Sending and receiving money with peer-to-peer (P2P) apps like Venmo, Zelle and Cash App is fast, easy and super convenient. You can split dinner, make a purchase or send a gift in seconds—no cash required.
But with convenience comes the need for caution. Scammers know people love the speed of P2P apps and exploit it to their advantage. If you use these apps to buy something from an unknown vendor or person, you open yourself up to potential fraud and the loss of your money.
Imagine buying your family’s first dog on Facebook Marketplace and sending the money via Venmo, only for the seller to disappear and block you. This is a common scam: once the payment is sent, the seller has your money and any shared account information. Unfortunately, much of the time, there is no way to recover the funds.
A few simple habits can help you enjoy all the perks of P2P apps while keeping your money and personal details safe.
How to Protect Your Money and Information
Pause before acting: Making a new or big purchase, like a dog, can be exciting, but it's important to take your time and ensure the transaction is legitimate.
Don’t send money to unknown recipients: Only send funds to people you know and trust.
Verify all recipients: When adding a new recipient, or even sending money to an old one, be sure to review all contact information to make sure it’s correct before you hit send. If the person is a new contact, research as much as possible to confirm you are transferring money to a legitimate recipient.
Link your account to a credit card: Use a credit card to make these purchases instead of your bank account or a debit card. Credit cards often offer fraud protection and make it easier to recover lost funds.
Use security features: Many apps allow you to lock your account when you're not using it, either with a PIN, fingerprint or face ID. Enable this feature to prevent unauthorized access to your P2P apps if your phone is lost or stolen.
Use Secure Services for Peace of Mind
If you want the ease of P2P payments with an extra layer of security, our free send money feature has you covered. It’s secured through your online banking credentials and requires the recipient to answer a security question, ensuring only the correct person receives it. Using the service directly through online banking removes the need to use third-party apps and keeps the transaction between you and your intended recipient. It’s a convenient and safe way to handle your transactions.
Don’t Fall for P2P Scams
Scammers may try to trick you into sending money through apps like Venmo, Cash App or even through fake requests that appear to come from trusted sources. Remember—Members 1st will never ask you to transfer funds through these apps. If you receive a suspicious request, always confirm it with a trusted source before taking action.
P2P apps are designed to send money to people you know and trust. Think of it like cash—once it’s gone, it can be nearly impossible to get back. That’s why it’s important to use these services wisely and avoid sending payments to people you don’t know.
If you’re ever unsure about a request or transaction, our team is here to help. Call us or stop by any of our nearly 60 branch locations for support.
