Peer to Peer or Person to Person (P2P) payment services are an easy way to send funds directly from your account to another person. These services are available through several providers via websites and mobile apps. Funds can be sent quickly often using only a phone number or email address.
However, P2P transactions have risks and do not have the same consumer protections as other transactions. Unlike credit card and debit card transactions, there are no chargeback rights on P2P payment services. This means if you send someone money, even someone who has defrauded you, we may not refund your money. Your money may also not be refunded if you entered incorrect information and the funds were sent to the wrong person. You will need to work directly with the service provider to have your money refunded.
We may also not refund money for P2P payment services done by a third-party if you provided the third-party with access credentials or other information for your account or device. This means if you give anyone, directly or indirectly, your username, password, security code, or other information that allows them to access your account or device and they withdraw money from your account using P2P payment services, we may not refund your money. You will need to work directly with the service provider to have your money refunded.
Never give anyone information that would allow them to access your account or device and only use P2P payment services with people and companies you know and trust.