Is it safe to pay with P2P?

One of the major risks associated with P2P apps is impersonation scams. These scams involve criminals posing as someone else, often a trusted individual or a reputable company, in order to trick victims into sending money.

Criminals are skilled at manipulating information and creating convincing personas, making it difficult for users to distinguish between legitimate and fraudulent requests. This can lead to significant financial losses for unsuspecting victims.

To protect yourself from impersonation scams, it's important to be cautious when receiving requests for money through P2P apps. Always verify the identity of the person or company making the request before sending any funds.

It is crucial to be aware that despite the convenience of linking P2P apps to your bank account, these platforms do not offer any fraud protection. This means that once you initiate a transaction and press the send button, there is little to no chance of retrieving your funds if something goes wrong.

Another precautionary measure is to avoid clicking on links or downloading attachments from unknown sources, as these can contain malware that can compromise your personal information and put you at risk of fraud.