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P2P Payment Service Fraud

PFCU Credit Union Helping Me in 2023

As people have moved away from cash and checks, peer-to-peer payment services have revolutionized the way we transfer money to family and friends. These services, also known as P2P payments, allow individuals to transfer funds from their bank accounts or credit cards directly to another person’s account, often with just a few taps on their mobile device. As with any technology, there are both benefits and risks associated with these payment services, and it’s important to take steps to secure your personal and financial information.

One of the greatest benefits of P2P payment services is convenience – from splitting bills easily to sending money to family and friends, this can be done with a few taps and often times free or with low fares. On the flipside of this, however, are the potential risks of using P2P payment services. One of the biggest risks is fraud. Scammers may try to trick you into sending them money through a P2P payment service, and once the money is sent, it’s virtually impossible to recover. To stay secure while using P2P payment services, there are several steps you can take.

How to Stay Secure While Using P2P Payment Services

  • Use a reputable P2P payment service. Stick with well-known services that have a proven track record of security and reliability.
  • Enable multi-factor authentication. Many P2P payment services offer multi-factor authentication, which requires you to enter a code sent to your phone or email in addition to your password. This adds an extra layer of security to your account.
  • Don’t click on links from unknown sources. If you receive an email or text message claiming to be from a P2P payment service, don’t click on any links unless you’re sure it’s legitimate. Scammers often try to trick people into entering their login information on fake websites.
  • Only use P2P payments to send money to people you know and trust. Carefully review transactions before sending them, as many of these transactions cannot be canceled or refunded.
  • Verify the recipient’s information. Before sending money, double-check that you have the correct recipient information. Make sure you’re sending money to the right person and that you’ve inputted the correct amount.
  • Keep your P2P payment service app up to date. Software updates often include security patches, so make sure you’re using the latest version of your P2P payment service app.

For additional information please visit the Cybercrime Support Network.