Use Caution With Cash Apps

While mobile payment apps like PayPal or Venmo make it easy to send and receive money online or through an app on a phone, scammers are also waiting to take advantage.

This service becomes an intermediary between your money and whoever is on the other end of a transaction, which can create an added layer of security.

But if a scammer tricks you into sending money, it’s hard to get it back. The Federal Trade Commission notes the risks and offers tips for staying safe.

Adobe Stock image by LariBat

• Don’t send a payment to claim a prize or collect sweepstakes winnings.
• Never give your account credentials to anyone who contacts you.
• Protect your account with multifactor authentication or a personal identification number.
• Before paying, double-check the recipient’s information to make sure you’re sending money to the right person.
• If you get an unexpected request for money from someone you do recognize, speak with that person directly to make sure the request really is valid, not a scam by a hacker who got access to their account.

If you find unauthorized payments or think you paid a scammer, immediately report the transaction to the service providing the payment app. Instructions should be available on the service’s website. Also, report the scam to the Report Fraud page.