Don’t Let Tap-to-Pay Become More Than You Bargained For

You just need to pick up a couple things for dinner when a stranger approaches you in the store parking lot, asking for a minute of your time. Here’s where the “Choose Your Own Adventure” begins.

Option 1: You keep walking toward the store, completely ignoring the stranger or dismissing them with a quick “no thanks.” Your story continues without issue, and the plot concludes with a delicious dinner featuring freshly purchased produce. The End.

Option 2: You feel compelled to give this stranger a moment of your time and listen to their sob story about the tragic death of a child (or something equally traumatic). Their terrible tale is even accompanied by a poster filled with photos and a request for a donation – any amount will do! – to help pay for the child’s funeral service.

Now you face another choice: decline to donate and continue into the store or, if the story tugged at your heartstrings enough, agree to give a small donation, maybe $10 or $20.

If you land on the latter, you may have just become victim to a growing financial scam, where the bad actor asks you to give them your credit card or phone to process the donation through tap-to-pay, then proceeds to take much more money than you originally agreed on! While they say they’ll be charging $10 to your account, they’ll actually enter in an amount with many more zeroes -- $1,000 or $10,000, for example.

These tap-to-pay donation schemes are on the rise. Stay alert and know how to protect yourself so this doesn’t happen to you.

• Turn on notifications today so you get instant alerts regarding your account and card activity.
• Be cautious about unsolicited donation requests.
• If you try to offer cash and they decline, that’s a red flag. Scammers will insist you use a debit/credit card or tap-to-pay to donate so they can manipulate the value.
• Always ask for a receipt and verify the amount before tapping your card.
• You should ALWAYS be the one to tap your card/phone to pay. Don’t hand over your payment method to a stranger.
• Report any suspicious activity to the police and your financial institution immediately.

Don’t make your adventure unexpectedly disastrous. Keep your emotions in check and be mindful about where and how you choose to donate your hard-earned money.

This article is provided for informational purposes only. The content is intended to offer general information on the subject matter and should not be considered professional advice, legal counsel, or financial guidance. While UW Credit Union strives to offer accurate and current information, we cannot guarantee the completeness, reliability, or timeliness of the content. Readers are advised to seek professional advice or consultation where appropriate.