Five peer-to-peer sales scams to watch out for

What are peer-to-peer payment scams?

Peer-to-peer (P2P) payment scams occur when scammers pose as fake recipients to get money from other users of the app. Because P2P payment apps are so easy to use and don’t involve many security measures, they can also be ideal grounds for scammers to steal money. Some social media platforms also have the option to do P2P money transfers through personal accounts, which can also put you at risk for getting scammed.

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Peer-to-peer sales scams to look out for

Phone call scams and email scams aren’t the only ways that scammers can get a hold of your cash. If you are a frequent user of P2P payment apps, it’s important to be wary of who you’re sending your money to. Here are five types of peer-to-peer payment sales scams to be cautious of:

’Accidental’ payments from strangers

If someone you don’t know sends you money and claims it was a mistake, it might seem harmless to send the money back. After all, sending money to the wrong person is something anyone can do. However, returning the money from an “accidental” P2P payment is a sneaky way for scammers to access your funds. In the event that someone sends you money on accident, ask them to cancel the transaction or get in touch with your P2P app’s customer service line to have them resolve the issue.

Messages from people disguised as P2P app employees

Scammers can also pretend to be employees of a P2P app that you use and try to gain access to your accounts. They can contact you through phone calls or by sending texts and emails using the P2P service’s logo to make it seem more real. While it may be initially hard to tell the difference, you might notice that the email address does not appear to be affiliated with the company or that there are a few typos within the text. Learning how to identify the signs of the latest phishing scams will help you get a sense of what messages may actually be fraudulent.

Making purchases from strangers

If you’re looking to find seats for a sold-out show, buying secondhand tickets from a ticket exchange site is your best bet. Online marketplaces for selling resale items like tickets, furniture, clothing, and more are useful, but they can also attract lots of scammers. P2P payment apps are a popular method of payment for buying resale items, and buyers and sellers are both susceptible of getting scammed. Be extra careful when making a deal with a stranger online and get proof of legitimacy in as many ways as you can.

Dating scams

Scammers may also trick people by using a fake dating profile or social media scam to get close to someone. They might spend some time to build trust through their fake aliases and ask for money when the time is right. Regardless of how long you’ve been in touch with someone, it’s never a good idea to send money over a P2P payment app unless you absolutely trust them. A payment to the wrong person can cost you and even compromise your bank account.

Lending your phone to a stranger

Since most P2P apps can be accessed through smartphones, it’s important to be wary of who you share your phone with. Scammers can ask if they can borrow your phone to make a quick phone call, then proceed to send themselves money through your own P2P payment apps. If you ever lend your phone to a stranger, be sure to never unlock your phone or let it out of your sight. You can even ask to hold your phone to ensure that it’s always visible to you.

As long as you’re careful with who you send money to, a P2P payment app is a safe and easy way to make money transfers. Find more tips on digital privacy to keep your finances and personal information protected.