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  Geebo 8:00 am on September 8, 2021 Permalink | Reply
  Tags: accidental deposit, accidental payment ( 2 ), Cash App ( 42 ), deposit scam, overpayment scam ( 9 ), payment app, Scams ( 1,386 ), venmo ( 28 ), Zelle ( 67 )   

  There’s nothing accidental about these payments 

  

  By Greg Collier

  Last week, we posted about a scam that was affecting Venmo users. In that scam, scammers were posing as friends of the Venmo account holder and asking for money. But what do you do if a stranger sends you money that you didn’t ask for and does it through a payment app? The Better Business Bureau has issued a warning about an accidental payment scam that’s been affecting users of payment apps like Zelle, Venmo, Cash App and others.

  In what’s being called the accidental payment or accidental deposit scam, the victim receives a substantial payment from someone they don’t know. That payment is then followed up by a message from the person who sent the money, saying they sent that payment accidentally, and could you please send it back? Whatever you do at this point, do not send the money back like you would a regular payment.

  According to the BBB, the money that was sent to you was done using a stolen credit card. If you send the money back like a regular payment, you’ll be responsible for that money once it’s discovered the credit card is stolen.

  Instead, you should tell the sender to cancel the payment, which can be done on most of the popular payment apps. If they refuse or try to pressure you into sending it back, it’s more than likely a scam. Also, don’t spend the money that you receive from the scammer, or you’ll be held liable for that money.

  While many of the scammers are finding their victims randomly, others are finding them through social media. In order to prevent receiving phony payments like this, it’s best to keep your account names off of social media. While you may think it’s just a quick post between friends, it can be picked up quickly by scam artists.

   

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  Geebo 8:00 am on September 2, 2021 Permalink | Reply
  Tags: impersonation scam ( 148 ), payment app, Scams ( 1,386 ), venmo ( 28 )   

  Your Venmo friend may not be your friend 

  

  By Greg Collier

  Payment and wallet apps like Venmo have been a great convenience for consumers. They can allow you to make payments to friends or make purchases without having to carry cash or a card that could be easily lost. As a modern society, we seem to be more protective of our phones than our methods of payment. However, we also sometimes seem to forego security over convenience, which has led to a number of these apps being used in scams. Venmo is not a stranger to these scams, but a new scam has emerged which may have Venmo looking at one of its features.

  In our opinion, the major drawback to using Venmo is that by default, your purchases and transactions are available on a public feed. That means anyone who knows your Venmo username can see who you’ve paid and where you’ve shopped. Scammers are well aware of this and are now creating Venmo accounts that look exactly like one of your friends’ accounts. The scammers will then contact their targets asking for money, and once that money leaves your Venmo account, it’s almost impossible to retrieve. Why this public feed is considered a feature on Venmo is beyond us.

  There are steps you can take to make your Venmo account more secure. The first thing you should do is make all your transactions private, which you can find the instructions for here. The second thing you can do is verify with your friends if they’re the ones actually asking you for money. That may require an awkward conversation depending on the situation, but that’s better than losing your money. You should only use apps like Venmo with people you know and verified merchants. Anybody else could be a security threat. Enable two-factor authentication to keep opportunists out of your account if they become in possession of your phone. Lastly, if you have the ability to do so, link a credit card to your account, as it will give you more protection than these apps offer on their own.

  There’s nothing accidental about these payments | Greg's Corner is discussing. Toggle Comments

   
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  Geebo 8:00 am on July 15, 2021 Permalink | Reply
  Tags: bank scam ( 72 ), payment app, Scams ( 1,386 ), Zelle ( 67 )   

  Bank scammer has answer for everything 

  

  By Greg Collier

  Payment apps like Zelle, Venmo, and Cash App are incredibly convenient. They allow us to send money to family and friends without the need for writing checks or money orders. However, what we get in convenience, we sometimes lose in security. Scammers are experts in taking advantage of the flaws in security that some of these apps have. With just a little social engineering, scammers have been known to rake in the cash by emptying the accounts of victims while the victim does most of the work for them. Not to mention that these scammers are so well practiced, they have an answer for just about everything when you try to ask questions about what they’re telling you.

  A woman from Tennessee almost feel for one of these well-crafted scams that involved her bank. She received a text that appeared to come from her bank. The text message asked if she had just made a purchase for $3500. This was followed up by a phone call from someone claiming to be a bank representative. The woman questioned if this call was actually from her bank, and the caller replied that she can verify the call by matching the phone number that called her with the customer service number of the back of her card. Of course, these number can and have been spoofed. She still wasn’t satisfied with the caller’s answer and told the caller she was going to hang up and call customer service. The caller then said that if she called customer service, she would be on hold for a long time and that he was there to help her with the problem now.

