Think Before You Tap Send

Fast payments are convenient. Making sure they’re going to the right person is even better.

Peer-to-peer (P2P) payment apps (Venmo, Cash App, PayPal, Apple Cash, Zelle)  have made sending money easier than ever. Whether you’re splitting the dinner bill, paying a friend back, or sending money to family, a few taps can move money in seconds.

That convenience also comes with an important reminder: once you hit Send, getting your money back may not be possible.

Unlike a credit card purchase, many P2P payments are treated much like handing someone cash. If you send money to the wrong person or pay someone who turns out to be a scammer, the transaction may not be able to be canceled or reversed.

Before You Send, Take a Second to Check

A few simple habits can help protect your money:

• Only send money to people you know and trust. Be cautious if someone you don’t know asks you to pay through a P2P app.
• Double-check the recipient. Verify the name, phone number, email address, or username before confirming your payment.
• Remember that payments may be final. Many P2P transactions cannot be canceled once the money has been sent.
• Think twice before paying a seller or business. P2P apps may not offer the same purchase protections as a credit card or other traditional payment method. If you’re purchasing something from an unfamiliar seller or local business, consider using a payment method that offers additional protection.

A Few Seconds Can Make a Difference

Scammers often rely on urgency, hoping you’ll act before you have time to think. If someone is pressuring you to send money immediately, that’s a good reason to slow down and verify the request.

Before tapping Send, ask yourself: Do I know who I’m paying, and am I confident this payment is going to the right place?

Taking a few extra seconds to check can help keep your money where it belongs.

Stay alert. Stay informed. And when in doubt, think before you tap Send.

Posted by Amanda Elkins in Fraud & Scams.