It was a week before Christmas when Megan got a text from what looked like her bank.
The message was urgent: Suspicious activity detected. Please confirm your account by sending $500 to verify ownership.
Half-asleep and worried about her money, she opened her Zelle app and followed the instructions. Ten minutes later, her money (and the “bank rep”) were gone.
Unfortunately, this is an all too familiar scenario for many people. The truth is, you don’t have to be “tech-challenged” to fall victim to a payment scam. Zelle, Venmo, and other peer-to-peer (P2P) apps make moving money fast and easy, which is great for splitting dinner or sending a gift. But that same speed means you have to be extra careful, because once money is sent, it’s often gone for good.
Here are seven practical ways to keep your money safe during the holidays and all year long:
- Pay Only People You Know. Think of Zelle and Venmo like handing someone cash. You wouldn’t hand $200 to a stranger on the street, so don’t send it to someone online you don’t know. Scammers will sometimes pose as a buyer, seller, or even a long-lost friend. They may have a convincing profile picture, a friendly tone, and a believable story. If you don’t know them in real life, consider using a payment method with purchase protection instead.
Pro Tip: For services like babysitting, home repairs, or dog walking, send a small test payment first to confirm the person receives it before sending the full amount.
- Pause Before You Pay. Scammers love to create panic. They might claim your account is locked, a loved one is in trouble, or you’ll miss out on a deal if you don’t act immediately. That urgency is a trap. Pause. Take a breath. Then confirm the request through another channel—call the person or the company directly using a number you trust, not one from the message you received.
Example: Megan could have stopped the scam in its tracks if she’d hung up and called her bank using the number on the back of her debit card. For concerns with your Quail Creek Bank account, call us at 405-755-1000.
- Double-Check the Details. One wrong digit in a phone number or email can send your payment to a stranger. And if that stranger refuses to send it back, your money is gone. Always confirm the recipient’s details before pressing “send.” Most apps will show you a preview of the recipient’s name, so if it looks unfamiliar, stop and verify.
Extra Tip: Save frequent contacts in your app so you never have to re-enter their information.
- Lock Down Your Account. Your payment apps are only as secure as your login. Use a strong, unique password, and turn on multi-factor authentication (MFA) so you’ll get a verification code any time you log in or make a payment. Also, avoid using the same password for email or social media, because if one account gets hacked, the others could be at risk.
Easy Upgrade: Secure your app with Face ID or a fingerprint if available, providing an extra barrier against unauthorized access.
- Be Wary of “Accidental” Payments. This scam starts with someone sending you money “by mistake” and asking you to send it back. It might seem like the right thing to do, but scammers often use stolen accounts for these transactions. Sending money back could mean sending your own funds directly to them. If you receive one of these payments, contact your bank or the app’s customer service before taking any action.
- Check Your History Every Week. Many people only notice fraud when they see a large withdrawal, but scammers sometimes start small to see if you’re paying attention. Set a weekly reminder to review your transaction history. If you see a payment you don’t recognize, report it immediately. Acting fast can prevent further losses and might help you recover the funds.
- Stay Informed About New Scams. Fraud tactics change quickly. What fooled people last year may be replaced with something entirely new this year. Sign up for scam alerts from the Federal Trade Commission (FTC) at consumer.ftc.gov. The more you know, the better you can protect yourself.
Protecting More Than Just Your Money
Zelle and Venmo are designed for speed, convenience, and connection. Used wisely, they can be a safe way to pay people you trust. The key is to slow down in moments when scammers want you to rush. This season, don’t let a scammer steal your holiday spirit. Keep these tips close, share them with your loved ones, and enjoy sending (and receiving) money the safe way.
