Marin CyberSafe News: Protect Yourself from Accidental Deposit Scams

In This Issue:

• • What are accidental deposit scams? 
• • How the scam works 
• • What to do if someone sends money to you 
• • Can I keep the money 
• • What if it really was an accident? 

   

From the desk of Jason Balderama, CISO, County of Marin

Billions of dollars move through payment apps like Zelle, PayPal, Venmo, and Cash App every day. Scammers have followed, and a new type of cybercrime called “accidental deposit scams” has become far too common.

Let’s review accidental deposit scams, how they work, and what you can do if you receive an unexpected payment or get a suspicious message on a payment app from someone you don’t know.

What are accidental deposit scams?

Accidental deposit scams are when scammers use mobile payment apps to trick people into sending them money. If you are the target of this scam, you receive a sum of money through a payment app from someone you don’t know. From there, messages come flooding into your inbox: the person made a typo, they sent you money by accident, can you please send it back?

You might be thinking, how can it be a scam if someone is sending me money? The scam is that the money “accidentally” sent to you was likely from a hacked credit card or bank account. Basically, the scammer is doing money laundering. If the bank catches them and reverses the charge while you are in the process of returning the money, you might end up paying money out of your own bank account to an untraceable profile.

How the scam works

Before the accidental deposit scam begins, the scammer hacks into someone’s credit card or bank account. The scammer then creates a fake profile on a payment app like Zelle, PayPal, Venmo, or Cash App. Using money from the stolen account, the scammer “accidentally” sends a deposit to a real person who uses these apps, often chosen at random. Using the apps’ messaging feature, the scammer tries to convince the target to return the money. The clock is ticking. When the bank or payment app vendor discovers the scheme, they will eliminate the deposit in the target’s account.

While the target might conceive of what they’re doing as returning money, they are actually depositing money from their account to the scammer. The “returned” money is no longer connected to the initial hacked bank account. Furthermore, the target’s bank or app might automatically deduct the amount of money the scammer sent the target once scam activity is uncovered, leaving the target on the hook.

While the victim might see it as the same $500 shuffling around between users, banks and law enforcement view the situation differently. If the target keeps the money from the scammer, it is technically considered stolen goods. The transaction will likely be eliminated within days.

What to do if someone sends money to you

• Never send money to someone you don’t know through a payment app even if they sent you money.
• If a stranger sends you money and requests you to return it, contact the payment app vendor directly and don’t communicate with the sender. The payment app or bank will reverse the charge if an accident truly occurred, or they will take the deposit out of your account as they determine its rightful owner.
• With these scams, expect the scammer to sound increasingly desperate and, often, vicious. They might call you names and tell you stories about how they are short on rent or have kids depending on them. They might try to get you to call or text you so they can explain themselves. It’s best not to respond to anything they say at all. No matter what they say, you must let the payment app vendor figure out the situation.
• When contacting vendors, always visit their web site directly to obtain the legitimate contact information. Scammers may send you phishing e-mails and messages with fraudulent phone numbers, e-mail addresses, and web sites.

Can I keep the money?

If a thief drops a stolen bag of jewels down your chimney, you are not the legal owner of the jewels. The same is true with accidental deposit scams – you are the recipient of stolen goods. If you keep the scam money in your account, the app or bank will most likely remove it in time. If you spend it before the bank flags the suspicious activity, you might be expected to hand over an equal amount of money when the scam is uncovered. Even if they are taking their time, it is best to contact the payment app’s customer support to determine what to do.

What if it really was an accident?

The truth is that some accidental deposits are not a scam. Accidents happen. However, instead of investigating the trustworthiness of the person on the other end of the deposit, let the payment app vendor do the work. If you think an accident occurred, tell the stranger to contact the app’s customer service. Additionally, contact customer service yourself and tell them the situation. At this point, it’s best to stop communicating with the other person. If a scam is going on, the sender will try to manipulate you anyway they can.

Disclaimer

The information provided in Marin CyberSafe News is intended to increase people’s awareness of cybersecurity and to help them behave in a more secure manner. Links in this newsletter are provided because they have information that may be useful. The County of Marin does not warrant the accuracy of any information contained in the links and neither endorses nor intends to promote the advertising of the resources listed herein. The opinions and statements contained in such resources are those of the author(s) and do not necessarily represent the opinions of County of Marin.

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