The peer-to-peer or P2P payment apps have gained popularity owing to their instant money transfer capabilities. With the help of the P2P payment apps, money transfer is possible in few seconds only. Therefore, setting up a P2P payment system is an easy-peasy task. You will need a bank account. To begin with, then you will have to choose a P2P payment app of your choice, and then you can link your bank account to the P2P payment account. Then select the person you want to send the money to; you can add a note of the transaction for your convenience. Then depending on the app chosen, the amount gets transferred. For some apps, the money transfer happens in a few seconds, while for others, the money transfer may take up to three days.
These days frauds in P2P apps are common. So let’s check some of the common frauds that happen through P2P payment systems:
- The scammers may promise the victims to send the goods and services after receiving the P2P payments, but they disappear in thin air after receiving the payments.
- Fraudsters may gain access to P2P apps in unscrupulous ways and use apps to send money for personal benefits.
- Hackers may steal information and create fake P2P accounts and use that information to transfer money.
- Fraudsters may pretend to be from the fraud departments and gain access to personal details of the victims and use that information to transfer money.
If you are wondering how you can prevent P2P frauds, and then scroll down below to gain more information:
Below are some of the precautions that you can take to prevent fraud:
- You can add one or two pins to make your transactions safe. Some apps will let you add up to two pins, and these pins are essential to keep your transactions secure.
- You can choose to be notified for every transaction. You can talk to your banking service provider, or you may check out the options in the apps to allow you to have an email notification for every transaction that you do.
- You can refrain from sending money to unknown participants. There can be hacking of data if you send it to the wrong person.
- You must leave no stones unturned to check the information you key in a while sending the money. In case you end the money to the wrong person, your money may get wasted, and you may never get it back.
- You should always link the correct bank details to your P2P account. If you select the wrong account, then your transactions may fail, causing you unnecessary hassles. Also, if money gets misdirected, then, in that case, having the correct bank account linking will help you to get back the amount.
Some providers may charge you money for the transfer but don’t worry. By being aware of the P2P paying apps and the terms and conditions, you can avoid extra charges.
P2P payment apps like Google Pay, PayPal, Zelle etc., are pretty common to the users. Facebook Pay is also widely sued by many users. Apple pay works well, but it works only with selected iPhone and iOS.
Thus install the right P2P apps to enjoy a plethora of benefits and transfer money in a jiffy.