Peer-to-peer payments, also known as P2P payments, are transactions that can be used for anything from splitting a $30 dinner bill between friends to paying for your rent. These payment services allow the transfer of funds between two parties using their individual financial institution accounts or debit cards through an online or mobile app.  Online services and apps that allow you to easily send and receive money are a fast-growing trend.  Payment services like Venmo, Zelle, Apple Pay, Cash App and Facebook P2P Payments in Messenger, are a virtual imitation of paying and receiving cash.  These services make sending funds just as easy as paying with cash.  However, you should only use these services when you are paying someone you know.  
 
Understand the Risks!  While these transactions are very convenient, you should view them as cash payments that cannot be retrieved. Please note:  Duke Credit Union is not able to recover the loss for you.  
 
Tips to Keep in Mind
Best Used Among Friends and Family
To lower the risk of being victimized by fraudsters, only conduct P2P transactions with people you know.  Don't use P2P payments to pay for items you purchase from unknown sellers on the internet.  Most peer-to-peer transactions are instantaneous and irreversible, a fact scammers are known to exploit. 
 
Once you send funds, there is no recourse to get the funds back.  If you accidentally choose the wrong person in your contact list or enter the wrong number, the transaction cannot be stopped or reversed.
 
Don't Use P2P Services for Business Purposes
P2P payment services are intended for personal use only.  Most services have rules that prohibit their use for commercial purposes, such as the buying and selling of goods and services.  Read the Terms and Conditions of your P2P service carefully, as some payments could be revoked, and your use of the service may be discontinued if you violate the provider's terms.
 
Understand the Risks
Because P2P transactions are completed by a third party, the Credit Union does not have access to any information about these transactions even if they involve Credit Union accounts.  In addition, P2P payment service providers are only responsible for transferring the funds.  Once funds have been sent as authorized and received, they are no longer responsible for the transaction.  If you paid for something but didn't receive it or received damaged goods, you are usually on your own when it comes to a dispute.  Before using a P2P service, research the provider's customer support policies so you know what to expect.  While these transactions are very convenient, you should view them as cash payments that cannot be retrieved.