2022 has already seen a steep rise of fraud, and it’s not decreasing. As digital, touchless payments and person-to-person payment apps grow in popularity, so does the fraud in these areas. In fact, 53% of Americans have already been victims of digital payment fraud. Many financial institutions are underprepared for the amount of fraud that is accruing from the increase to digital payments, including the increased usage of person-to-person payment apps.
Person-to-person (P2P) payment apps include:
- Apple Pay
- Cash App
- Facebook Pay
Bad actors can execute their fraud through various avenues. Here’s a common way that the bad guys commit fraud on person-to-person payment applications:
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