While all major P2P systems are encrypted, or hacked, your financial information, some have been hacked and scammed.

“While P2P technologies can be a great way to make money from people you trust, like any financial product, there are bad actors who use these technologies to try to divide customers from their money into creative scams,” says Tom Trebilcock. Says. , Senior Vice-President PNC Digital Dr. “Customers need to be aware that they are using electronic payment systems in the most secure way.”

Consumers should always read P2P terms carefully when payments are misdirected or erroneous. Overall, it is important to trust your instincts when providing P2P, says Trebilcock. He provides three tips on providing P2P:

1. Stay close to the person you trust – only send money to family, friends and people you trust. While it may seem convenient to pay a third party for your latest internet purchase online, most P2P services, such as Jailbroken, do not offer purchase protection. Once the payment is sent, it is irrevocable and there is no guarantee that you will receive the item you paid for.

2. Pay attention to the details – using the P2P service to send a familiar email address, telephone number or username is convenient, fast, and generally safer than cash. However, a wrong number or misspellings can send your money to an unintentional recipient. If this happens, both the sender and the recipient must agree before paying due to the sender’s error, otherwise, the opposite can happen, and even then, there is no guarantee that your money will be refunded.

3. Think of it as cash – P2P payment services allow users to send money to real-time dependents without the burden of carrying cash. However, like cash, the P2P payment service allows immediate access to the recipient, giving the sender very little chance of recovering funds if the sender accidentally sent the sender. So if you’re sending $100 for your share of a mom’s birthday gift, treat it like you’re handing out 100 bills. And make sure you write $100 and $1000 by mistake.

“When used as intended, P2P services can help ensure close maintenance is completed by providing a quick, convenient and secure way to pay your trusted person without having to pay cash,” Trebilcock said.