Watch out for the famous Venmo Money scam

Watch out for the famous Venmo Money scam

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Don’t be fooled!

the main points

  • Venmo is a popular payment app that many people use in their daily lives.
  • You should use payment apps carefully because scammers may try to steal money through these apps.
  • Learn how to avoid the common Venmo scam and steps to take to keep your money safe.

Payment apps make it easy to pay friends, family, and small business owners. While these apps are convenient, you should use them with caution. Unfortunately, scammers prey on innocent victims to steal money. You can continue to use these apps, but it is important to be careful to avoid scams that may negatively affect your finances.

Venmo is the best payment app that you can use to quickly pay for purchases or pay money back to friends and family. When you make a payment from your Venmo balance, checking account, or debit card, you can send money to others for free.

Unfortunately, as this app has become increasingly popular, it has attracted scammers. They use apps like this to steal money from other people, and it can be difficult to get your money back if you fall victim to a scam.

Don’t fall victim to this Venmo scam

One of the common scams is on the rise. Knowing this, you can avoid making a costly mistake.

Here’s how it works: A Venmo user will get a mysterious payment sent to them. It looks like a payment sent in error, the sender may explain this and ask you to return the money to them.

Unfortunately, if it is deceptive – a refund can lead to a loss of money.

If the original payment sent to you was made with the stolen credit or debit card data, and the actual card user reports fraud and makes a refund – the money will come out.

If you fail to get your payment back due to fraud, you will lose the money you sent to the fraudster. It’s a risk not worth it.

What do you do if a stranger sends you money?

If you receive a mysterious payment from Venmo that looks suspicious, don’t send it back. Instead, contact Venmo directly. They will take care of reversing the fees for you.

Don’t be tempted to send the money back yourself, as this can be fraudulent and you could lose your money. If this happens on another payment app, it is best to follow the same steps and contact the app directly to clarify the next steps to take.

Follow best practices when using payment apps

Do you like to use payment apps? Follow these best practices to avoid losing your money:

  • Pay only for people you know. Don’t use payment apps to send money to strangers. It is best to send money only to people you know in real life to avoid scams.
  • Activate alerts. Within your app settings, you can enable notifications. This way, you will be quickly alerted when a payment is sent to you so you can take the correct steps to report unusual activity.
  • Review all details before sending payments. It’s best to double or triple check all payment details before sending a payment through Venmo or other payment apps. You can avoid costly mistakes by making sure you are paying the right person.

Don’t give up using payment apps – but be smart when using them, so you don’t fall victim to a scam that puts your money at risk. You work hard for your money so you want to protect it.

Check out our list of the best payment apps to learn more about other popular payment apps. For additional financial tips, check out these personal finance resources.

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