Digital security firm security.org recently released its top 17 scams for 2024, and P2P payment apps top the list. The full text can be viewed here.
Security.org surveyed nearly 1,100 American adults about their recent experiences with cybercriminals and the latest online schemes. They found that five out of every six people (63%) using apps like PayPal or Venmo experienced a scam attempt, up from 68% in 2023 and 42% in 2021.
Half of cryptocurrency owners have been targeted, often by pump-and-dump schemes. Malicious link tactics are rising. Seven out of 10 Americans have received a text from someone they don’t know, with 15% admitting clicking on a link in those messages.
One in four adult social media users, mostly on Facebook and Instagram, report being hit. While sextortion scams are more common, less than half of folks have heard about the practice.
The 17 scams are:
- P2P payment apps
- Malicious links or phishing text messages
- Cryptocurrency
- Social media
- Sextortion
- Elections
- Gaming
- Investing
- Online tickets
- Fake charities
- Voice cloning and grandparents
- Deepfake photos and videos
- SIM cards
- Fake home rentals
- Surveys and quizzes
- Fake job interviews and training
- Fake subscription renewals
“Peer-to-peer payment scams, phishing frauds, cryptocurrency schemes, and various gaming scams have become more sophisticated in recent years,” digital security expert Brett Cruz said.
Cruz said other new traps include IRS scams and student loan forgiveness frauds. There is also package delivery scams.”
Cruz explained that scammers are attracted to P2P apps due to their popularity and the onus being mostly on users to ensure transactions are legitimate. PayPal is a popular target, possibly because of its more than 400 million users.
He recommends verifying a recipient’s identity before sending money and activating all available identity verification options.
“The recipient of any money transfers must undergo various steps to pass security,” Cruz said.
“When paying a new recipient for the first time, send a $1 test payment and confirm the correct person received it. This step is even more critical when transferring large amounts of money,” he added.
Move the money you receive in your P2P app to your bank quickly so that Federal Deposit Insurance Corporation (FDIC) insurance kicks in.”
Regular monitoring can minimize fraud’s impact. Close and delete all unused apps. Cruz said that P2P apps tend to have fewer fraud protections in place. He recommends credit and debit cards with purchase protection.
Cruz said that 40% of Americans own cryptocurrency, up from 30% in 2023. With that growth comes more scams, as half of crypto owners report being targeted, often through pump-and-dumps. Others are asked to pay in crypto, often in advance.
“Invest only through well-known, reputable platforms,” Cruz advised. “Avoid those promising unrealistically high returns. Use two-factor authentication (2FA) and other security measures from your wallet or exchange. Regularly update your passwords and ensure they are strong and unique.”
Investment scams take advantage of people’s desires to earn a buck. It can begin by downloading apps from legitimate app stores. Cruz estimated more than 300 could be in stores. He recommends Internet and Better Business Bureau searches to see if others have reported scams on those apps.
“Invest only through trusted, known apps and platforms such as Fidelity, E-Trade, Acorns, Vanguard, or Ellevest,” he concluded.
