Criminals often prey on our trusting nature to fool us into doing their bidding. A frequent example of this is Payment App Scams. Payment apps are increasing in popularity as a convenient and safe way to make payments to vendors and other persons. Avoiding sending payments by mail increases the speed payments are received and eliminates the potential for mail theft (a topic for another day). Likewise, using payment apps provides added security compared to phone-based credit card payments by conducting transactions in a private portal, of which you control the entry. However, as payment apps become more and more popular for making payments, fraudsters see it as another opportunity to commit their crimes.
Following are several types of Payment App Scams and tips for reducing risk associated with their use.
- Unexpected Requests
Be cautious if you receive unexpected requests from strangers or organizations asking you to send money through a payment app. This is a scammer move.
- Sending Money to Yourself
If someone who claims to be your bank says you have to send money to yourself, you can be 100% certain it’s a scam. Banks never ask that.
- Overpayment Claims
Be skeptical if a sender claims to have accidentally overpaid you through the payment app and requests a refund of the excess amount. Scammers use this tactic to trick you into sending them money.
- Suspicious Links
If you receive a payment app-related message that contains a link, never click it. Scammers often send links to fake login pages to steal your username and password.
- Pressure and Urgency
Scammers attempt to trick you by creating a sense of urgency. If they mention unforeseen emergencies, unverified transactions, account suspension or unsolicited prize winnings, it’s a scam.
The key to detecting and avoiding Payment App Scams is no different than other scam types; if something doesn’t look right, it probably isn’t. If you are ever in doubt if a transaction request is valid, stop, take a breath and do not interact in any way. Try to verify the identity of the sender by utilizing known and public contact information for the company making the request. If a personal request, if you do not recognize the sender, delete it. It is important to know that you are in control of the next step. Do not give in to a sense of urgency or assumption of validity, and take time to verify the identity and credibility of the requestor.
And, as always… Stay Alert, Stay Vigilant and Stay Safe!
