P2P services sometimes have limited if any fraud protection. They do not offer the same consumer protections as a credit card, or debit card from your financial institution.
When you send money outside your financial institution through a peer to peer app, you are bound to the user agreement terms within the P2P app.
Here are some tips for using Person-to-Person Payments:
1. Send money to only people you know. Most p2p payments are irreversible. Once the money is transferred it is gone.
2. Keep your p2p apps up to date. Outdated software may lead to missing security patches that scammers can exploit.
3. Safeguard your account information. NEVER share financial account information with others. This includes account numbers, passwords, and PINs. P2P payment scams aren’t the only kind of financial fraud you should keep an eye out for.
Check out LFCU’s Fraud Education Page to learn more on how we can protect you against fraud.
The content provided for informational purposes only. LFCU does not guarantee the accuracy or completeness of the information provided by third parties.