Mobile Payment App Fraud

Mobile Payment App Fraud

Fraud occurring through many different Mobile Payment Apps is becoming more prevalent. If you use a Mobile Payment App, we encourage you to follow these tips to use these apps safely and to protect yourself from fraud.

• Do not send money to someone you do not know and trust.
• Always double-check the recipient's information before sending a payment to ensure it is going to the intended person.
• Check your account regularly to verify your transaction history. Doing routine checks can help you quickly spot fraud and take action.
• Use strong passwords, change them often, and do not include personal information. Avoid recycling passwords.
• Enable and use Multi-Factor Authentication on your accounts which adds another layer of protection. Multi-Factor Authentication requires both your password and a special time-sensitive code sent to your cellphone or email prior to logging in. This extra step may help prevent scammers from accessing your accounts. 
• Never share your account information and/or login credentials with anyone.

If you do become a victim of Mobile Payment App Fraud, take action and report it immediately in the app. Your financial institution is unable to help retrieve any funds sent through a Mobile Payment App. You can report fraudulent transactions and scams via the support chat in the Mobile Payment App or call the numbers listed below.

• Cash App 1 (800) 969-1940
• Venmo 1 (855) 812-4430
• PayPal 1 (888) 221-1161

For more information check out the Federal Trade Commission's Mobile Payment Apps: How To Avoid a Scam When You Use One.

Disclaimer: Any reference made in this blog to a specific product, process, or service does not constitute or imply an endorsement by Connected Credit Union of the product, process, or service, or its producer or provider.