Venmo has changed the way we conduct a lot of our everyday financial transactions with its ease of use and minimal fees. The downside? As with other payment apps, you could fall victim to a scammer. The good news is that Venmo offers many safeguards to help keep your money safe.
“Venmo scams are also simple, but easier to stay ahead of,” said Monica Eaton-Cardone, the founder of Chargebacks911, which helps to combat fraud. “Venmo offers several settings to go through before funds are sent. This includes using facial recognition or a PIN to even log into the app. The last 4-digits of the recipient’s phone number may also be needed to complete a transaction.”
Common Venmo Scams
A Money Transfer by Mistake
You receive a notification on your Venmo account that you’ve received $100 you weren’t expecting. Upon investigation, you see it’s from a name that isn’t familiar to you. Seconds later, you receive a message from the sender, who says the money was sent to you mistakenly and can you return the cash?
Sure, you’ll send back that momentary windfall, you say,…
