Beware of P2P App Scams

Safety and Protection

May 13, 2024

In today's fast-paced business environment, efficiency is key. Suncoast Credit Union understands that managing your cash flow is crucial to the success of your business. That's why we offer Automated Clearing House (ACH) payments as a secure and efficient way to send and receive money electronically as part of our Treasury Management suite of solutions which help commercial business members maximize resources and optimize operations.

What are ACH Payments?

ACH payments, also known as electronic funds transfers (EFTs), are a method for moving money between bank accounts. They provide a faster and more cost-effective alternative to traditional paper checks. When you initiate an ACH payment, you authorize the electronic transfer of funds from your Suncoast commercial business account to another bank account. This can be used to pay vendors, employees, or anyone else with a US bank account.

How Do P2P Phishing Scams Work?

Phishing scams are when scammers pretend to be real organizations in an attempt to steal your money and personal information.

Scammers are now using phishing to trick you into giving away access to your bank accounts through impersonating P2P apps.

You receive a phishing email or text that looks like it is from a popular P2P payment app, using their logos and layout, so you think someone has sent you money. When you click the links, it asks you to select your financial institution from a list, then log in.

That log in is not legitimate. Once you’ve done it, you’ve given the scammers personal information. Now they are free to log in and empty out your accounts.

Voice phishing login, email and credit card information

How to Protect Yourself from P2P Phishing Scams

Protect yourself from this scam by never clicking links from texts or emails that you’re not expecting, including potentially fake log in links. If you think someone sent you money, log in to apps directly from their official app or website.

Remember, if you choose to use any apps that connect to any of your credit union or bank accounts, use the highest security settings and enable two-factor authentication.
And since phishing scams can impersonate any business, organization, or financial institution, it’s important to always remember to stop and think before clicking any links in an unexpected email or text.

Monitor your accounts to make sure you report anything suspicious. Stay safe and protect your money!