Nick August 4, 2021 441 views
TAMPA, FLORIDA (WFLA) – Your phone is a portal to your funds for anyone who utilizes mobile payment programmed such as Cash App, Venmo, PayPal, and Zelle. Touchless payment alternatives grew in popularity as the coronavirus pandemic spread. These applications make it easier than ever to transfer or receive money.
However, mobile payment applications have also become a haven for criminals. “It’s simpler to simply say, ‘Oh sure, put my phone number into this app, and you can just send it there”. Frank Wood explained to 8 On Your Side Consumer Investigator Shannon Behnken. Wood has no problems utilizing mobile payment applications for years. Then one day, he awoke to discover his Cash App account completely depleted.
“The first one was right there, $212, [then] $206, $206, $298.88,” Wood added, holding up his phone to illustrate the transactions. “I even spotted them when they were still pending, so they didn’t completely go through. And they said, ‘Oh, contact Target, they can handle it’. When I phoned Target, they said, ‘No, we can’t.’ He isn’t alone. Complaints to federal regulators concerning mobile payment applications have increased by 300 percent over the previous year.
Connecting your bank account to mobile payment app like Cash App, Venmo, PayPal, and Zelle on your phone allows you to immediately pay a bill or even pay a buddy your share of supper. The immediate aspect is what entices criminals, according to Cyber Florida’s Tony Urbanovich. According to him, the plan frequently begins with seemingly innocuous text messages about a product arrival or a bank notice — something to pique your interest. “If it even looks like anything that, you know, doesn’t make sense, contact your bank or call your institution,” he said.
Spy virus might be downloaded into your phone once you click.
Treat money in your P2P app as if it were cash. Only use it with friends and those you know and trust.
Maintain a separate bank account to link to P2P accounts if at all possible. Do not link your P2P accounts to all of your cash.
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