Money transfers. They’re easy, convenient, and fast! They can also be risky if you’re not completely confident about who is on the other side of the transfer. Scammers are continuously developing tactics to trick and fool individuals to separate them from their money. They use countless tactics ranging from impersonating a loved one in distress to telling someone they won a sweepstakes prize that the “winner” only has to pay the taxes on before funds are distributed. Some scammers will even try to impersonate a bank, telling a possible target to transfer money to a new account for “protection”. Applying pressure or making promises that are “too-good-to-be-true” is all part of their methodology.
How to Protect Yourself
Most payment applications offer 2-factor authentication. While this may feel like an extra step each time you sign in, it’s important to turn this on to protect your money and identity whenever possible.
If you are even a tiny bit unsure of who is on the other end of the pay transfer, do not send the money. Instead, contact the person, business, or bank at a phone number you know is real. Remember, once the money is sent, it’s very difficult to get the money back as it’s like sending cash. Your bank will never contact you to tell you to transfer money or ask for personal information or passcodes. If you believe you have paid a scammer, report it to the payment app and then to the FTC’s ReportFraud.ftc.gov
