Venmo is the digital wallet which enables the user to send money to their close friend and family members. In this, you do not require any credit card, wallet or payment; you just link with the debit card and can spend money. There are so many people who trust Venmo because of the convenience and it is available for Android and IOS devices. Hence, people use this app as a payment method, so sometimes they deal with people whom they don’t know. As a result, there are some people who take advantage of this and just use this app to steal your money. In case, the user become the victim of Venmo fraud then the company will not provide you any time of protection. Hence, Webroot team wants to aware their user about Venmo scams and they suggest that user must install Webroot in their devices via www.webroot.com/safe. In this blog, you will read about the Venmo scams and how you can protect from it.
What are the Common Venmo Scams?
Venmo Reverse Charge scam: In this, hackers use stolen credit card. If you trusts other person and sold something to him by using an online marketplace. And the attacker contacts you and then purchases something from you. After that, they transfer the funds to you by using Venmo. But after few days, the credit card company gets the notification that credit card which is in transaction is stolen, and the transaction reverses. This process leaves you out of pocket and also you are without the item which you have sold. It is advised you should not use Venmo, if you want to buy anything from anyone whom you don’t know and just use alternative method of transaction.
Venmo Phishing Scam: Venmo users are frequent targets for phishing scams, usually delivered via SMS. These scams are generally known as “smishing” but in this hackers trick the victim by using SMS. In this, victim clicks on a disguised link which is sent to him through text message. The text looks like it is from an official Venmo account and so the victim click on the link in order to fix an issue with their Venmo account. And when the victim clicks on the link, it redirects to the fake page which asks for login details, and also your credit or debit card information. Hence, it is advised not to click on any link which is provided in the text message and also keep in mind Venmo will never ask for your card information. The user must install Webroot in their devices though webroot.com/safe in order to protect them from phishing scam.
Venmo in-person Scam: There are some attackers who are very bold and they easily steal your money in-person. In this, the hackers pretends that they wanted to make a call from your phone but if no one picks then they will ask you to text a friend or family member by using your Smartphone. But in reality they will not send a text but they will just open your Venmo app and then transfer your funds to their account. It is advised you should not give your phone to unknown person.