A payment method that is becoming increasingly popular to use with friends, individuals and businesses is Peer to Peer services such as Venmo and pay pal. They enable money transfers between parties with separate bank accounts via a third party website or a digital app. Peer to Peer scams involve fraudsters deceiving individuals into sending money through P2P payment platforms for non-existent products or services. There were 192,000 cases of P2P fraud in 2022 with losses reaching 255 million dollars an increase of 90 million from the year earlier. Pel Faquiryan with Chargebacks911 said those number seem high but businesses there are opportunities to held prevent the fraud.
Faquiryan said the incidents of fraud in the US continues to grow and affect consumers and business.
Pel Said Chargebacks911 software helps businesses take control of potential P2P fraud and help their business and consumers.
Faquiryan talks about businesses can find out more.