SMARTLAB by Logix

"Sorry, I don't have any cash. Can you spot me, man?" is so early 2000's.

With the introduction of peer-to-peer (P2P) payments, friends and family can no longer use the excuse of being cashless to avoid repaying borrowed funds or receiving goods without paying for them in full. Logix members use P2P payment apps like Venmo, Paypal, and Zelle®, which allow users to send and receive cash instantly using their linked bank accounts.

But whenever money changes hands, you can be sure a scammer is hoping to get in on the action. So, stay alert to the below crazy schemes designed to steal money from any of your preferred payment platforms or methods.

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It is not surprising to hear of fake check scams going around, as many people still rely on paper checks for non-cash payments. Just ask any fraudster using the fake check scam to drain bank accounts across the country. While many consumers believe they would recognize a fake check if they saw one, the continued success of this scam proves otherwise.

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At Logix, we partnered with GreenPath to keep you up to date on financial wellness, including keeping you aware of scams.

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During this unique situation with the Coronavirus (COVID-19) pandemic, there are people who try to take advantage of an already chaotic situation. At Logix Federal Credit Union, we’re here to help you, providing resources to keep you informed.

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We’ve previously shared about employment scams, where fraudsters prey on victims looking for jobs. In a typical employment scam, the fraudster poses as an employer and sends the victim a check with instructions to deposit it into the victim's account, keeping a small portion of the check for themselves and wiring the remaining balance to another account. A few days later, the deposited check returns on the victim’s account (as a counterfeit, account closed, or other non-payment reason), leaving the victim responsible for the lost funds.

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