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Four major US banks report a total of 192,000 fraud cases reported by customers from payment app Zelle in 2021 and the first half of 2022. money they lost.
Payment apps such as Zelle, Venmo, and Cash App make it very easy and convenient to send money to friends and make purchases, but according to the Pew Research Center, about 1 in 10 people have their payment apps scammed or hacked. have suffered from
About 47% of people were able to get their money back on PayPal, but very few were able to get their money back on other apps. Venmo only refunded 14%, Cash App 3.7%, and Zelle less than 1%.
However, there are ways to use payment apps to protect your money.
First, only send money to people you know and trust, and double-check that the phone number or email address is correct.
Connect your payment app to your credit card instead of your bank account. Credit cards offer stronger protection for authorized transactions than bank accounts.
Finally, make sure that only you can access the app using a biometric passcode such as your fingerprint.
As a final tip, double check your customer service number if you’re having trouble with your payment app. There have been reports of people googling the customer support number for Cash App Support only to find representatives claiming to be scammers.
According to the BBB, Cash App support will also not ask for sensitive information such as payments or full bank account information. Think twice before downloading software that scammers may recommend if it is not associated with Cash App.
Copyright 2023 by Ivanhoe Newswire – All rights reserved.
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