How to Prevent In-Person Payment App Scams


How to Prevent In-Person Payment App Scams

Payment apps, like Venmo, CashApp, PayPal and Zelle, are convenient ways to send and receive money. They’re popular because they make it easy to send a gift to a loved one, pay for an item on community marketplace sites or reimburse a friend. Unfortunately, these apps are also popular with scammers. Keep reading for ways to spot a phone borrowing scam, which is a type of in-person payment app scam, plus tips to stay safe.

What is a phone borrowing scam?

Imagine someone in distress approaches you in a public place and asks to borrow your phone. It’s an emergency, and they just need to make one phone call or text to ask someone they know for help. It’s natural to want to help someone in need, and scammers are banking on your generosity. The next thing you know, you’ve not only handed a scammer your phone, you’ve also handed over easy access to steal your money through Venmo, CashApp or another payment app.
 

Red Flags for Phone Borrowing Scams:

  • Pressure: They pressure you to hand over your phone with a sense of urgency or distress.
  • Privacy: They step out of sight or ask for privacy when using your phone.
  • Apps: They ask to use your phone to log into their email account or other apps. 

How to Stay Safe from Phone Borrowing Scams:

  • Hold onto your phone. If you encounter a stranger in need, you don’t have to hand over your phone. It’s ok to say no. Or you call the number for them on speakerphone without giving the stranger your phone.
  • Keep your phone locked and don’t leave it unattended in public.
  • Stay informed. Learn more ways to stay safe from other types of payment app scams. 

How to Stay Safe from Phone Borrowing Scams:

  1. Know your recipient: Only send money to familiar contacts you trust and verify their identity before transferring your funds.
  2. Protect your sensitive information: Never share your PINs, passwords or authorization codes.
  3. Use security features: Use the payment app’s built-in protections, like multifactor authentication.
  4. Secure your network: Avoid making transactions on public Wi-Fi to protect your information.
  5. Review your accounts. Regularly reviewing your account statements and transaction history allows you to quickly report any unauthorized or suspicious activity immediately.
  6. Report suspicious activity: If you ever suspect any fraudulent activity or encounter a potential scam, please contact us immediately or visit your nearest F&M Bank office. We’re here to support you.

Keep these tips in mind, so you can enjoy the convenience of payment apps and reduce your risk of fraud.