When a friend or family members are stuck in a bad situation and urgently needing money, many don't hesitate to help out.
However, the Better Business Buruea says to double check before sending money to a friend in need.
How are scammers taking advantage of this feature?
Scammers are taking advantage of generous friends by changing their username and profile pictures to impersonate real app users.
Using the information visible in Venmo's public feed, they figure out from who this person had previously sent or received money.
They, scammers contact these users with requests for money.
How can we avoid this scam?
- Double check with your friends before sending cash. If you get an unusual request, call or text your friend to confirm their story.
- Keep transactions private. Some scammers use the information visible in Venmo's public feed to find targets
- Use money transfer with friend: Protect yourself from scams by only using money transfer apps for their intended purpose--sending money to people you personally know
- Enable additional security settings: Check your account settings to see if you can turn on additional security measure, such as multi-factor authentication, requiring a PIN, or using fingerprint recognition like Touch ID
- Link your money transfer app to a credit card
For more information on the latest scams across the Tri-State and to find reliable businesses, head to BBB.org.