What is a P2P Money Service? Tips for Staying Safe Against Scammers

P2P money service stands for peer-to-peer money service. It is a way of sending and receiving money online using an app or a website that connects you with another person who has a bank account or a card. Some examples of P2P money services are PayItNow, PayPal, Venmo, Cash App, and Google Pay.

P2P money services are convenient and fast, but they also come with some risks. Scammers may try to trick you into sending them money or giving them your personal information. Here are some tips to help you avoid falling victim to fraud:

  • Only send money to people you know and trust. P2P money services are meant for personal use, not for buying goods or services from strangers. If someone asks you to pay them using a P2P money service for something you bought online, it could be a scam.
  • Check the recipient’s details carefully before confirming the transfer. Make sure you enter the correct phone number, email address or username of the person you want to send money to. If you make a mistake, you may not be able to get your money back.
  • Don’t share your login information or verification codes with anyone. Scammers may pretend to be from the P2P money service or your bank and ask you to provide your password, PIN or security code. They may also send you a fake link or attachment that could infect your device with malware. Never click on suspicious links or open unknown attachments.
  • Report any suspicious activity to the P2P money service and your bank. If you notice any unauthorized transactions or charges on your account, contact the P2P money service and your bank immediately. You should also report any phishing emails, texts or calls that claim to be from the P2P money service or your bank.

P2P money services can be a great way to send and receive money online, but you need to be careful and smart when using them. By following these tips, you can protect yourself from scammers and enjoy the benefits of P2P money services.