Greater Nevada Credit Union’s Chief Technology Officer Gives Advice on Avoiding Payment App Scams

Mike Dietrich, Chief Technology Officer at GNCU, talked with KOLO 8 News about how to avoid scams on popular payment apps such as Venmo, Cash App, and Zelle.

You can check out the full story on KOLO’s website.

“Person to person, or P2P. It’s also called peer-to-peer payments. Those are where you can send cash to another person. It makes it very convenient to send money to friends and family,” Dietrich said during the interview. “With anything quick and easy it opens up opportunities for fraudsters to utilize the service for frauds or scams.”

Dietrich warned that payments on these platforms are like paying cash. So, if you transfer money to a scammer, that money can be impossible to recover when you discover the scam. So it’s important to know and trust the person you are sending money to.

Some scams include:

  • Fraudsters pretend to sell a product, such as concert tickets and then disappear after they receive money on the app without delivering that product.
  • Scammers impersonating your financial institution or payment app, saying there is a security breach on your account.
  • Someone “accidentally” sending you money and asking for it to be returned. Then, the money turns out to be an unauthorized transfer from a hijacked account, and you are responsible for the stolen funds.

Learn more about P2P scams and how to protect yourself on these apps by reading our blog.