  This is where the payment app comes into play. The caller told the woman that she needed to send herself $3500 through Zelle to reverse the supposed charge. She then received an email with her Zelle activation code., The report of the incident doesn’t state it, but it most of these cases, the caller will then ask for the activation code, so they can hijack your Zelle account. Since most Zelle accounts are linked to bank accounts, this could have disastrous effects.

  Thankfully, the woman decided to go to a local branch of her bank before she sent any money.

  If you receive one of these calls purporting to be from your bank, politely end the call. First, you should check your bank statement online or through the bank’s app to see if any fraudulent charges have been made. Even if no fraudulent charges appear, call your bank’s customer service number from the back of your debit or credit card. Don’t do a web search for the customer service number, as these can often be scams themselves. But speak with the bank to make sure your account has not been misused. However, the best thing you can do is what this woman did and go to your bank’s local branch. They’ll be able to verify any fraudulent activity on your account in person.

   
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  Geebo 9:01 am on February 8, 2021 Permalink | Reply
  Tags: north carolina ( 15 ), payment app, Scams ( 1,386 ), two factor authentication ( 18 ), venmo ( 28 )   

  Payment app scam preys on your kindness 

  

  Most of us have some form of banking or payment app on our phones. Whether they’re through our local bank or one of the many mobile payment services available, a lot of us make payments or transactions through these platforms. But how many of us really have these apps secured on our devices? You may have your phone locked using a PIN or fingerprint check, but what if someone was able to bypass your phone lock?

  A woman in Charlotte, North Carolina recently found out the hard way what happens if you don’t secure your apps. She was working at home when a man knocked on her door and asked if he could use her phone. He claimed he had locked his possessions in his car and needed to text a relative. Being a kind person, she allowed the man to use her phone to get help. After using the phone, the man handed the phone back to the woman. That’s when she noticed the emails from Venmo. In that short amount of time, the man is said to have sent close to $1000 to himself through Venmo. The problem with many of these apps like Venmo is that once payment goes through, the victim of a scam can be blocked by the scammer making retrieval of your money almost impossible.

  If you’re the type of person who tends to be a good Samaritan you should be commended for being willing to help others that you may not even know. There is still a way for you to lend someone your phone without exposing your financial apps. Most financial apps have some form of two-factor authentication available to you. A PIN or biometric scan like a fingerprint or face unlock can be enabled. This means that even if your phone is unlocked for someone to use, your financial apps will still be secure. If they don’t offer this service, you may want to consider using an app that does. While you may think that enacting these measures may make it more inconvenient for you, in a short time you’ll hardly even notice the small amount of extra time it takes you.

   
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  Geebo 9:00 am on November 18, 2020 Permalink | Reply
  Tags: luxury items ( 3 ), marketplace app ( 3 ), payment app, Scams ( 1,386 ), Zelle ( 67 )   

  Even upscale sites can have scams 

  

  There are a handful of marketplace websites that only deal in high-end goods. We’re talking about brands like Louis Vuitton, Michael Kors, Coach, and Chanel among others. Many singles items from these brands can cost you a few thousand dollars even if the item is pre-owned. You might think that such a posh marketplace may be free of scams but you’d be mistaken.

  Recently in Ohio, a woman found a purse for sale on one of these marketplaces that she wished to purchase. The listing said to text the seller. The seller texted the woman back telling her to send $375 through the Zelle payment app. As you can probably surmise, the woman never received the purse and the seller made off with the money.

  In the platform’s defense, this is not how payments are supposed to work. These high-end marketplaces work almost like eBay. You make the payment through the platform itself rather than to the seller directly. This way, there are certain protections afforded to the buyer if the item is not delivered. If a seller directs you to make payment off of the platform, it’s almost guaranteed to be a scam.

  Also, for the marketplace and the items they sell, $375 sounds like an amazing deal for the items that are sold there. If an item online is being sold for well below market value it’s possible that it’s either counterfeit or it doesn’t exist at all.

  Speaking of counterfeits, that’s another danger you have to worry about when dealing with high-end goods like these. There are probably more fakes than the real deal online. These counterfeits have been known to fund organized crime or sweatshops that use child labor.

  If the seller is used to dealing with luxury items, they should have the receipt from the original purchase. Ask to see it. While it’s not a perfect way to prevent being ripped off, it does go a long way.

