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Home > Mobile Payment App Fraud

Mobile Payment App Fraud

10/13/2023

Mobile Payment App Fraud

Fraud occurring through many different Mobile Payment Apps is becoming more prevalent. If you use a Mobile Payment App, we encourage you to follow these tips to use these apps safely and to protect yourself from fraud.

  • Do not send money to someone you do not know and trust.
  • Always double-check the recipient's information before sending a payment to ensure it is going to the intended person.
  • Check your account regularly to verify your transaction history. Doing routine checks can help you quickly spot fraud and take action.
  • Use strong passwords, change them often, and do not include personal information. Avoid recycling passwords.
  • Enable and use Multi-Factor Authentication on your accounts which adds another layer of protection. Multi-Factor Authentication requires both your password and a special time-sensitive code sent to your cellphone or email prior to logging in. This extra step may help prevent scammers from accessing your accounts. 
  • Never share your account information and/or login credentials with anyone.

If you do become a victim of Mobile Payment App Fraud, take action and report it immediately in the app. Your financial institution is unable to help retrieve any funds sent through a Mobile Payment App. You can report fraudulent transactions and scams via the support chat in the Mobile Payment App or call the numbers listed below.

For more information check out the Federal Trade Commission's Mobile Payment Apps: How To Avoid a Scam When You Use One.

 

Disclaimer: Any reference made in this blog to a specific product, process, or service does not constitute or imply an endorsement by Connected Credit Union of the product, process, or service, or its producer or provider.



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