How Mobile Payment Scams Can Cost You: Think Before you Tap!
A simple purchase or donation could turn into an expensive mistake if you’re not paying attention.
Mobile payment apps have made sending money easier than ever. Whether you’re purchasing something from a street vendor, supporting a fundraiser, or helping someone in need, transferring money can take just seconds. Unfortunately, scammers can take advantage of that convenience. Imagine someone approaches you outside a store selling candy or collecting donations for a good cause. You agree to contribute $5 and offer to pay electronically. What happens next could put your money at risk. In some versions of this scam, the person requesting payment may attempt to: Because many person-to-person payments are processed quickly, recovering your money can be difficult once a transaction is completed. 1. Always verify the amount. Before approving any payment, carefully review the dollar amount and recipient’s information. 2. Keep control of your phone. Never hand your unlocked phone to a stranger to complete a transaction. 3. Don’t let anyone rush you. Scammers often create pressure to prevent you from noticing suspicious details. 4. Use payment methods with appropriate protections. When purchasing goods or services, consider using a credit card or a payment option specifically designed for purchases rather than sending money as a personal transfer. 5. Turn on transaction alerts. Enable notifications through your financial institution so you can quickly identify unexpected activity. If you believe you’ve been scammed, act quickly. Contact your financial institution and the payment service immediately. Report the transaction, save any available evidence, and ask whether recovery options are available. You can also report suspected fraud to the Federal Trade Commission at ReportFraud.ftc.gov. Supporting a fundraiser or helping someone in need can be a wonderful thing. But generosity should never come at the expense of your financial security. Before you tap, scan, or send, take a moment to verify. At SRI Federal Credit Union, we’re committed to helping our members recognize fraud and protect their hard-earned money. Come back for more financial tips and resources.How Does This Scam Work?
Five Ways to Protect Yourself
What If You’ve Already Sent Money?
Stay Alert. Protect Your Money.