The Better Business Bureau is warning the public about a Venmo scam where crooks send you money “by accident.”
If you use Venmo or another digital wallet, like Zelle or Apple Pay, the BBB says you should watch out for people sending you money along with messages like, “Oops! Can you send that back?”
According to the BBB, scammers are connecting stolen credit cards to Venmo and using them to transfer money to unsuspecting users. If you send the money back to the scammer, they will delete the stolen credit card from their account and add their own card in its place.
Then, the money you are sending will go on their personal card and eventually, the stolen funds will be removed from your account and you will be out that money.
“Be aware that unlike credit cards, many digital wallet vendors will not shoulder the cost of fraud,” wrote the BBB. “If you pay scammers using a digital wallet, you may not ever get reimbursed.”
The BBB offered the following advice to protect yourself while using apps like Venmo:
· Use money transfer with friends: Protect yourself from scams by only using money transfer apps for their intended purpose -- sending money to people you personally know.
· If someone sends you money by mistake, ask them to cancel the transaction: The sender can request that the vendor cancel the transaction. If the person refuses, it’s probably a scam.
· Enable additional security settings: Check your account settings to see if you can turn on additional security measures, such as multi-factor authentication, requiring a PIN, or using fingerprint recognition.
· Link your money transfer app to a credit card: As with many other purchases, using a credit card will help protect you if you don't get the goods or services you paid for. Linking to a debit card or directly to your bank account does not give you that added protection.
