Mobile payment apps like Venmo, Zelle, and Cash App make it easy to split bills, send money to friends, or pay for services. But as these apps become more popular, scammers are getting smarter and sneakier.

From impersonating your financial institution to offering fake giveaways, here’s how scammers are targeting users and what you can do to protect your money.

Common Payment App Scams

While scams can take many forms, most follow a familiar pattern: they aim to trick you into sharing personal information or paying for something that doesn’t exist. Here are five common warning signs:

Financial Institution Impersonation Scams

Scammers pretend to be your credit union or bank, warning you of “suspicious activity” and navigates you through the process of transferring money into a new account in your name — which actually involves transferring money to the scammer.

Tip: Your financial institution will never ask you to move money to a new account or share sensitive information via text or call.

Fake Giveaway Scams

Scammers pose as official accounts on social media claiming you’ve won a prize. To “claim” the prize, you’re asked to pay a verification or process fee, but the prize never arrives.

Tip: Legitimate payment apps will never ask you to pay a fee to receive a prize.

Fake Customer Support

You search for help online and unknowingly find a fake support number. The scammer asks for your login credentials or sends a link to a phishing site.

Tip: Only use official support channels listing on the payment app or their website and never share login credentials, account numbers, or other sensitive information.

Impersonating a Loved One

An unexpected request for money comes from someone you recognize.

Tip: Speak with them directly to confirm the request is really from them before sending any funds.

How to Protect Yourself from Scams

• Enable multi-factor authentication and set a strong PIN
• Never send money to claim a prize or sweepstakes
• Verify requests by contacting the sender directly
• Use only official support channels listed on the payment app or their website
• Trust your instincts
  

What to Do If You’ve Been Scammed

1. Report suspicious activity to the payment app immediately.

2. File a complaint with the FTC at ReportFraud.ftc.gov.

3. Contact us at 972.348.2000 (800.843.5295).

4. Warn your friends and family — awareness helps stop scams.