Peer-to-peer (P2P) payment apps like Venmo, Zelle, and Cash App have made sending money between family and friends easier than ever before. But consumers beware: while these apps make exchanging money fast and convenient, they also make it quick and seamless for criminal scammers to steal your money. 

You may hear from a loved one claiming to be in trouble - and they need your financial help fast via a P2P app. Another tactic used by criminals involves offering a “discount” for a product on an online marketplace, but only if payment is made through a P2P app.   

Scammers can also spoof payments to make it seem like they “accidentally” sent you money on a P2P service. They will innocently ask you to return it, but shortly after, their initial payment to you will bounce like a bad check, leaving you short any funds you sent them. 

It’s best to use P2P apps to send money to friends, family, and other people you know and trust.  P2P apps do not have the same consumer protections that credit cards have. Transactions are like paying cash - instantaneous and usually irreversible. If you receive an unexpected payment, don’t accept it and report it to the app provider.  

Be a fraud fighter! If you can spot a scam, you can stop a scam. 

AARP Fraud Watch Network™ is a free resource for all. Learn how to proactively spot scams or get guidance if you’ve been targeted. Visit aarp.org/fraudwatchnetwork or call our dedicated helpline to speak to a fraud specialist at 877-908-3360. 

Need a scam prevention speaker for your group? Click the link to fill out our online form or send an email to me@aarp.org.