As mobile payments replace traditional methods, fraudsters are exploiting digital wallet platforms—from QR codes to smartphone apps—targeting consumers who value speed and convenience. Losses from digital wallet fraud are soaring, with U.S. consumers reporting billions in overall fraud losses annually. According to the FTC, bank transfer scams and authorized push payment (APP) fraud are among the fastest-growing threats, with APP fraud projected to hit $15 billion by 2028.
Account Takeovers & SIM-Swap Fraud
Fraudsters hijack accounts by stealing login credentials and intercepting two-factor codes. SIM-swap attacks, which allow criminals to reset account details, caused nearly $26 million in U.S. losses in 2024.
Sift’s Q3 2025 Digital Trust Index reports account takeover attacks in the financial sector surged 122% year-over-year, driven by AI-powered scams.
Authorized Push Payment & Investment Scams
Scammers trick victims into sending money for fake investments or “trusted contact” requests. Once funds are transferred, recovery is nearly impossible.
Protect Yourself
- Verify suspicious messages directly in your wallet app.
- Never send payments without independent confirmation.
- Use strong, unique passwords and app-based multi-factor authentication.
- Monitor transactions and enable alerts.
- Ask your carrier about SIM-swap protections.
REPORT FRAUD
- If you think you’ve been scammed, report it to:
DISB Enforcement and Consumer Protection Division: 202.727.8000 - FBI Internet Crime Complaint Center: IC3.gov or call 202.278.2000
- Federal Trade Commission: [email protected]
For more DISB consumer alerts, visit DISB.dc.gov/consumeralerts.
National Consumer Protection Week March 1-7