Peer-to-Peer (P2P) services like Zelle, Venmo, and PayPal offer quick ways to send money, but they lack the robust fraud protections of traditional credit cards. Because transactions require only a name, phone number, or email, they are incredibly difficult to reverse once sent.

Scammers exploit this through phishing emails, texts, and calls designed to steal your personal information. A common tactic involves “accidental” deposits, where a fraudster sends stolen funds to your account and asks you to return them. If you comply, you are sending your own clean cash to the scammer. Once the bank flags the initial deposit as stolen, that money is removed, leaving you with a total loss.

To protect yourself, never share your username, password, or PIN. Be highly skeptical of incoming communications, as scammers routinely “spoof” caller ID numbers to mimic trusted banks like Chase or Bank of America. If you receive unexpected funds or notice suspicious activity, do not engage with the sender; instead, check your accounts frequently and contact your bank directly using the official number on their website or the back of your card.