Peer-to-peer (P2P) payment apps make it easy to send money to friends and family. Whether you're splitting a dinner bill, paying a babysitter, or sending money to a relative, these services are convenient and fast.
Unfortunately, scammers know that too.
While peer-to-peer payment services are convenient, they have also become a popular target for scammers. Fraudsters may use phone calls, text messages, emails, or fake websites to trick people into sharing sensitive information or authorizing payments. Because these transactions are typically processed quickly, it can be difficult to recover funds once they're sent.
How These Scams Work
A scammer may contact you by phone, text message, email, or social media and claim to be:
- Your bank
- A government agency
- A fraud investigator
- A retailer or delivery service
- Technical support
They create a sense of urgency and convince you that your account is at risk. They may then ask you to:
- Verify your online banking username and password
- Share a one-time security code sent to your phone
- Click a suspicious link and log into your account
- Download software that allows them to access your device
Once they have your credentials, they can log in to your account and send money through P2P services to accounts they control.
Red Flags to Watch For
Be cautious if anyone:
- Pressures you to act immediately
- Asks for your online banking password
- Requests a security code sent to your phone
- Tells you to transfer money to "protect" your account
- Asks you to send money to someone you don't know
- Claims you've won a prize but need to send money first
Remember: Chambers Bank will never call, text, or email you and ask for your password, security code, or full online banking credentials.
Protect Yourself
You can reduce your risk by following a few simple steps:
- Never Share Security Codes - If you receive a verification code by text or email, do not share it with anyone. These codes are intended only for you.
- Use Strong Passwords - Create unique passwords for your online banking accounts and avoid reusing passwords across multiple websites.
- Be Skeptical of Unexpected Contacts - If someone contacts you claiming to be from your bank, hang up and call the number listed on your debit card or on our website.
- Monitor Your Accounts - Review your transactions regularly and set up account alerts through Digital Banking and Card Controls.
- Think Before You Send - P2P payments are designed to be like cash. Once money is sent, it can be difficult or impossible to recover. Only send money to people you know and trust.
If You Think You've Been Scammed
If you've shared your banking information or notice unauthorized activity on your account:
- Contact Chambers Bank immediately.
- Change your online banking password.
- Review recent account activity.
- Report any suspicious transactions.
The faster you act, the better chance we have of helping protect your account.
Fraudsters are becoming more sophisticated every day, but a healthy dose of skepticism can go a long way. If someone asks for your banking information, passwords, or security codes, stop and think before you respond. When in doubt, contact Chambers Bank directly.
Your security is our priority.