Fraud Watch: Person-to-Person Payment Apps

Person-to-person payment services like Zelle®, Venmo®, and Cash App® make it easy to send money quickly to friends and family. While these services are convenient, scammers often try to take advantage of their speed and simplicity. Understanding how these scams work can help you avoid sending money to the wrong person.

How P2P Payment Scams Work

Scammers often pose as someone you trust or create a sense of urgency to convince you to send money. They may pretend to be a family member in need, a seller offering a deal that seems too good to be true, or even someone claiming to represent your financial institution.

Because P2P payments are designed to move money instantly, once a payment is sent it may be difficult to reverse. That’s why scammers often pressure people to act quickly before they have time to verify the request.

Common Red Flags

Be cautious if someone asks you to send money through a P2P payment service and:

• You don’t personally know the recipient

• The request comes with urgent instructions to act immediately

• You’re asked to send money to “fix” a problem with your account

• The payment is for an online purchase from someone you’ve never met

• The sender asks you to move money between accounts or return funds

If something feels unusual, pause and verify before sending money.

Tips to Stay Safe

P2P payment apps are safest when used to send money to people you know and trust. Keep these best practices in mind:

• Only send money to friends, family, or people you know personally

• Double-check the recipient’s information before sending payment

• Never send money to someone who asks you to move funds for them

• Avoid using P2P payments for purchases from unfamiliar sellers

If You Receive a Suspicious Request

If someone contacts you asking for money or account information, do not respond to the message or send funds. Instead, contact Tampa Bay Federal directly using the phone number on our website.

Reporting suspicious activity quickly can help protect your account and prevent additional fraud.

Staying informed is one of the best ways to protect yourself from scams. If you ever have questions about a payment request or suspect fraud, our team is here to help.