In today’s digital age, scammers are continually coming up with new ways to steal people’s money. One of the latest scams involves peer-to-peer payment services like Venmo® and Zelle®. Though these payment services are generally secure, criminals will try to scam you into sending money.
Scammers’ Tactics
One common tactic is impersonating your bank. You might receive a phone call from a person who pretends to be a bank representative, informing you of “suspicious activity” on your account. They will then direct you to send money to yourself or the bank’s address to reverse the transaction or verify the account is not frozen. It is crucial to know that your bank will never ask you to send money to anyone via a peer-to-peer payment system, not even yourself.
Another scamming tactic is when fraudsters reach out to you, claiming to represent a fraud department or a merchant. They will ask you to provide sensitive information such as your bank account username and password, credit or debit card information, or social security numbers. However, do not disclose this information — scammers can then create a peer-to-peer account with your details, steal your identity, and gain access to your accounts.
Stay Safe
It is vital never to send money to someone you do not know or have never met in person. Also, never share personal information with anyone you cannot trust, even if caller ID indicates it’s a familiar company. Keep your personal information private, and if you feel pressured or have concerns, hang up and contact your bank directly using a known number. If you have any questions about whether something is legitimate, contact your banker or advisor at FineMark, and we will be happy to assist you.
