FOREX Magazine
IBP Finance I
IBP Finance I
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Unscrupulous individuals can use person-toperson<br />
payment systems to perpetrate<br />
scams if consumers aren’t careful. For<br />
example, if the person you are purchasing a<br />
good or service from asks that money be sent<br />
through PayPal as a “Friends and Family”<br />
transaction, proceed with caution. While this<br />
method doesn’t charge the seller fees,<br />
consumers have no buyer protection in case<br />
of fraud. This scam is particularly popular for<br />
Facebook Marketplace and Craigslist<br />
transactions. Additionally, some fraudulent<br />
individuals offer P2P services for online<br />
purchases because they can charge the<br />
individual before the item ships. Always pay<br />
close attention if the seller charges for the<br />
product before it is shipped out.<br />
To help you make the most of person-toperson<br />
payment systems, TDCI’s Division of<br />
Consumer<br />
ONLY SEND AND RECEIVE PAYMENTS WITH<br />
PEOPLE YOU KNOW<br />
Never send money using the “family and<br />
friends” option if you don’t know the person.<br />
Although “service or good” transactions<br />
charge the recipient a fee, they may also<br />
provide fraud protection. If the transaction<br />
turns out to be a scam and it wasn’t<br />
processed as a “service or good”<br />
transaction, the payment won’t fall under<br />
the fraud protection policy.<br />
RESEARCH THE COMPANY<br />
If you are using a P2P service to purchase<br />
goods or services, research the company or<br />
individual with whom you are looking to do<br />
business. Ask former customers or conduct an<br />
Internet search for previous customer<br />
reviews.<br />
Affairs offers the following tips:<br />
UTILIZE SECURITY MEASURES<br />
Many services offer multi-step verification.<br />
This includes adding a PIN, fingerprint, or<br />
facial recognition in addition to a password.<br />
It’s best to use as many forms of<br />
authentication possible for the best<br />
protection.<br />
CREATE UNIQUE PASSWORDS<br />
Avoid using the same or similar passwords for<br />
various financial accounts. Ensure your<br />
person-to-person accounts utilize different<br />
passwords than your bank accounts.<br />
OPT-IN FOR TRANSACTION NOTIFICATIONS<br />
Being notified of outgoing payments could<br />
provide an early warning that someone has<br />
accessed your account. Many P2P services<br />
offer email, text, or push notifications that<br />
send you an alert when money is debited or<br />
credited to your account. Ensure these are<br />
turned on in your user settings.<br />
DOUBLE CHECK THE RECIPIENT<br />
A typo in the username, email address, or<br />
phone number could cause you to send<br />
money to the wrong person. Check for errors<br />
before submitting the payment.<br />
UNDERSTAND THE FEES AND PROTECTION<br />
POLICIES BEFORE HITTING ‘SEND’<br />
There are several platforms with various ways<br />
to send and receive money. Some<br />
companies charge if you use a credit or<br />
debit card for transactions and for<br />
transactions out the United States. Others<br />
charge a fee for the product or service, but<br />
don’t offer any purchase protection.<br />
Research each company you are<br />
considering and their policies before signing<br />
up and linking your bank account or credit<br />
card.<br />
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