As Americans flock to payments apps from PayPal, Square, and Zelle, rates of fraud are also rising according to app reviews, often with little support
Nathaniel Popper / New York Times : Tweets: @nytimes , @dgwbirch , @flitteronfraud , and @danawrey Tweets: @nytimes : “Fast payments equals fast fraud.” People are getting defrauded as they turn to Square's Cash App and PayPal's Venmo to do more online banking in the pandemic. https://www.nytimes.com/... @dgwbirch : “Payment apps have long had fraud rates that are three to four times higher than traditional payment methods such as credit and debit cards” https://www.nytimes.com/... Emily Flitter / @flitteronfraud : Payment apps have fraud rates that are 3-4 times higher than traditional payment methods like credit/debit cards. The pandemic has prompted many people to rely more heavily on them without realizing how vulnerable they are, @nathanielpopper writes https://www.nytimes.com/... Dan Awrey / @danawrey : When we shift to new ways of doing things, our lack of familiarity with them creates opportunities for the unscrupulous. Policymakers should not allow themselves to be blinded by the lights of new innovation https://www.nytimes.com/...