Money & Credit

Tips for using peer-to-peer payment systems and apps

Online peer-to-peer, or P2P, payment systems let you send money to people quickly. I’ve used them to collect money from the parents on my daughter’s soccer team and to send money to my brothers when we’ve bought a gift for a friend. Personally, I almost always know where my phone is, but I can’t say the same for my checkbook.

The use of these services is a growing trend—I just read an article that estimates there will be more than $700 billion in peer-to-peer payments in the U.S. in 2018. There are several mobile peer-to-peer apps out there already and banks are also getting into the game. If you use a peer-to-peer payment system, here are some tips to keep in mind.

Plan to tune in: #NCPW2018 Facebook Live chats

During National Consumer Protection Week 2018, March 4-10, the FTC will co-host four Facebook Live chats (including one in Spanish) with other federal partners. Tune in to find out how to avoid frauds and scams, including imposter scams, and what you can do about identity theft.

Western Union refund alert

The deadline to ask for your money back from the FTC’s settlement with Western Union is now May 31, 2018. That’s the settlement refunding people the money that scammers had them pay using Western Union between January 1, 2004 and January 19, 2017. We have some tips on how to file your claim, answers to questions, and where to start filing your claim online. But, based on some recent questions – and because we’ve heard about some people making promises they can’t deliver – we wanted to give you some practical tips on how to get your claim in.

Know the risks before you invest in cryptocurrencies

It’s not just bitcoin. There are now hundreds of cryptocurrencies, which are a type of digital currency, on the market. They’ve been publicized as a fast and inexpensive way to pay online, but many are now also being marketed as investment opportunities. But before you decide to purchase cryptocurrency as an investment, here are a few things to know:

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Money & Credit

The FTC will never ask you to send money

If someone claiming to be with the Federal Trade Commission (FTC) contacts you and asks you to send money, it’s a scam. Do not pay. Report it. Spread the word to your family and friends.

Blog Topics: 
Money & Credit

New deadline for Western Union settlement requests

Did you lose money to a scammer who had you pay using Western Union between January 1, 2004 and January 19, 2017? If so, you can ask for money back from the FTC’s settlement with Western Union. And the deadline to file your claim was just extended to May 31, 2018.

Has an online love interest asked you for money?

Looking to start a new relationship? For some, that may mean meeting a new love interest online. Word to the wise: sometimes it’s best to lead with your head and not your heart.

Blog Topics: 
Money & Credit

The Secretary of State is not emailing you

There are many scammers who pretend to be government officials – from the IRS, Social Security, and even the FTC. The latest twist is an email from – supposedly – the Secretary of State. In the email, someone pretending to be Secretary Tillerson says you’re owed a payment – which he knows about because of an investigation by the FBI and CIA. The email goes on to say that you’ll get an ATM card with $1.85 million on it – and it even gives you the PIN code. But, to get the ATM card, you have to send in $320 and a bunch of information about you.

Paying off holiday credit card debt

You’ve opened all your gifts, and now it’s time to open those post-holiday credit card statements. If you were a little too jolly with your holiday spending, here are some tips to help you pay down your credit card debt.

Plan for National Consumer Protection Week 2018!

January is the perfect month to organize your schedule for the year – and here’s a suggestion. Plan an event during National Consumer Protection Week, March 4-10, 2018. It is the perfect time to help people understand their consumer rights, make informed decisions about money, and learn how to spot scams. NCPW.gov makes it easy to plan a community meeting, roundtable discussion, or media event.

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