ST. LOUIS - Peer-to-peer payment apps like Venmo and Zelle make paying for things a breeze.
But there’s a catch: Many of these apps don’t offer the same level of protection against scams that most credit cards do, making them the perfect payment method for online scammers to take advantage of.
Consumer Reports reveals the warning signs and what you can do to make sure you don’t fall victim.
Peer-to-peer payment apps aren’t banks or credit cards, so when you pay someone directly using one, there is no way to recover the money, a problem Consumer Reports says happens way too often.
In an AARP survey of Americans 18 and older, more than half of respondents incorrectly thought they could reclaim money sent in error when using peer-to-peer payment apps.
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