User:Mes529/sandbox
Venmo
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Security
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Fraud Concerns and How to Avoid Them
[edit]Scammers have found ways to use Venmo. The Better Business Bureau has reported that scammers use stolen credit to send money to a random user, then ask for the money back saying that they sent it back. Then, when the user sends the money back the scammer loads it onto their actual credit card. When the stolen credit card is reported, the funds get removed from the user’s account and they are out the amount of money that they sent to the scammer.[1]
Other ways that scammers use Venmo, according to the Better Business Bureau:
- Cancelling payments before they go through
- Sending fake official emails in attempt to obtain users' passwords[2]
How to avoid fraud on Venmo:
- Only use Venmo to send and receive money from people that you personally know.
- Enable addition security measures in the app settings.
- Check the app after a transaction to ensure that the money has been transferred.[2]
- ^ "Scam Alert: This Venmo Scam Sends You Money "by Accident"". www.bbb.org. Retrieved 2020-11-05.
- ^ a b "BBB Scam Alert: Avoid peer-to-peer payment scams on Paypal, Zelle, Venmo, and others". www.bbb.org. Retrieved 2020-11-05.