It's easier now than ever to transfer money quickly with current banking apps and peer-to-peer (P2P) payment platforms. With the increased convenience, there comes more fraud and security attacks. To protect yourself, understand potential threats and how to navigate them.
What is P2P fraud?
When fraudsters not only attack the payment product itself, but everything else including registration, authentication, loading bank information, etc.
Most Used P2P Options:
- Cash App
- Apple Pay
- Google Pay
What you need to know
The most often contribution to fraud is when people willingly provide their personal information. Here at Veritex Bank, we will never call you and ask for your username or password. If you believe you are being targeted, immediately change your passwords and usernames. Avoid using links and phone numbers sent to you directly. Instead, find the correct website or phone number by searching from your secure web browser.
In addition, never send money to people you don't know. Always confirm requests for payment before sending the money.
Tips & Tricks
- Make a long, unique password
- Use 2-factor authentication or multi-factor authentication
- Trash any skeptical links in email, tweets, texts, posts, social media messages or online advertising
- Keep a clean machine by configuring your devices to automatically update or notify you when an update is available
- Back up your valuable work, music, photos and other digital information by making an electronic copy and storing it safely
- Every time you sign up for a new account, download a new app or get a new device, immediately configure your privacy and security settings to your comfort level