A real financial institution will never ask you to pay bills using a payment app, or ask you to transfer money to yourself. Scammers have the ability to “spoof” email addresses and phone numbers on caller ID to look like they are actually from your financial institution, even when they’re not. When in doubt, always reach out to your bank directly by calling the number on the back of your card.
Mobile Payment App Scams & 4 Tips on How to Avoid Them.
Mobile Payment App Scams are otherwise known as “Accidental” payment scams. This is where A scammer “accidentally” sends you money on a P2P service and asks you to send the money back. Quite often the money is sent to you through a mobile payment app using a stolen credit card, but that payment is then typically reversed when the credit card is reported as stolen. If you send funds "back" to the scammer, you end up losing money.
These types of scams can be hard to avoid but with these 4 tips, you can better identify Mobile Payment scams and not fall victim to them.
1. Be cautious of texts or phone calls about payment applications
Payment app scams quite often begin with a simple phone call or text. If you get an unexpected call, simply hang up the phone. If you receive an unsolicited text, simply delete it. Even when these interactions seem legitimate, you should always make sure by calling your bank or payment app’s customer assistance number.
2. Only payment applications to pay friends and family
Don’t transfer funds to anyone you don’t know or have never met in person. These payment applications are just like handing over cash to someone.
3. Raise suspicion on urgent payment requests
Scammers will often rely on constructing a (false) sense of urgency to get you to act without thinking. They might claim something outlandish, like your account is in danger of being closed permanently, or threaten you with immediate legal action. These high-pressure tactics are red flags of a scam — a real bank would never use them.
4. Avoid unusual payment methods
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