Peer-to-Peer Payment Scams

Peer-to-peer (P2P) payment apps like Venmo, Zelle, and Cash App have made sending money between family and friends easier than ever. But consumers beware: while these apps make exchanging money fast and convenient, they also make it quick and seamless for criminals to steal your money through a variety of tactics.

You might get a message that appears to be from a loved one in trouble who needs you to send money quick through a P2P app. Or you may see a “discount” for an online marketplace product if you make the payment through a P2P app, only to discover the seller is a scammer.

Another common scam involves someone “accidentally” sending you money via a P2P service and then asking you to return it. However, their initial payment will later bounce like a bad check, leaving you responsible for any funds you sent back.

It’s best to use P2P apps to send money to friends, family, and other people you know and trust. These apps do not have the same consumer protections as credit cards. Transactions are like paying cash — instantaneous and usually irreversible. If you receive an unexpected payment, don’t accept it and report it to the app provider.

Report scams to local law enforcement. For help from AARP, call 1-877-908-3360 or visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork.

With about 1 million members in Virginia, AARP is the largest organization working on behalf of people age 50-plus and their families in the Commonwealth. To learn more about how AARP Virginia is working in your community, like us on Facebook at www.facebook.com/aarpvirginia and follow @AARPVa on X at www.X.com/aarpva.

 

AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.