TUSTIN, CA / ACCESSWIRE / June 27, 2023 / The trend toward and popularity of quick money movement, where digital payment platforms give consumers the opportunity to send money quickly and directly to other people's bank accounts, has unfortunately also become popular with scammers.
Sometimes it's the same old scams, with faster delivery methods applied. The difference is the finality of the event. Similar to paying with cash, when the money is sent, it's gone. Typically, there is little chance of getting it back.
"We're seeing a new wave of activity based on these technologies," said Bryan Wallace, Vice President, Security and Fraud Management for SchoolsFirst Federal Credit Union. "Scammers are using the same ideas -the fake romance scam, the phony tax preparation scam, the grandchild in trouble scam - but now they're requesting the money in real-time."
According to Wallace, there are systems in place to stop payment on a check or credit card, but it is much more difficult when the money is sent immediately. "These quick money-sending methods work well and are very convenient for consumers, but they require an extra layer of caution."
Wallace recommends a new take on the traditional road safety campaign - STOP, LOOK, LISTEN - to make sure quick money movement works to a consumer's advantage.
STOP. Before you send funds in real-time, take a moment to consider whether this is the best method of payment. If so, make sure that you're using the technology appropriately and have entered all information correctly.
LOOK. Make sure you know the recipient. Quick payment methods are designed for payments between friends and others you know.
LISTEN. If your inner voice is suspicious, hold back. Make sure the situation represents an appropriate need, and not an urgent request for quick money from a stranger.
"Person -to-person payment methods are a great way for consumers to send money directly between accounts at almost any U.S. financial institution, typically within minutes between enrolled users," Wallace said. "At the same time, these payments should be treated the same as cash. By using a little extra caution, members can help ensure their transactions are safe and convenient, while still providing the speed they desire."
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About SchoolsFirst Federal Credit Union
SchoolsFirst Federal Credit Union is the fifth-largest credit union in the country. Serving school employees and their families, the organization is dedicated to providing World-Class Personal Service and improving the financial lives of its Members. Today they serve more than 1.3 million Members with a full range of financial products and services. SchoolsFirst FCU was founded in 1934, when 126 school employees pooled $1,200 and established a Member-owned cooperative to help improve each other's lives. In 2022, the Credit Union reported nearly $28 billion in assets and remains the largest credit union in California. For more information about SchoolsFirst Federal Credit Union, visit schoolsfirstfcu.org.
MEDIA CONTACT:
Larry Meltzer
larry.meltzer@mm2pr.com
214-536-7456
SOURCE: SchoolsFirst Federal Credit Union
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