Cybercriminals are exploiting peer-to-peer mobile payment apps such as Zelle, Venmo, and Cash App to trick users into sending them money.

Scammers use stolen credit cards or compromised bank accounts to send money to users. They then contact the user, apologizing for the mistake and asking for the funds to be sent back. They often sound desperate to pressure the user into sending money quickly.

The user sends the money back from their account. When the “accidental” funds are reported as stolen, they disappear from the user’s account, leaving the user at a loss or held responsible for the fraudulent transaction.

Tips to stay safe from these types of scams!

Tip 1: If you receive money by mistake from a stranger, ignore it. It’s better not to engage with them at all.

Tip 2: If the app has a “refund” feature, use it to return the mistaken payment without creating a new payment from your account. You can also contact your bank or the app’s customer service for assistance.