Scammers are Targeting Your Venmo and P2P Accounts

Do you use Venmo or other P2P accounts? If so, you definitely could be a target of scammers. Across the county, people are losing their cash, and it often happens so quickly that they don’t even know what’s happening.

You might think that you couldn’t be a victim, but scammers are often smarter and trickier, and they won’t hesitate to take advantage of you.

Here’s how they are doing it:

A stranger approaches you to use your phone. They have a sob story to make this scam more credible. You hand your phone over, they make it look like they are dialing, but instead, they are doing something else: swiping and searching your phone for “Venmo” and easily getting into your Venmo account and transferring money to themselves. People are losing thousands of dollars simply for being kind to a stranger.

Tips to Keep Yourself Safe

When using a P2P payment system, you should know that they all require access to your financial info. So, when you use them, make sure that your account settings are set in a way to ensure all of the security measures that you can set. In order to keep yourself safe from scams like this, there are some tips that can keep you safe.

  • Two step authentication. Access the menu, turn it on. This might include using PIN, a biometric log in, like a fingerprint.
  • Get the money out of your account. In most P2P apps, when you get a payment, the money is generally added to the balance held in the app. It doesn’t appear in your bank account until you transfer it or use it in another way. If you want to transfer money to your bank account, you should definitely make sure that the deposit went through. Just keep in mind that it could take a couple of days to transfer.
  • Pay only those you know well. Scammers know a lot of tricks, and they will find methods to trick you into paying them in ways you would never expect. So, if you are sending money from one of these apps or sites, make sure that you know the person you are sending money to. If you are using the app or site to get money from someone else, transfer the payment into your bank account and make sure it transfers before you send any goods.
  • Disconnect from Social Media: Finally, keep in mind that there are apps or sites might share your transaction information on social media. Check your social media settings because some of these settings might be set to share this info. Just make sure you are comfortable with what is going out on social media.
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