PYMNTS

OCTOBER 16, 2020

Peer-to-peer (P2P) payment apps like CashApp , PayPal , Venmo and Zelle are especially popular targets for financial crime, with fraud attacks against these apps increasing by 733 percent since 2016. A financial fraud attack against FIs or businesses occurred every two minutes on average in 2019, resulting in 59,627 attacks in total.

Zelle

FICO

DECEMBER 5, 2022

For example, using email or text verification for identity authentication is typically not secure, yet many customers still prefer these methods for the same reasons that made them popular from the start - they are quick and easy to use. Third-party P2P apps, like CashApp, use a few icons very effectively to streamline their experiences.

Online and Mobile Banking

FICO

NOVEMBER 30, 2022

By convincing individuals to send money through apps like Venmo, CashApp, Zelle and others, or adding a payee for traditional ACH transactions, fraudsters are perpetuating what is known in the financial industry as Authorized Push Payment (APP) fraud (in the UK) or authorized user fraud (in the US). Debbie holds a B.A.

Scams

FICO

NOVEMBER 7, 2022

On one side, there are regulators concerned about the perceived growth of scam losses through popular P2P payments apps like Zelle, Venmo and CashApp. Enable multifactor authentication (MFA), avoiding text or email for one-time passcode sharing whenever possible.

Scams

Nanonets

APRIL 3, 2024

When you make an in-person or digital purchase, the digital wallet generates a unique, one-time authentication and communicates that alongside transaction data to the recipient or payee. Payment apps like CashApp or Venmo function much like digital wallets but also tend to include features similar to banking platforms.

Credit Cards