š What Are #P2PScam cam Payment Scams?
P2P payment apps like Zelle, Venmo, Cash App, PayPal, and regional equivalents are increasingly exploited by scammers.
Unlike traditional bank transfers, P2P transactions are often instant and irreversibleāmuch like handing over cashāmeaning if funds go to a scammer, recovery is difficult .
Scammers exploit this fast, final process through diverse schemes such as:
Impersonation of friends, family, or officials requesting urgent funds .
Fake āoverpaymentā or marketplace purchase scenarios.
Romance or investment-led āpigābutcheringā scamsātrust-building over time before large fraudulent transfers .
āDigital arrestā scam: fraudsters pose as police over video calls, demanding money via P2P transfers .
š Recent Statistics & Breadth of the Problem
Approximately 8% of banking customers reported falling victim to P2P scams in the preceding 12 months .
A Pew survey found around 13% of users of platforms like Venmo, Cash App, and Zelle experienced scams .
āPigābutcheringā scams are surgingāaccounting for over 33% of crypto fraud losses in 2024 and growing ~40% year-over-year .
š Real-World Cases & Trends
Scams often start with malicious .apk downloads (e.g., fake traffic challan or vehicle fine apps), leading to data theft and financial loss .
In India, ādigital arrestā schemes have caused losses totaling lakhs of rupees, with tragic outcomes including suicides .
Meta-platforms like Facebook/Instagram serve as major hubs for fraud ads linked to P2P scams, with nearly half of Zelle-related scams traced back to their ad platforms .
š§ How Scammers Operate
1. Urgency & Authority: Scammers impersonate police, banks, or loved ones claiming emergencies.
2. Fake Apps/Platforms: Victims install counterfeit apps that harvest credentials