Thieves could be targeting peer-to-peer money apps like Venmo, Paypal, AG Tong says

Technology

NEW HAVEN, Conn. (WTNH) — A warning out from Connecticut’s Attorney General. He said thieves could be targeting your money on peer-to-peer apps like Venmo or Paypal.

More and more folks ditched cash and checks during the pandemic, so the need for these apps grew and so did people looking to scam.

Attorney General William Tong said he has heard complaints that involve hackers cracking into accounts and stole money. Or in another case, a family sent money thinking they would get a new puppy and that puppy never showed up.

He said these peer-to-peer apps need to be treated as cash and stresses they don’t have the same protections as other forms of payment.

“There are online peer-to-peer apps and they may not have the same protections as a credit card or bank or a federally insured bank or financial institution,” said Tong. “You’ve got to treat this like cash. As if you handed over cold hard cash in bills and once they have it, that money is gone.”

His advice? Don’t leave a large amount of money in the account. If someone pays you, take it out, and put it into your bank account.

Make sure you have the right name when you’re sending money and be sure that person is reputable.

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