It’s so easy to transfer money these days. All you need is a smartphone and a service that sends money in seconds. These digital mobile payment apps, however, can be used for scams.
Digital money app scams have one thing in common: someone wants to steal your money by contacting you through the app, text, email, or call. They will use the following tricks to open the door to theft:
- They claim to belong to a government agency.
- He’s a telemarketer trying to sell you something.
- They claim that your “account is compromised”.
- They feature “unauthorized and unverified cryptocurrency sites or sellers.”
- They may even ask you to send you money or claim that they sent you money by mistake.
According to the Federal Trade Commission, here’s how these scams work:
“Scammers can pretend to be a loved one in trouble and ask you for money to deal with an emergency. Others might say you’ve won a prize or sweepstakes, but you have to pay a fee to collect it.
Keep this tip in mind if you’re sending money through a mobile payment app:
- Do not send payment to claim a prize or collect contest winnings.
- Do not give your account credentials to anyone who contacts you.
- Protect your account with multi-factor authentication or a PIN.
- Before submitting a payment, check the recipient’s information to make sure you’re sending money to the right person.
- If you get a unexpected ask someone you recognize for money, talk to them to make sure the request is coming from them and not from a hacker who gained access to their account.
Have you been scammed? Report it immediately to your bank and local law enforcement and alert the FTC.