Money Transfer Scams

Fraudsters love money transfer transactions because it provides a quick and easy way to get your money. A Money Transfer transaction is when you send money using your debit card. Apps and websites such as Cash App, Venmo, Zelle, and Facebook Pay also allow you to make money transfers. Because you are sending cash, there are no dispute options in the event of a fraudulent transaction.

Two Common fraud scenarios involving Money Transfer payments :
One example of a money transfer scam is when you purchase a fake item from a seller on an online forum such as Facebook Marketplace. Examples of such items are pets from a breeder, a deposit for a summer vacation rental, or sporting event tickets. In this type of scam, the seller is only pretending to have those items for sale or rent. Once you realize this, it’s too late and the scammer already has your money.

Another example of a money transfer scam is when you befriend someone online. They mention that they have a check or direct deposit they are owed, but do not have a bank account to collect the money. They ask you to help them by receiving the funds into your account and having you make a money transfer back to them. In reality, the check is fraudulent, or the money deposited into your account is stolen. What they are asking you to do is receive fraudulent or stolen funds into your account and exchange them for legitimate funds by sending them back your money using a transfer app. You are then left with a check that comes back as nonnegotiable or a notification that the funds were stolen and need to be sent back. Sometimes you are even charged a fee for the check that bounced.

Be careful when making online purchases and do your research before doing business with a seller or meeting someone on an app. If someone you’ve never met in person asks you to accept money on their behalf, you should pause and consider whether this is smart. If something doesn’t feel right, follow your instincts and simply refuse to do the transaction. We want all cPort members to be vigilant and protected against deceptive tactics such as these. cPort’s fraud prevention team is always hard at work making sure your accounts are secure. If you ever have questions about your account, contact cPort Member Care at 1-800-464-0253.