The popularity of digital payment methods like Zelle®, Venmo, and PayPal has been shadowed by a rise in associated fraud and scams. It’s vital to distinguish between fraud (unauthorized access and use of your account) and scams (where you’re deceived into making a transaction). Both can be avoided with certain precautions.
Common digital payment scams include social engineering, such as phishing and bank impersonation, and more specific strategies like utility scams, marketplace scams, and “pay yourself” scams. To keep your transactions secure:
1. Only send digital payments to individuals you know and trust.
2. Beware of any request to send money to yourself, a common scam tactic.
3. Confirm that contact details match the intended recipient before transferring funds.
4. Never share sensitive account information like passwords, PINs, or temporary access codes.
5. Remember that legitimate banks, like Fifth Third Bank, will never ask for your login information.
By following these steps, you can ensure your digital transactions are safer and directed to the correct individual or company.
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