   
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  Geebo 8:00 am on October 21, 2020 Permalink | Reply
  Tags: 2FA ( 12 ), Cash App ( 42 ), payment app, paypal scam ( 13 ), Scams ( 1,386 ), two factor authentication ( 18 ), venmo ( 28 )   

  A Cash App scam that could happen on the street 

  

  Most scams that happen on payment apps like Cash App happen online. However, we just came across one that happens on the street.

  The report we found about this scam comes out of Nashville, Tennessee but could happen in any city. In Nashville, the city is known for its music scene so there are a number of street musicians looking to get their name out there. There are also a number of scammers looking to take advantage of those interested in the music scene.

  The scammers will pose as a street musician and will approach a victim. The scammer will ask for the victim’s phone so they can pull up their music video on YouTube. Instead, the scammer accesses one of the victim’s payment apps like Cash App, Venmo, or PayPal and sends the victim’s money to themselves before fleeing the scene.

  While this particular approach may be exclusive to Nashville or any other city with a vibrant music scene, this scam could happen anywhere. You could be approached by someone asking to use your phone for an emergency where instead of calling someone they could be draining one of your payment app accounts.

  There are several ways to protect yourself against a scam like this. First off, it’s generally a good idea to never hand your phone over to someone you don’t know. Secondly, most of the leading payment apps have security features that prevent other people from accessing your account on your phone. Known as two-factor authentication, you can have a PIN set up to open the payment app or you could use your phone’s fingerprint reader to access your account. When these features are enabled, it goes a long way in preventing others from accessing your accounts on your phone.

   
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  Geebo 8:00 am on April 23, 2020 Permalink | Reply
  Tags: apple pay, Cash App ( 42 ), payment app, paypal scam ( 13 ), Scams ( 1,386 ), venmo ( 28 )   

  “Oops! Can you send that back?” 

  

  Payment apps are a great convenience. They mean that we don’t necessarily have to carry cash on us and can be used to pay for various goods and services while maintaining social distances. These apps like Venmo, Cash App, Paypal, and the like have been around for a long time and have been the targets of scammers almost since the beginning. Now, scammers have come up with a new way to try to steal money from your payment app account and it relies on the politeness of others.

  If you use one of these apps and you receive a payment from someone you don’t know, don’t spend it and don’t send it back. Scammers are sending payments to random app users along with a message that says something along the lines of “Oops! Can you send that back?” These are payments sent using stolen credit cards or other stolen financial information. If you send the payment back to them it becomes real money in their account. However, once the credit card is reported stolen that money will come out of your account and you will be out the amount of the ‘Oops’ payment. This is very reminiscent of the phony check scam only in digital form.

  [youtube https://www.youtube.com/watch?v=cSVtXuhnUnk%5D

  If you receive one of these payments, instead of sending the money back ask them to cancel the payment. If they refuse or try to pressure you into sending it back it’s more than likely a scam. Report the payment to whichever app you’re using and whatever you do, don’t touch that money. It should just be removed from your account but as we said, if you spend the money you’ll ultimately be responsible for that amount.

  This is an unprecedented time for scammers so please keep your wits about you when dealing with digital payments.

   
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  Geebo 8:00 am on October 31, 2019 Permalink | Reply
  Tags: bank scam ( 72 ), payment app, Scams ( 1,386 ), Zelle ( 67 )   

  Payment app used by major banks targeted in scam 

  

  Zelle is a payment app much like Venmo or the Cash App except that it’s tied directly to your bank account. The Zelle service is offered by major banks like Bank of America, Chase, and Fifth-Third among others. With Venmo and other apps, scammers can only drain your account of whatever amount you put in it. With Zelle, scammers now have the potential to drain your entire bank account and you don’t even have to use the Zelle app for it to happen.

  The scam starts out with a phone call where the scammers pose as your bank including using a spoofed phone number. They say that there is some suspicious activity with your account and that they need your login information in order to verify your identity. The scammers then use this information to lock you out of your own online account. They then activate the Zelle app under your account and transfer the money to Zelle accounts that were opened on burner phones. To the bank, it appears like you’ve made the changes to your account and used the Zelle app to make payments. Zelle itself uses two-factor authentication to try to prevent scams but if the user gives out their information to scammers there’s basically nothing Zelle can do.

  [youtube https://www.youtube.com/watch?v=J9cb9YKS1N0%5D

  To better prevent this from happening to you it is recommended that you either activate the Zelle app through your bank or have the bank turn it off. If you receive a call from someone saying they’re from your bank, they will always have your account information and won’t need to ask for it. Even if you believe the call is from your bank it’s always better to call the bank back at their customer service number listed on the back of your card or in the bank’s mobile app.