Scammers using fintech apps like the Wild West

Now is the perfect time for scammers to try and dupe unsuspecting victims on apps like Zelle and PayPal.

Each platform alone has seen complaints rise and scams rise in the last year. Zelle complaints went up 86% in the past year. PayPal saw scams grow to nearly 32%.

It’s the Wild West on some of these platforms in terms of scammers using them because of their peer-to-peer features.

Although transactions are encrypted through Zelle, making it hard to hack an ongoing payment, scammers are using that peer-to-peer feature to lure people through enticing rental scams or even pet ads online.