Person to person payment (P2P) fraud is becoming more common. This is fraud committed through P2P services like PayPal, Apple Pay, Venmo, and more. Here’s how you can protect yourself from scams:
Only send money to people you know
P2P payments should be treated like cash: always verify that it’s going to the right person and never send P2P payments to anyone you don’t know. If someone is pushing you to send payment immediately, it’s a red flag.
Don’t reply to suspicious messages
Phishing is a scam where someone sends you an email or text message asking you to confirm a fake transaction, and then tries to steal your bank credentials. Don’t reply to suspicious phone calls, emails, or texts about money transfers – contact your bank directly if you have any transactions.
Keep your personal information private
Never give out personal information to parties you don’t know. When available, activate 2-factor identification to provide an extra layer of security to your P2P accounts.
1st Advantage Bank’s P2P tool uses verification techniques, including secured mobile device verification, to ensure your payment reaches the right destination. These payments work within our mobile and online banking portals, so you don’t need to surrender sensitive information to third-party providers.