Beware of This Popular Venmo Money Scam

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Don’t scam!

key points

  • Venmo is a popular payment app that is used by many people in their daily lives.
  • You should use payment apps with caution as scammers can try to steal money through these apps.
  • Find out how to avoid common Venmo scams and what steps to take to keep your money safe.

Payment apps make it easy for friends, family and small business owners to make payments. 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 vigilant to avoid scams that can have a negative impact on your finances.

Venmo is a top payment app that you can use to quickly pay for purchases or pay back friends and family members. When paying with your Venmo balance, checking accountor debit card, free to send money to others.

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

A common scam is on the rise. Knowing about this can save you from making a costly mistake.

Here’s how it works: A Venmo user will receive a mysterious payment sent to them. It looks like this is a payment sent by mistake, and the sender can explain this and ask you to send the money back.

Sadly, if it’s a scammer — sending money back could cost you money.

If the original payment sent to you was made using stolen credit card or debit card data, and the actual card user reports fraud and charges a chargeback — you’ll be out of that money.

If you fail to get your own payment back due to fraud, you will be out of the money you sent back to the scammer. It is a risk that is not worth it.

What to do if a stranger sends you money

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

Don’t be tempted to send the money back yourself, as this could be a scammer and you could lose your money. If this happens on any other payment app, it’s best to take the same steps and reach out to the app directly for an explanation on what to do next.

Follow these best practices when using payment apps

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

  • Pay only people you know. Do not use payment apps to send money to unknown people. To avoid scams it is best to only send money to people you know in real life.
  • Enable Alerts. In your app settings, you can enable notifications. That way, when a payment is sent to you, you’ll be alerted immediately so you can take the right steps to report unusual activity.
  • Review all the details before sending the payment. It’s best to double or triple-check all payment details before sending a payment through Venmo or other payment apps. By making sure you’re paying to the right person, you can avoid costly errors.

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

Review our catalog best payment apps To learn more about other popular payment apps. For additional financial tips, check out personal finance resources,

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