The scammers who try to steal your money want their payments to be instant, anonymous, untraceable, and irreversible.
For decades, money transfers were their favorite method. These days, according to new data from the Federal Trade Commission, the fraudsters are shifting to peer-to-peer payment apps (such as Zelle, Venmo and CashApp), gift cards, and cryptocurrency.
During the first half of this year, complaints to the FTC about crypto as a payment method skyrocketed, accounting for reported losses of $760 million dollars. By comparison, losses attributed to payment apps were $82 million.
Remember, the safest way to pay for anything is with a credit card.
If the online retailer or person on the phone will only accept a specific payment method, such as wire transfer, gift card, cryptocurrency, or P2P payment—that’s a big red flag. Stop and find out what’s going on! And remember, government agencies and utilities do not accept gift cards for payment.
More Info: This article from the AARP Fraud Watch Network explains how scammers like to be paid.
