In the days of yore – yes, as far back as the 2010s – settling up with someone could be a bit of a hassle. Maybe you’d have to go to a branch or ATM to withdraw some cash or write a check and mail it off.
But times are simpler today. With a push of a button or a click of a wrist, you can send a person-to-person (or P2P) payment instantly.
In 2023, the FBI reported that P2P transactions will account for $2 trillion next year. Of course, criminals want a piece of the action.
According to the American Bankers Association, fraudsters will try to scam you by creating ruses to gain access to your accounts. It’s all about taking advantage of convenience.
Examples of how P2P scams start are numerous.
It could begin with a bank alert about “suspicious activity” to gain access. Or a message from the fraud department of a retail store asking you to confirm your information. Another common attack is the lure of work-from-home jobs with the caveat that you provide banking information to set up deposits. There’s also the con artist asking to use your phone in an emergency, only to gain immediate access to your money.
Even if you’re repaying a friend for dinner, don’t tell the world your business.
You are sending your money, so think twice and make sure everything is correct before pressing send! Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank
“We recommend keeping your pay app information private,” said Kimberly Reece, Financial Crimes Customer Advocacy Manager for Regions. “Otherwise, people see your activity, which provides insight into scammers to learn more about your activity through social engineering.”
8 Tips to Protect Yourself from P2P Fraud
- Only send money to people you know.
- Be wary of unsolicited messages (i.e. “Is this Lee’s phone?”)
- Don’t share bank authentication or private information over the phone no matter what caller ID says. If you think the request is legitimate, call your bank or the business directly to confirm.
- Don’t let a stranger borrow your phone.
- Set up alerts to notify you of transactions as they happen.
- Enable multi-factor or biometric authentication whenever possible.
- Don’t access your financial or personal information while using public Wi-Fi or mobile hotspots. They often lack adequate security.
- Keep your phone operating system updated.
“It’s worth the effort to fully vet the address of the recipient of your payment,” said Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank. “You are sending your money, so think twice and make sure everything is correct before pressing send!”
Additional Resources from Regions.com
Related Articles from Doing More Today
The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.