ABA Foundation and FTC Release Consumer Education Infographic on Payment App Scams – American Bankers Association

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Joint infographic is 7th in a series to educate consumers on scams and how to protect themselves
The American Bankers Association Foundation and the Federal Trade Commission today released an infographic with tips and information to help consumers protect themselves when using mobile payment apps and services. As the popularity of person-to-person payment apps and services has soared, fraudsters are increasingly attempting to use the services to scam victims.
“It’s easier and faster than ever to send money to friends and family, but unfortunately that speed and convenience also attracts criminals,” said Paul Benda, senior vice president, operational risk and cybersecurity at ABA. “Remember that your bank will never call, text or email you and ask for personal information or direct you to send money to anyone, including yourself. If anything sounds suspicious or unusual, trust your gut and contact your bank through a trusted channel like your mobile app or the number on the back of your debit card.” 
In the infographic, the ABA Foundation and the FTC provide three tips to help consumers avoid sending money to scammers: 
The ABA Foundation and the FTC also suggest taking the following steps to protect your account: 
If you are the victim of a mobile payment app scam, you should report it to the payment app or service, tell your financial institution, and report it to the FTC at ReportFraud.ftc.gov
The infographic, developed jointly by the ABA Foundation and the FTC, is part of an ongoing series of infographics aimed at educating consumers about scams and how to protect themselves. The other ABA Foundation and FTC infographics cover topics including online dating scams, fake check scams, phishing scams, money mule scams, imposter scams and government imposter scams
To view the mobile payment apps and services infographic, click here: https://www.aba.com/news-research/research-analysis/how-to-safely-use-mobile-payment-apps-and-services
To learn more about the banking industry’s efforts to raise consumer awareness around the phishing threat including additional tips on spotting scams visit BanksNeverAskThat.com.
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About the ABA Foundation
Through its leadership, partnerships, and national programs, ABA’s Community Engagement Foundation (dba ABA Foundation), a 501(c)3, helps bankers provide financial education to individuals at every age, elevate issues around affordable housing and community development, and achieve corporate social responsibility objectives to improve the well-being of their customers and their communities.
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