Stay Safe From Scammers on Mobile Payment Apps

The rise of mobile payment apps has been a game-changer, but it also has opened the door to a new realm of opportunities for scammers.

Woman completing mobile payments on smartphone.

Mobile payment apps make splitting the dinner bill or paying the babysitter easier than ever — but that same convenience can attract scammers, too. Here’s how to protect your money from payment app scams while keeping the perks of paying by phone. 

Popular mobile payment apps include Venmo, Cash App, PayPal, and Zelle. These apps are downloaded onto your phone and after you create an account, you add your banking information so you can give and receive money. The apps themselves are safe and secure, but scammers and their accounts are what you need to watch out for. 

Different Ways Scammers Will Trick You

  1. Pretending to be Someone You Know

    Scammers often impersonate a friend or family member in urgent need of money. They might create a fake profile that looks like someone you know and send messages asking for help often claiming they’re stranded, in trouble, or need to cover an emergency.  Make sure to always ask the person directly via a phone call or text message before ever sending money to ensure it is actually them via a peer-to-peer payment app. 

  2. You’ve Won!

    Another way scammers try to get your information is by pretending you have won a prize or contest. They may ask for a small fee to cover the processing fees or shipping cost before sending you your prize. Do not fall for this, especially if it sounds too good to be true and you have not entered any contests. 

  3. Pretending to be a Bank

    Another popular scam is pretending to be your bank and asking for you to transfer your funds to a new and secure account as they warn of suspicious activity from your previous account. Banks will NEVER ask for your personal information over the phone. 

  4. Scams on Facebook Marketplace and Other Online Sellers

    Scammers sometimes pose as sellers or buyers on online platforms like Facebook Marketplace. They may pressure you to send payment through a mobile app before delivering the item or disappear after receiving your money. Always meet in a public place and never send money to someone you don’t know or trust. Use payment methods that offer fraud protection.

How to Report Payment App Scams

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.