Published: September 16, 2024 on our newsletter Security Fraud News & Alerts Newsletter.
Peer to Peer (P2P) payment networks like Zelle, PayPal, and CashApp have taken the world by storm, and “Pay Yourself” scams are a result. Avoiding these scams means knowing one when you see it, and how to navigate safely around it.
These scams are phishing attacks at their foundations, and they typically begin with a scammer impersonating your financial institution. Using email text or phone, their urgent message is about a fraud alert on your account, and they’re here to help. Once you bite, you’ll get a call from the scammer.
Pay Yourself Scams—The Switch Is In
P2P transactions send a one-time security code for identity verification, something the scammer says they need so you can pay yourself and avoid fraud. Using your code, they create their own P2P account with your email address or phone number. The scammer then tricks you into sending your money into their own account.
There are variations on Pay Yourself scams, but the common link is getting you to send your money to the scammer’s account. The scammer might tell you to send your money to an email address they provide. They’ll use your name in the email address to look legitimate like “yournameP2Pdispute.”
Remember, your bank will never ask you to send money to yourself. If you get a call or message about fraud on your account, don’t respond. Instead, call your bank using the legitimate phone number or website to inquire about the fraud alert. Never use a phone number, website, or link provided in a fraud alert.
It’s important to look for phishing red flags. If the fraud alert is an email or text, never provide account information. The same goes for phone calls, even if the phone number and caller seem legitimate.
Being cyber-smart about your P2P will help keep your money safe where it belongs—with you!
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