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Take Advantage of P2P With Less Risk

Apr 15, 2024

Whether you’re figuring out how to split the bill after dinner with friends, gifting cash for your cousin’s wedding or sending your roommate half of utilities, person-to-person (P2P) payments are a great way to transfer money… but it’s also crucial to guard your accounts while you take advantage of the convenience.

While P2P is safe and secure, you must always make sure you’re doing your part to keep your money safe. It is estimated about 84% of consumers have used a P2P app and 15% of them have at one point fallen victim to a scam. Taking precautions to safely use these services will ensure that you are able to take advantage of the convenience of P2P without the risk!

Follow these tips to avoid risk:

· Only pay people you trust. Never send money to someone you don’t know and trust outside of the internet. If someone claims to know you and is contacting you from an unknown number or new account, make sure to check with that person using the contact information you have for them. It’s possible that a scammer is posing as your friend, co-worker or family member.

· Verify your recipient. Once you submit a payment, it is being moved out of your account, so always double check that you are sending the correct amount to the right person. Check that the phone number or email are written correctly and that the name matches the person you’re intending to send money to. If you’re writing a note for the payment, make sure it is set to private instead of public, if applicable. That way other scammers can’t see more information about you. Taking a few extra seconds to make sure everything is correct will save you a headache later!

· Don’t give in to pressure. Contacted by someone who says they need money now? Scams are getting better and better at becoming convincing. Never send or receive money from anyone that you are not absolutely sure is someone that you know well. Many will try to pressure you, making up an emergent situation or trying to convince you that something bad will happen if the scenario isn’t fixed immediately, usually by you sending them money. Always hold your ground and don’t send money unless you are comfortable and trust the other person.

· Review fraud and protection coverage. Understand what the P2P payment app will cover in the case of fraud, or what they won’t cover. Try to avoid apps that don’t give you fraud protection. It’s always best to prepare for the worst-case scenario!

· Transfer money to a secure account. Transfer money as you receive it to your checking or savings account that is insured by your bank. Better yet, use HPay to transfer funds directly into your bank account. 

Follow these tips while using HPay and different P2P applications to keep your account safe while enjoying the ease of transferring money to your friends and family! Have questions about HPay? Contact us at 800-634-6632.