GREENSBORO, N.C. — Whether it’s saving money by buying something used or making money by selling something, Facebook Marketplace is a common way to cash in.
A common way to pay or get paid is by peer-to-peer payment like Apple Pay, Cash App, Venmo, or Zelle. You don’t have to worry about carrying cash or counterfeit money or a bad check.
THE DOWNSIDE OF P2P PAYMENTS
These peer-to-peer payments also have a downside. Consumer Reports looked at the P2Ps listed above. None of them reimburse users for sending money to the wrong person or sending too much money by mistakenly adding extra digits to an intended amount.
Once you send the money, the money is gone. The amount consumers have lost to all types of social media fraud grows every year, totaling $770 million in 2021.
THEY DON’T NEED YOUR EMAIL. WHY DO THEY ASK FOR IT?
Scammers have all kinds of ways to make you think they’re real buyers or sellers. For example, when you look at your Venmo or other P2P app, you’ll see the money you’ve received and you’ve paid.
Your app tells you when money is exchanged.
You can see it.
Now, if a buyer or seller says they need your email address too, that’s a red flag for a scam. Why? Because the scammer then uses the logo of Venmo or Zelle or whatever and sends you a fake email and gets you to send more money.
Stick to the app and the confirmation from the phone in your hand the money is there.
