TechNadu reports This Is How Scammers Steal User Funds Through Venmo

From TechNadu:

Venmo is a popular mobile payment service owned by PayPal, allowing people to send and receive money electronically and taking away all the hassle. Certain demographics like millennials in the United States, for example, are using it extensively to split the amounts for shared taxi rides or fast food restaurant bills, so naturally, it drew crooks’ attention.

Apparently, scammers exploit the very convenience provided by the app, tricking the users with a sprinkle of social engineering and doing their nasty stuff in a few seconds. NordVPN has listed the four most common trickery methods, all targeting Venmo funds and all being quite ubiquitous out there.

Venmo is fun and convenient, but strangers will steal your money if you’re not careful enough.

First, there’s the “accidental” money transfer method where the victim receives money from an unknown person, and that person contacts them to declare the mistake. The card used for the transaction is stolen, so the action will be reverted by Venmo at a later stage. If the victim sends the money back in the meantime, they’ll essentially lose it.

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