Common P2P Payment Scams :
As with other financial transactions, P2P payment scammers are on the hunt to steal your money, identity or both. Common P2P scams include:
Phishing :
Unauthorized money transfers
âAccidental transfers,â where a scammer sends you money then claims it was a mistake; if you send the money back, you may later discover the funds sent to you were from a stolen source or fake account
Impersonation or imposter scams, which often involve someone pretending to be calling from a business, government agency, bank or utility company in order to get access to money or personal information
General P2P Payment Statistics
Many Americans Make P2P Payments
More than 159 million U.S. residents are expected to make at least one P2P mobile payment in 2023. That means more than 47% of the countryâs population is planning to or has used a P2P payment service.
P2P Payment Users Want to Incorporate the Tool More Into Their Finances
Some 42% of adult Americans have used P2P apps in the past week; 60% report doing so in the past month. Frequent users also are looking for ways to incorporate both P2P transactions and other online payment activities into a
âfinancial super appâ that would bring all accountsâincluding checking, savings and investmentsâunder one roof.
While Increasingly in Use, P2P Payments Are Still Niche :
Six percent of Americans say P2P payments are their favored choice of payment for everyday services. Debit cards (42%) and credit cards (26%) remain the most popular payment choices.
Even Frequent Users Donât Make P2P Payments Daily
Not Everyone Knows Where They Can Make P2P Transactions
The most popular payment app is PayPal, used by 57% of U.S. adults. Cash App is favored more by Black Americans (59%) than any other payment service.
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