PalmPay Fake Transfer refers to a scam where fraudsters manipulate "Request Money" feature on the PalmPay app to create the illusion of a money transfer.
Scammers approach POS agents, request a transfer, and then generate a money request transaction receipt that mimics credit notifications.
This deceives the agent into believing they have received funds, leading them to release funds without actual payment.
To avoid falling victim, you should verify alerts, scrutinize transaction details, and confirm through that the alert you received is credit alert not request alert before releasing money.
In this article, we'll explain how scammers carryout fake transfer using the PalmPay App and you can avoid falling victim of the fraudlent trap.
How fake transfer is being carried out on PalmPay
First of all, do note that scammers target PalmPay POS agent to succeed with the fake transfer. The scammers will walk into PalmPay agent kiosk and ask if the agent or merchant possess a PalmPay POS Machine.
If yes, then they'll request to send money from their PalmPay Account to the PalmPay POS. So, they'll ask for the agent PalmPay's tag or phone number.
They'll login to their PalmPay Account and use the "Request Money" feature to request certain amount from the PalmPay POS.
This request will prompt a notification on the POS machine saying that a PalmPay user has requested for certain amount.
The notification will look exactly like a PalmPay credit alert and if care is not taking, you may fall victim and release funds.
"Request Money" Feature Disabled on PalmPay
Since high record of scams and fake transfers have been reported using the "Request Money" on PalmPay, the mobile money app has decided to discontinue the feature.
Currently, you can no longer request money from other PalmPay users on the PalmPay App. To request money, you'll need to continue your recipient via WhatsApp or Telegram and ask them to send money to your PalmPay Account.
Despite the fact that fake transfers have been curb on PalmPay, scammers are still exploring other options to extort user's money.
PalmPay Fake Transfer is Gone, PalmPay Balance Adder Arrives.
PalmPay Balance Adder is a scam that promises to illegally increase your PalmPay account balance. It is not a legitimate service and should be avoided.
The balance adder apps and apks are organized by unknown individuals trying to take advantage of people using PalmPay. The apps claim to provide an "activation code" to add balance to your account for free.
The person behind the app will then demand a huge amount of money in exchange for the activation code. Please, don't fall victim of this attracting opportunity; they're all scams.
However, it's important to note that using such tools (promising to illegally add fund to your PalmPay balance) violates PalmPay's terms of service and could lead to account suspension. Legitimate financial platforms do not endorse or support third-party tools to manipulate account balances.
You can only add funds to your PalmPay Account through inter-bank transfers, cards and POS agents. Scams often use the promise of something too good to be true to lure victims into providing sensitive information.
To protect yourself, only use officially provided methods by PalmPay to add funds to your account.
Be very cautious of any third-party tools claiming to increase your balance, as they are likely scams designed to steal your money or information.
The bottom line
In conclusion, both PalmPay Fake Transfer and Balance Adder scams pose significant risks to users. Fake transfers deceive individuals, especially POS agents, by generating fraudulent transaction alerts that mimic legitimate notifications, leading to financial loss.
Similarly, Balance Adder scams promise unrealistic increases in account balances, ultimately resulting in scams that compromise personal information and finances.
In a nutshell, you must prioritize security by verifying transactions through official channels and avoiding third-party tools. Staying informed and vigilant is also crucial in protecting oneself from these fraudulent schemes and ensuring safe financial transactions.
