Good Lifestyle

When used properly, cash apps like VenMo can be a safe and practical way to Pay the people you know For shared expenses. However, to do this, you will have to connect your bank account, your debit card or your credit card to the account, which means that there are ways to repair your transaction. In fact, a recent survey Directed by Security.org found that scams increase on cash applications. Sixty-eight percent of peer payment applications users indicated that someone had scammed or tried to scam them in 2022, against 42% in 2021. Experts in financial and financial security are to identify signs of a scam before it is too late.

"Veno and similar applications are extremely popular platforms for crooks, largely because it is so difficult to recover money sent by them," said Zulfikar Ramzan , the chief scientist at Will have , an online family security platform fed by AI. Wondering if you are swindled on your cash application? Read the rest for the first five red flags on the use of Veno. AE0FCC31AE342FD3A1346EBB1F342FCB

In relation: 5 texts that are always scams, warn the experts .

Venmo's first rule is that you should really accept that transactions with trust. Ramzan says that if someone you do not know "accidentally" sends you too much money for online payment and then requests a refund, there is a good chance that you are encroaching a scam.

"In reality, they used a stolen credit card or a bank account to make the transfer," he said Better life. This can leave you high and dry if the authorities discover fraud.

"In a sense, you involuntarily whiten money for them, and when credit card companies correct fraud, you will be in additional cash," explains Gillian Dewar , financial director of Tackle .

Another way that crooks can reach your money is by usurging the identity of someone you TO DO know and trust. This is why it is so important to check the user's handle from anyone you plan to send money or receive money before finishing a translation.

Ramzan notes that often the imitator will claim to be one of your friends, say they are in trouble and will ask for an urgent payment to help you. Rather than sending money, you need to call this person to check that they are actually behind the request and make the decision at your own pace.

In relation: 9 ways to rid your life of teleprears and fraudsters for good .

Another common scam of Venmo begins with a text or an email informing you that you have won a competition, said Jake hill , an expert in finance and the CEO of Debthard lounge . Alternatively, someone can claim that you receive a reward to be a loyal Veno client.

"In this scam, the individual counts on your excitement to win something to obscure your judgment and encourage you to provide personal information that allows them to access your account," said Hill Better life. "" Unless you are 100% sure to participate in a competition, click on any link in the text or the email you receive and delete them immediately. ""

Grammatical or spelling errors are another infallible red flag that something fish happens - "especially in the spelling of your name", explains Hill. "Venmo's official communication does not contain these types of errors, these messages must therefore be automatically ignored as fraudulent."

Finally, if you receive a call or SMS from a supposed VenMo employed and they ask you to check your personal or financial information, it is also a scam, warns Ramzan.

To shoot down your guard, he can say that someone has signed an unknown or unauthorized device, or that there has been a suspicious transaction. If this happens, hang up and directly call VenMo's customer service line to inform them that this happened.

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