What You Really Need to Know About Venmo.
Written by admin-kidglov on February 8, 2021
Peer-to-peer (P2P) payment apps such as Venmo, Cash App, and Zelle have made sending money to friends and family easier than ever. But scammers have also made the move to P2P apps and are using social media to lure people to send funds through a P2P app instead of a gift card – the original favorite of scammers. Now, scammers are impersonating celebrities or organizations to lure people into advance fee or “flipping” scams.
The economic impact of COVID-19 left many Americans unemployed, and organizations and celebrities have stepped up to help ease that financial burden through social media cash giveaways using P2P apps. While these giveaways are beneficial, they have created opportunities for scammers to take advantage of.
They do so by creating fake profiles of popular, familiar people and requesting a sum of money from unsuspecting users with the false promise they’ll send a larger sum of money back as part of a giveaway. Most P2P apps have no verification mechanism in place, leaving users unsuspecting if the profile is legitimate or not. The user will complete the request, immediately paying the scammer.
Should you ever fall victim to a scam through Venmo or a similar app, you can file a complaint so they can track the incident, but there’s NO guarantee you will be getting your money back. We put together a few steps you can take to help avoid scammers when using P2P payment apps.
- Send Money Only to People You Personally Know.
Peer-to-peer payments can’t be reversed, tracked, or disputed and most transactions are instant.
That being said, it’s strongly recommended to never use apps such as Venmo for business purposes. The terms of service for most apps such as Venmo prohibit the use of it for purchasing goods or services. If you want to use a payment app for business purposes, opt for one specifically created for business users such as PayPal.
2. Keep The App Up To Date.
Apps such as Venmo are updating and improving almost daily. Keep your app updated to the latest software version so you can take full advantage of any added security features.
3. Set Up Debit Card Email Alerts.
Added security measures help you keep tabs on all your spending so you can better protect your hard-earned assets. Like a larger bank, we provide security products and services for free, so you’ll have full control of your purchases and payments and won’t miss a mystery Venmo transfer.
With Farmers & Merchants VISA Debit Card Email Alerts, you can set a withdrawal limit threshold, monitor purchases made on the Internet or over the phone, and stay up to date on any and all changes to your account. Our complimentary FraudWatch® PLUS service will keep a close watch on your account 24/7 and alert you of any suspicious activity.
For over 80 years, we at Farmers & Merchants Bank have been dedicated to keeping the accounts of our customers safe. You can trust that your hard-earned assets will stay safe and grow under our careful stewardship. It’s our promise to you that you’ll receive the highest level of security products and services available.