Cash is so 20th century. These days, many folks prefer digital payment options, like PayPal, Zelle and Venmo. Indeed, only 20 percent of payments are now made in cash. Yet while apps provide convenience, they also create risks, especially for sellers.
Peer-to-Peer (P2P) payment platforms (Google Wallet, PayPal, Snapcash, Venmo and Cash App, for example) allow consumers to quickly and easily exchange money with one another. Many businesses now accept and use these platforms as well. However, P2P providers don't provide extensive fraud protection and you could get ripped off with little to no recourse. Unfortunately, in some cases, the terms-of-service advanced by some apps make it easier for people to rip others off.
You might find a supplier who claims that he can deliver needed goods to your company — say office furniture or computers. The supplier asks you to make payment via a digital platform. You send over your hard-earned money, but instead of products delivered, you hear only crickets. You might then contact the payment provider, only to discover that the supposed supplier withdrew the money and shut down his account, leaving you with few options.
Likewise, someone might pay you for a product via an app. Then you're informed that the money came from a stolen credit card and the payment to you has been reversed.
Even traditional credit and debit cards aren't safe. Someone could buy a pair of shoes from your website and pay with the card. They receive the product and are happy with it, but file for a chargeback, which may result in a reversed payment. Why? Quite simply, they want free stuff.
Of course, people make counterfeit bills and use those too. Ultimately, scamming is a tale as old as time and thieves follow money whatever its form.