior 12 months, according to a May 2023 J.D. Power Banking and Payments Intelligence Report.
A scammer’s goal is always the same, but their tactics get more and more innovative and seem increasingly legit. Cash App, a top U.S. finance app, leads in educating on spotting, avoiding, and addressing P2P payment scams. Here are three key tips to protect your money.
1. Be Careful With Sharing Sensitive Info
Scammers advertise phony cash giveaways on social media, solicit fake rewards programs, or even impersonate tech support as a way to fool users into sharing sign-in codes, PINs, and other details that can expose their accounts. They can even trick users into downloading lookalike versions of payment apps that steal information. A real Cash App agent will never ask for your password, nor ask you to send money to anyone via the app for a “test” transaction.
2. Send Money Only to People You Know and Trust
When is it not okay to accept candy? From strangers! Treat their payment requests the same. Always verify that the contact info you have for a payment recipient is accurate, such as by speaking to them via a known phone number first. Yes, phone calls are cringe—but getting scammed is way worse.
3. If You’ve Been Scammed, Change Your App PIN and Report It
Cash App advises users to immediately change their login credentials if they suspect they’ve been scammed, then contact Support through the app or by calling 1(800)969-1940. In the app, go to Profile > Support > Report a Payment Issue.
To sum things up in two words, be vigilant. P2P payment platforms like Cash App are fast and convenient for sending money, but their security measures work best when paired with healthy doses of skepticism on the part of users. Learn more about Cash App here.
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