Did someone accidentally Venmo you money? It might be a scam.
How do the scammers execute the "accidental" money transfer scam on Venom?
In the "accidental" money transfer scam on Venmo, scammers use stolen credit cards to send money to unsuspecting users1. They then contact the recipients, claiming that the transaction was a mistake and request the money to be sent back to their account. However, when Venmo discovers that the transaction was made using a stolen credit card, it can reverse the transaction, taking the money from the user's account while the scammer keeps the funds. This leaves the user with a negative balance and potentially out of pocket for the amount they returned to the scammer.
What should individuals do if they suspect they have been targeted by a scam, according to Attorney General Nessel?
According to Michigan Attorney General Dana Nessel, if individuals suspect they have been targeted by a scam, they should take the following steps:
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Do not send the money back: If you receive an "accidental" money transfer on Venmo and the sender asks for it back, do not send the money, as this could be a scam.
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Exercise caution: Always be cautious when dealing with transactions involving someone you do not know.
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Report the scam: If you believe you have been a victim of a scam, reach out to the attorney general's department or file a complaint with the Federal Trade Commission (FTC).
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Protect personal information: Never share personal information, such as your bank account username, credit card data, or Social Security number.
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Treat money transferring services carefully: Do not treat money transferring services like cash, and do not pay for products until they have been received.
By following these guidelines, individuals can better protect themselves from scams and take appropriate action if they suspect they have been targeted.
What specific type of scam involving Venmo did Michigan Attorney General Dana Nessel warn about recently?
Michigan Attorney General Dana Nessel recently warned about an "accidental" money transfer scam involving Venmo. The scheme involves scammers using stolen credit cards to send money to Venmo users, then reaching out to them, claiming the transaction was a mistake and asking for the money back. When Venmo discovers the transaction came from a stolen credit card, the app takes the money from the user's account, while the scammer keeps the money.