Money apps like Venmo are meant to make life and finances easier, but now the app is warning customers about crooks trying to trick users out of their money.
The social payment app is widely used for things like splitting bills at restaurants or reimbursing others for a shared expense. But they have also become an easy target for consumer scams.
Venmo's online help center warns users about fake prizes and cash rewards, calls from Venmo or payments from strangers.
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One newer scam involves a stranger sending users money, then contacting them to say they sent the money by mistake. The scammer will then request the user to send the money back as a new payment.
So how can you protect your digital wallet?
Venmo warns to never exchange payments with unknown users. Those who get a payment from someone they do not know should contact the company as soon as possible to reverse the payment, rather than send the unknown person money. The company also recommends blocking users who sent unsolicited payments or requests.
Another step involves changing settings in the app. The default view for payment feed is "public," but those who don't want others to see their transactions can adjust the privacy setting to "friends only" or switch entirely to "private." That would mean the only way to see items is under the "me" tab and the list of personal transactions.
"I have my feed on private. It’s so weird to me that you can see everyone else’s transactions. I don’t know why people do that," said user Jason Yellen, of Ridgewood, Queens.
Venmo, which is owned by Paypal, said it updates info to help users avoid common scams.
"Venmo’s feature where you put in the last four numbers, I’ve found that helpful as an extra layer to make sure you’re not being scammed," said Noelie Zeichik, of Hell's Kitchen.
Anyone who believes they have become a victim of a scam to contact the app's support team.
