Fraudsters posing as celebrities, philanthropists and do-gooders offering financial aid to everyday people struggling due to the COVID-19 epidemic are running scams on users of peer-to-peer payment applications such as Cash App and Venmo, but financial service providers and consumers can reduce the risk of becoming victims by implementing a few security measures.

Satnam Narang, staff research engineer, security response at Tenable, warned in a company blog post on Wednesday that scammers are asking targets to send an advance fee via P2P apps so that they, in turn, can process a much larger payment in return.

[Join us Wednesday, May 27, at 10 a.m. EST, for SC Media’s virtual conference: How Financial Institutions are Improving Cyber Security Policies and Procedures Amid the Pandemic. This two-day event will feature industry leaders from a range of financial industry disciplines who will discuss their companies’ experiences and solutions. Register now to attend.]

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