What is person-to-person (P2P) fraud? P2P fraud is a consumer scam whereby a bad actor uses social engineering to trick a consumer into sending money through a P2P channel for fraudulent financial gain.
Protect Yourself From P2P Payment Fraud
If you want to use P2P platforms to buy goods or services, it's important to approach transactions cautiously.
Here are some steps you can take to help prevent P2P payment fraud:
Research the Seller: Before sending money, check the seller's reviews or feedback if available. Avoid transactions with sellers who have negative reviews or seem suspicious.
Avoid Friends and Family Option: On some platforms, like PayPal, sending money using the "Friends and Family" option waives your right to buyer protection. Always use the "Goods and Services" option when purchasing items from strangers.
Document Everything: Keep records of your communication with the seller, including screenshots, descriptions, prices and any other relevant details.
Confirm Delivery Methods: Ensure that you have a clear agreement on how your purchase will be delivered, especially if it's a physical item. If possible, opt for trackable shipping methods and require a signature upon delivery.
Always be cautious, do your research, and use the built-in protections available on P2P platforms when you use them to buy goods or services.
Note:Given information taken by other resources.
