Person to Person (P2P) Payment Scams

Your Bank Won’t Ask You to “Pay Yourself”. Citadel Credit Union monitors your accounts 24/7 for suspicious activity, and we update you immediately if something is detected. In addition, we’re dedicated to keeping you informed about any new security threats or scams targeted at consumers.

Recently an old scam with a new look has started making the rounds. The “Pay Yourself Scam” uses a fake fraud alert that appears to be from your financial institution, tricking you into giving scammers access to your finances.

• You receive a text message that looks like a fraud alert about unusual activity. If you respond to the text, you receive a call from a number that appears to be from your financial institution.
• The person posing as a representative will ask you to send money to yourself with an online payment app (Zelle, Venmo, etc.)
• The scammer will then ask you for a one-time code you just received from a bank. If you give them the code, they will use it to enroll their bank account with an online payment app using your email or phone number.
• The scammer now can receive your money into their account.

Don’t Be Fooled By Fraudsters

Before you respond to ANY fraud alert, stop. A legitimate financial institution will never pressure or harass you into action. Messaging that seems aggressive or demanding is usually an indication of fraud. Scammers depend on fear and uncertainty to get their victims to act quickly, without thinking. Taking the time to question these alerts and follow up directly with your financial institution can prevent you from falling for a scam.

Being prepared is your best defense. To learn what to do with a suspicious message, read What to Do If You Get a Phishing Text.