Javascript is not enabled.

Javascript must be enabled to use this site. Please enable Javascript in your browser and try again.

Skip to content

Refresh your driving skills with the Smart Driver online course! Save 25% during our holiday sale.

Content starts here
CLOSE ×
Search
Popular Searches

Games

Car rental

AARP daily Crossword Puzzle

Hotels with AARP discounts

Life Insurance

AARP Dental Insurance Plans

Travel

Suggested Links
Help Show me my account info Change my Address How do I contact AARP? Where is my membership card? How do I get a digital card?
Red Membership Card

AARP MEMBERSHIP

AARP Membership — $12 for your first year when you sign up for Automatic Renewal

Get instant access to members-only products, hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. 

 

CLOSE ×
Search
Popular Searches

Games

Car rental

AARP daily Crossword Puzzle

Hotels with AARP discounts

Life Insurance

AARP Dental Insurance Plans

Travel

Suggested Links
Help Show me my account info Change my Address How do I contact AARP? Where is my membership card? How do I get a digital card?
Red Membership Card

AARP MEMBERSHIP

AARP Membership — $12 for your first year when you sign up for Automatic Renewal

Get instant access to members-only products, hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. 

 

120x30-AARP-logo-red
Join
Renew
Enroll: Automatic Renewal
Rejoin

AARP en Español

MEMBERS ONLY

2025 destinations

Where to Vacation in 2025

MEMBERS ONLY
a man skiis down a mountain in santa fe new mexico

winter getaways

Budget-Friendly Destinations

The beautiful and unique landscape of coastal Oahu, Hawaii
MEMBERS ONLY

HAWAIIAN ISLANDS

Discover the Top Island to Visit

MEMBERS ONLY
sunrise seen from under mesa arch in canyonlands national park

AARP National Park Guide

Travel to Canyonlands in Utah

Join
Renew
Enroll: Automatic Renewal
Rejoin
Leaving AARP.org Website

You are now leaving AARP.org and going to a website that is not operated by AARP. A different privacy policy and terms of service will apply.

Continue Cancel
a303f567-9e9b-414e-b3f9-68b20d8925d8

How Much Do You Know About P2P Payment and Cryptocurrency Scams?

Take this quiz to see if you are savvy about tools like Zelle and Venmo, and why criminals

By

Patrick J. Kiger,

 
AARP
Published April 03, 2024
an animal trap with different crypto coins in the middle
Photo Collage: AARP;(Source: GettyImages)

Question 1 of 9

What is cryptocurrency?

Cryptocurrencies such as Bitcoin, Ethereum and Tether exist only as digital code. Transactions are conducted and verified via a digital ledger, known as a blockchain, using a network of computers. Because crypto's value is based on supply and demand, it can swing wildly, and investors can see big gains — or huge losses. 

Question 2 of 9

Why do people use cryptocurrency?

Some cryptocurrency users — including criminals — like the anonymity it can provide, which others want to avoid transaction fees or hold it as an investment, in hopes of making a fortune.

Question 3 of 9

How much money did fraud victims report losing to crypto scams in 2023?

Investment fraud involving cryptocurrency accounted for $3.94 billion in losses, according to the FBI. That’s up from $2.57 billion the previous year.

Question 4 of 9

You’re contacted out of the blue by someone who claims to be an investment manager and promises to grow your personal fortune — but only if you put your money in cryptocurrency. What should you do?

If you get a call from someone trying to get you to invest in crypto, hang up. The FTC warns that scammers will show their targets seemingly authentic-looking investment websites, but the gains that the sites depict are fake. If you log on and try to withdraw money from your account, you may find that you can’t take out anything at all or are only allowed to make withdrawals if you pay high fees.

Unlock Access to AARP Members Edition

Join AARP to Continue

Already a Member?

Question 5 of 9

Someone who claims to be a government official insists that you pay a fine in cryptocurrency instead of by check or credit card. What should you think?

No government official will ever ask for payment in crypto.

Question 6 of 9

P2P apps such as Venmo and Zelle are convenient, but why are they appealing to scammers?

P2P apps don’t have the same consumer protections that credit cards have. Transferring money through them is more like paying with cash because transactions are instantaneous and usually irreversible.  

Question 7 of 9

What would be the safest way to use a P2P app?

They are best used with people you know and trust — friends and family members, for example, or local businesses with brick-and-mortar locations and flesh-and-blood employees. If you’re transacting with someone new or unseen, it’s best to use a credit card.

Question 8 of 9

You accept a work-from-home job and your new employer sends you a check to deposit, then asks you to send all or part of the funds to someone using a P2P service. What should you do?

The check is likely to bounce in this common job scam; victims often deposit the check, think it’s cleared and then send money from their account before realizing they are dealing with a criminal.

Question 9 of 9

You get a payment on a P2P app from a stranger who then contacts you to say that the transfer was a mistake and asks you to return the money. What should you do?

Contact your P2P app’s customer service department for assistance. It’s likely that the funds sent to you “by accident” were stolen, and the P2P app could hold you responsible for paying back the money to the rightful owner or even have your account shut down.

You have unanswered questions. Please go back and complete those questions to finish the quiz.

0 Correct
0 Incorrect

Benefits Recommended For You

See All