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Don’t be fooled!

Key Point

• Venmo is a popular payment app that many people use in their daily lives.
• Payment apps should be used with caution as scammers may try to steal your money through these apps.
• Find out how to avoid common Venmo scams and what you can do to keep your money safe.

Payment apps make it easy to pay friends, family and small business owners. These apps are useful, but should be used with caution. Unfortunately, scammers prey on innocent victims to steal their money. You can continue to use these apps, but it’s important to be careful to avoid scams that can negatively impact your finances.

Venmo is the best payment app you can use to quickly pay for purchases or repay friends and family. If you pay from your Venmo balance, checking account, or debit card, you can send money to others for free.

Unfortunately, the app is becoming more and more popular, which is why it attracts scammers. They use apps like this to steal money from other people. If you fall victim to fraud, it can be difficult to get your money back.

Do not fall victim to this Venmo scam

One common scam is on the rise. Knowing that can help you avoid costly mistakes.

Here’s how it works: Venmo users receive mysterious payments. It seems that the money was sent by mistake, and the sender may explain the fact and request the money to be sent.

Sadly, if it’s a scammer, you could lose your money when you refund.

If the original payment sent to you was made using stolen credit or debit card data and the actual card user reported fraud and made a chargeback, you You will lose that money.

If your payment was not reversed due to fraud, you will lose the money you sent to the scammer. It’s not worth the risk.

What to do if you receive money from a stranger

If you receive a mysterious Venmo payment that looks suspicious, please do not send it back. Instead, contact Venmo directly. They will reverse the charge for you.

Do not try to send money back yourself as it could be a scammer and you could lose your money. If this happens with another payment app, we recommend that you follow the same steps and contact the app directly to clarify next steps.

Follow these best practices when using payment apps

Want to use payment apps? Follow these best practices to avoid losing money.

• Only pay people you know. Do not send money to strangers using payment apps. To avoid scams, we recommend only sending money to people you know in real life.
• Enable alerts. You can enable notifications within the app settings. This will alert you immediately when a payment is sent so you can take appropriate steps to report any unusual activity.
• Please check all details before submitting payment. We recommend verifying all payment details two or three times before submitting a payment with Venmo or any other payment app. Avoid costly errors by making sure you’re paying the right people.

Never give up on using payment apps. Use it wisely to avoid falling victim to scams that put your money at risk. You work hard for your money and you want to protect it.

Check out our list of the best payment apps to find out more about other popular payment apps. For more financial tips, check out these personal financial resources.