Venmo Scams – If you get a text promising money via Venmo or Zell for research, don’t open it. It is fraud.
CHARLOTTE, NC – Mobile payment systems like Venmo and Zelle are popular right now, especially with many people looking for contactless payment methods due to COVID-19, but like any business, they are vulnerable to fraud.
Venmo Scams
There’s a new scam going around and it can pop up on your phone just like any other message. Scammers prey on people who are out of work or in the midst of a job change with false promises of free money. They look attractive but don’t jump fast. Remember, money doesn’t just fall out of the sky, and it’s human nature to think it’s your lucky day.
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“I gave them to them. I don’t know why I did it. I was desperate, I guess,” said one woman who became a victim of a thug.
Detectives hear stories like this all the time, from people who say they should have known better and don’t believe they’ve been tricked or hacked.
I even got one of those messages promising me free money. At first, I thought, “Wow, $100.” Then I saw “test” and a green link.
At that point I knew it was probably a scam and I shouldn’t click on it. I immediately told friends who use the same service and told them not to like each other when they get the same message.
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“The feedback we got from Venmo is to turn off your security settings,” said Tom Bartholomy of the Charlotte Business Bureau.
Bartholomey said the BBB sees fraud like this every day. In fact, another person in his office received the same message.
“There’s no reason to harden your security plans. It’s not like you’re losing anything in a social media app, you just have to harden them,” said Bartholomy.
All scams use tricks to lure you. It may appear to be from Social Security, the IRS at tax time, or it may appear to be from a popular store during the holidays or school shopping.
Venmo Scams And Consumer Protection
As for this post mentioning Venmo and the free $100, it’s a scam. To be safe, if you receive this message, change your password immediately.
They often appear as emails and text messages. Don’t be fooled into thinking they’re genuine, even from your favorite store or service.
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Venmo has grown in popularity, and for good reason, because it’s easy and convenient to send and receive money electronically between you and someone else.
It works like a digital wallet linked to your bank account or debit card, allowing you to make payments quickly and easily to other Venmo users. The service is popular with younger generations as it provides a simple and social way to split bills or pay friends for shared expenses.
Additionally, Venmo offers a social feed feature that allows you to view and comment on your friends’ transactions, adding a social element to the platform. Available for iPhone and Android devices.
However, with all this convenience, fraudsters who want to steal your money, although unlike US bank accounts, Venmo balances are not protected by the Federal Deposit Insurance Corp.
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Venmo uses multi-factor authentication to protect logins and encrypt all transactions to keep your personal information safe. Plus, you can manage your privacy and password settings, adding another layer of security to your Venmo account. As a result, I would say that Venmo is generally considered a safe platform to use.
However, it was designed to be used with people you know and trust, like your friends and family, not with random people you’ve never met. The first time you interact with someone, Venmo will ask you to enter the last four digits of the person’s phone number as an extra security measure.
However, even with these security measures, people still fall prey to Venmo scams. A common tactic scammers will use is phishing emails. The scammer will email you and claim to be a representative of Venmo and trick you into revealing sensitive information such as passwords, credit card numbers, or personal information by asking you to enter your information or click on a suspicious link to “renew your password” or something of that nature. These emails often mimic legitimate communications.
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These types of scams may occur over text messages or phone calls, and unsuspecting victims may accidentally give out their bank information or even their Social Security numbers.
Scammers use phishing emails to trick you into giving up your information. Here’s what you need to know.items (CyberGuy.com)
Scammers who try to sell you things online, such as websites like Craigslist or the Facebook Marketplace, will ask people to pay for them with Venmo. This is because Venmo’s user agreement and terms of service state that the app must be used for exchanges between people who know each other or have an established business relationship.
Protesters may request payment through Venmo because they know the app lacks customer protection and dispute resolution mechanisms. Venmo transactions are instant and irreversible, meaning that if you send money to a scammer, it may be difficult or impossible to get your money back.
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1) The first thing you should do is contact Venmo support immediately and report the fraudulent transaction. They can provide guidance and help in resolving this issue.
2) Second, if you used your bank account or credit card to fund the Venmo transaction, contact your bank or credit card issuer to report the fraud and dispute the charge.
4) Additionally, if you believe you have been misled, you can file a complaint with the Federal Trade Commission (FTC) to report fraudulent activity.
5) If you believe that your personal information has been stolen and you need a service that will walk you through every step of the reporting and recovery process, one of the best things you can do to protect yourself from this type of fraud is to register – yourself. for a theft protection company.
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This service will monitor personal information such as your home address, Social Security Number (SSN), phone number, and email address and notify you if it is being sold on the dark web or used to open an account. They may help you freeze it. Your bank and credit card accounts to prevent unauthorized use by criminals. One of the best parts about using other services is that they can include up to $1 million in identity theft insurance to cover losses and legal fees, as well as a white fraud settlement team where a US debt manager helps you recover your losses. .
6) Finally, always report the scammer. If you have information about the scammer, such as their name, phone number, or email address, please report it to Venmo and the authorities.
Although Venmo is a convenient and widely used platform for electronic money transfers, you should always be vigilant against fraud by being wary of phishing emails, avoiding transactions with unknown people, and protecting personal information. In the event of a scam, you should report the incident to Venmo, contact your bank or credit card issuer, change your password, and file a complaint with the FTC while giving authorities any information you have about the scammer.
Do you feel safe from the growing number of scams? What are your tools and tips? Let us know so we can let others know by writing to us at Cyberguy.com/Contact.
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Kurt “CyberGuy” Knutsson is an award-winning technology journalist with a deep passion for technology, tools and devices that make life better through his contributions to Fox News and FOX Business beginning in the morning on “FOX & Friends.” Have a technical question? Get Kurt’s CyberGuy newsletter, share your voice, story idea or comment on CyberGuy.com.
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