AARP Virginia Fraud Alert: Peer-to-Peer Payment Scams

Many of us have used a peer-to-peer (P2P) payment app to split a bill or send money to a friend, and some people even use them for traditional shopping. However, there are inherent risks that exist on these payment apps that everyone should know about.

First and foremost, because they’re as fast and convenient for criminals as they are for consumers, P2P apps — like Zelle, Venmo and Cash App — are favorite tools for modern-day scammers. It’s also important to know that, even though they may be associated with your bank account, no fraud protections exist on P2P apps. Once you press send it is virtually impossible to get your money back.

The keys to staying safe when sending money this way is to avoid out of the blue requests for money and make sure you know the person on the other end. Think of P2P apps as cash. Before you hand over cash that you will never get back you always want to know exactly who you are giving it to.

Be a fraud fighter! If you can spot a scam, you can stop a scam.

Report scams to local law enforcement. For help from AARP, call 1-877-908-3360 or visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork.

With about 1 million members in Virginia, AARP is the largest organization working on behalf of people age 50-plus and their families in the Commonwealth. To learn more about how AARP Virginia is working in your community, like us on Facebook at www.facebook.com/aarpvirginia and follow @AARPVa on X at www.X.com/aarpva.

 

AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.