Payment Apps: Scams You Should Know + Tips

Venmo, CashApp, and Zelle make it easy to send money quickly to friends or family. But what happens when it’s a scammer at the other end?

Once you link your card or account number with one of the payment apps, you can easily send money to friends, family and even purchase goods from local stores. Usually these apps are used with people you know. So, how do criminals get you to send money?

Criminals will often pretend to be a loved one in trouble or say you’ve won a huge lottery or prize, but need to pay fees to collect. Some criminals will even pretend to be your bank asking for you to send funds to cover charges on your account or to “protect” your account from an unknown threat.

The truth is sending money through an app is like sending cash. This makes it very hard to get it back once sent. Make sure you know who you’re sending money to before hitting send. If you’re not sure, contact the person, bank, or business at a phone number you know and ask if they sent you the request. Also, know that Traditional Bank will never contact you to tell you to transfer money or to ask for personal information or passcodes.

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