Venmo scams take several forms and shapes, and potential scammers are easier to pinpoint than others.
The Better Business Bureau has recently warned customers regarding a Venmo digital wallet scam that involves malicious actors accidentally sending money to users. It seems as if scammers are connecting stolen credit cards to Venmo apps and transferring money to unsuspected customers. Once the transfer is done, they contact the user on the app with a message which sounds believable, for instance, “Can you reverse the money sent mistakenly?”
Well, the Venmo app is not entirely safe to use. It has been historically associated with several payment frauds, and this continued after reporting losses of approximately $40 million during the first three months of 2018. There are several scams related to the Venmo app. In this article, we’ll be discussing various Venmo scams and how to protect you from such attacks.
Venmo Text Phishing Scams
This scam involves the scammer sending you a text message that looks like it has come from the app. The impersonator provides a link and asks you to follow it and enter some information to prove your account. In some cases, they might warn you that your account will get closed if you don’t proceed further.
This reminds of the recent Instagram phishing scam in which scammers send copyright infringement message threatening users to give their feedback or their account will be closed.
If you have been a victim of such a scam, then you shoul ..
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