02/15/2024

More than half of P2P fraud victims lose money: AARP

Payments Dive

“When it comes to addressing instances of financial exploitation, consumers are less likely to trust P2P platforms than banks and credit unions,” an AARP survey reported.

Dive Brief:

• About a fifth of adults who used a peer-to-peer payment platform in the last year have been a victim, or “intended victim,” of “financial exploitation” while using those services, according to an AARP report this month, based on a survey of 2,014 adults.
• Of those targeted in that exploitation, nearly six in 10 (59%) reported losing money via the peer-to-peer services, which was more than in similar bank or credit union situations, the report said. While 40% of victims lost between $101 and $1,000 via a peer-to-peer platform, about a third (33%) lost less than $100, and about a fifth (19%) lost more than $5,000, the report released Feb. 8 said.
• To fight the negative impact of P2P fraud, consumers using that tool mainly want assurances they’ll be reimbursed (71%), alerts for withdrawals above a specified amount (67%), the option for temporary holds on questionable transactions (67%) and fraud identification training for employees (62%).

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