What to do if you've been scammed through a peer-to-peer payment application

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ATLANTA - Unfortunately, there may not be much you can do if you have been a victim of a scam that uses a peer to peer payment application like Cash App, Venmo or Zelle. That is because the apps are not insured by the FDIC. In general, if you authorized the payment and did not try to reverse it immediately, it's unlikely you will receive a refund.

Here are some general tips on what to do if you think you have been scammed:

• If you think you have been a victim, you should contact your financial institution immediately. You may be protected under the Electronic Funds Transfer Act.
• Next, file a police report. This may be helpful when you file a dispute with the peer to peer payment app.
• Request a refund from the recipient.
• Try to cancel the payment (you can only do this if you do it immediately).
• File a dispute with the app if you can.
• If it is possible, report and block the scammer account through the app
• File a complaint with the Federal Trade Commission.
• Freeze your credit. If you fear the scammer has accessed personal information about you, you will want to contact the three major credit bureaus

Zelle doesn't appear to offer a way to dispute a transaction. It advises its customers to contact their financial institutions right away instead of them. In cases of unauthorized payments, consumers have legal rights and protections under the Electronic Funds Transfer Act.  h

According to Cash App's website, you can dispute a Cash App transaction when the outcome is not what you expect or you were the victim of fraud. All you need to do is go to the Activity tab, find the payment and select "..." Next, you will click on Need Help & Cash App Support. After that, chose Dispute this transaction and the Cash App team will reportedly investigate the dispute and inform you of their decision. 

Venmo says that it there's an "unauthorized" charge to your account, to contact them immediately. They also give advice on what to do if you receive a suspicious phone call or email. However, if you have authorized a payment, it may be impossible to get your money back. Instead, they say to contact your bank immediately. Venmo usually does not get involved in financial disputes between users. The one exception is if you've marked a payment to a personal profile as a "purchase." In that case, you may be eligible for Venmo's Purchase Protection if you receive something different from what you bought; the item was damaged during shipping; parts are missing; or your purchase never arrives. 

The Federal Trade Commission says there's four signs that will help you recognize a scam.

Scammers pretend to be from an organization you know. They can even change the phone number that appears on your caller ID. If there is any doubt, hang up and call the contact number that you have for the business.

Scammers say there is a problem or a prize. Once again, if you aren't expecting a prize or you aren't aware of a problem, hang up and contact the business independently.

Scammers pressure you to act immediately. If someone is telling you that you have to do something right that minute, they are probably trying to scam you. Scammers want you to act before you can think They may even threaten to have you arrested. Ignore them, hang up and contact the business. 

Scammers want you to pay in a specific way. They will often insist you pay using cryptocurrency or they want you to wire them money or use a peer to peer payment application.