(DESCRIPTION)
Against a white background, a woman sitting on a bench writes in a notebook. A man in a sweatband jogs up to her, holding to leashes connected to empty dog harnesses.
(SPEECH)
BRYAN: Woo. Hey, Amber. I'm training for the Marine Corps Historic Half Marathon. I got my little coaches with me, Private Penny Saver--
[DOG BARKS]
--and General Dollar Bill.
[DOG BARKS]
I feel pretty lucky to be a dog dad myself. But last year, a friend of mine missed out, thanks to a pretty messed up scam.
(DESCRIPTION)
The man sits down on the bench. Amber takes one of the leashes. Text, Navy Federal Credit Union. Making Cents.
(SPEECH)
Don't fall for these hidden payment scams. Yes, it even happens to the best of us. Bryan, your favorite red flag spotter here at Navy Federal Credit Union, here to break down peer-to-peer, also known as P2P payment app scams, you know, like Zelle, Cash App, Venmo, and PayPal. How are scammers doing this? There are a couple of ways.
Some may call pretending to be the IRS, claiming you need to pay a tax penalty. While others may call pretending to be your bank, alerting you about "suspicious activity" on your account and will ask you to transfer money to yourself using one of the apps I mentioned.
(DESCRIPTION)
In a graphic, a message from a masked person reads, Send money to yourself!
(SPEECH)
in my friend's case, a guy online giving away puppies agrees to only charge him for shipping. My friend sent $600 via a P2P app. A few days later, no puppies, the guy goes ghost, and my friend's money's gone. He's still bitter and heartbroken.
(DESCRIPTION)
Amber shrugs.
(SPEECH)
Here are some ways you can protect yourself so you don't fall victim. But first, let's go over the difference between a scam and a fraud. A scam is an authorized transaction where you've been tricked into transferring money. And fraud is an unauthorized transaction because someone used your account without your permission. The difference matters, because if a transaction is authorized, the chances of you getting your money back are slim, even if it was a simple mistake.
This is what you'll want to do to avoid getting scammed. Pay it safe. Never send or receive money in a way you don't trust, like your bank advising you to send money to yourself. Your bank will never ask you to do that.
(DESCRIPTION)
A message from a bank that says, Send money to yourself turns orange and an exclamation mark alert blinks on top of it. The bank icon turns into the masked person.
(SPEECH)
Don't rush. Always double check that you have the right info, and take your time while using a P2P app. Someone rushing you to send money is always a red flag.
Shop smarter. Only use P2P apps with merchants and vendors you trust. Try to use a prepaid gift card instead of your personal credit card for your purchases. Or if you're a Navy Federal Credit Union member, use your Navy Federal debit or credit card. Your transactions are protected by our Zero Liability Policy for any unauthorized charges.
(DESCRIPTION)
Text around a shopping bag icon reads, Shop Smarter. Zero Liability Policy Protects from confirmed unauthorized charges.
(SPEECH)
It's our commitment to get your money back, often the same day, when you're a victim of fraud. Stay alert. Set up custom fraud alerts to notify you if something on your account looks fishy. But remember to stay on top of your account yourself.
Protect your account. Your first step should be to protect your passwords. Don't reuse your passwords, make them impossible to guess, and routinely check if they've been compromised. Next, add an extra layer of protection with 2-step verification. It will make it harder for someone to access your account without permission. If you think you've been scammed, contact your bank immediately. Then you'll want to notify the P2P company you used and file a complaint with the Federal Trade Commission.
So let's recap. Never send or receive money from anyone you don't know. Always take your time when using a P2P app. Try to use a prepaid gift card when shopping with an unfamiliar vendor or merchant. Set up custom fraud alerts. And protect your accounts by adding a 2-step verification process. Now you know what to do to protect yourself and your money. Here's to you, me, and making cents of your money together.
AMBER: So, uh, Bryan, what kind of dog is this?
BRYAN: It's an "Invisidoodle."
AMBER: Ugh.
(DESCRIPTION)
Bryan grins. Amber continues to write in her notebook as Bryan runs behind her, pulled by the empty harness. Text, Navy Federal Credit union. Making Cents. For more smart money strategies, visit: Navy Federal dot org slash making cents. Insured by NCUA. This information is not legal or financial advice: instead. it is provided for general informational purposes onlv. You should consult vour own attorney or financial advisor regarding your particular situation. Product features subject to approval. Available for purchase loans only. Loans are subject to an additional funding fee which may be financed up to the maximum loan amount. Available for purchase loans only.
(SPEECH)
[DOGS BARKING]
BRYAN: For more smart money strategies, visit navyfederal.org/makingcents. Navy Federal is federally insured by NCUA.
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Text, Our Members are the Mission.
