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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.
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.
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