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How to Safely Use Person-to-Person Payments in Online Banking  

In today’s digital-first world, person-to-person payments (also known as P2P payments) have become a go-to method for transferring money quickly and conveniently. Whether you’re splitting a dinner bill, paying your dog walker or sending money to family, P2P apps like Zelle® make it easy to move funds directly from one bank account to another.

But with convenience comes the need for caution. As part of International Fraud Awareness Week, Bask Bank® is here to help you understand how to use P2P payments securely and confidently.  

What Are P2P Payments?

P2P payments are digital transactions that allow individuals to send money directly to each other using a mobile app or online banking platform. These payments are typically fast and easy. 

Common P2P Platforms:

• Zelle® (integrated with Bask Bank)
• Venmo
• Cash App
• PayPal
• Apple Cash

How It Works:

• You initiate a payment using the recipient’s phone number or email.
• The recipient receives the funds directly.
• There’s no need for cash, checks or physical cards. 

Benefits of P2P Payments

• Speed: Transfers often occur within minutes.
• Convenience: Send money anytime, anywhere.
• Accessibility: No need to visit a bank or ATM.
• Paperless: No checks or receipts to manage.

Common Risks with P2P Payments

While P2P payments are generally safe, they can be vulnerable to fraud if not used carefully.

Watch out for:

• Scams: Fraudsters may impersonate someone you know.
• Phishing: Fake emails or texts may trick you into sharing login info.
• Mistakes: Sending money to the wrong person is often irreversible.

Example:

A scammer poses as a friend in need and asks for money via Zelle®. Once sent, the funds are gone — and difficult to recover.

How to Transfer Funds Safely

Whether you’re using Zelle® or another app, follow these best practices:

• Verify recipient details before sending.
• Only send money to people you know and trust.
• Avoid public Wi-Fi when making transactions.
• Enable two-factor authentication on your banking app.
• Monitor your account for unusual activity.

Zelle® Transfers: What You Need to Know

Zelle® is a fast, secure way to send money — but it’s important to use it wisely. Once a payment is sent to an enrolled user, it can’t be canceled, so always double-check before you hit send.

Zelle® Safety Tips:

• Confirm the recipient’s U.S. mobile number or email address.
• Be cautious of urgent or unexpected requests.
• Never use Zelle® to pay for goods or services from strangers.

Learn more about Zelle® at Bask: baskbank.com/zelle.

How Bask Bank Protects You

At Bask Bank, your security and peace of mind are our priority. We offer:

• Real-time fraud monitoring
• Secure login protocols
• Zelle® integration with Bask Interest Checking and Interest Savings accounts.
• Educational resources to help you stay informed

Explore more:

• Understanding Digital Wallets
• Zelle® at Bask Bank

Stay Smart with P2P Payments

P2P payments are a powerful tool for modern banking — but they require smart usage. By following best practices and using Bask Bank’s secure platform, you can enjoy the convenience of P2P payments with confidence.

Visit the Bask Security Center to learn more about protecting your money online.