Venmo issues its own warning about scam

Venmo issues its own warning about scam

By Greg Collier

As you may know, Venmo is a personal payment app, with the emphasis on personal. It’s intended to be used between friends and family to send money quickly and effortlessly. It’s not supposed to be used between strangers, but this hasn’t prevented scammers from using it as an avenue of taking money from their victims. Scammers often use Venmo because once a victim pays a scammer, the scammer can quickly block the victim, preventing any kind of refund.

Venmo itself recently issued a warning to not only its customers, but the general public about a scam that’s been plaguing its users. In this scam, a Venmo user receives a payment from someone they don’t know. The stranger then messages the user and claims the payment was sent by mistake. Then the user is asked to make a payment back to the stranger.

These ‘accidental’ payments are often made by scammers using stolen credit or debit cards. If a user pays back the stranger, once the initial payment is found to be fraudulent, that payment is revoked. However, the user’s payment to the scammer is not. This gives the scammer free money and leaves the victim with much less money in their account.

Venmo stated, if you receive a payment from a stranger, do not pay them back. Instead, a customer should contact Venmo through the app to have the payment reverse the payment. Users should also block anyone who sends them unsolicited payments.

Another way to protect your Venmo account is by changing your payment feed to private. It is set to public by default, which means anyone can see your Venmo history.

For more information about Venmo scams, you can use their online help center.