Venmo may be convenient, but it’s crucial not to lower your guard
Venmo, the mobile payment application, offers a convenient way to transfer funds from your bank account to friends and businesses for services or goods. Venmo combines financial transactions with social media elements, creating a unique platform that requires advanced encryption and fraud detection technology to protect your account information. Even with the extra layers of protection, you must remain vigilant while using the app.
Cybersecurity Risks Associated with Venmo:
- Accidental Transfer Scams: Scammers exploit accidental transfers. They send you money using stolen credit cards or hacked accounts, then claim it was a mistake, asking you to send the money back to a different account they control.
- Exclusive Item Scams: Scammers claim to have rare or expensive items for sale. They accept payment via Venmo but never deliver the item.
- Fake Prize or Giveaway Scams: Scammers contact you via email or text, claiming you’ve won money or a gift card on Venmo. They provide a link to your winnings, giving the scammer all of your private information.
How to Protect Yourself on Venmo:
- Set Up Extra Security Layers: Enable multi-factor authentication (MFA) to add an extra verification step beyond your password. Consider using a PIN for your Venmo account.
- Privacy Settings: Adjust your privacy settings to make transactions private. By default, Venmo transactions are public, revealing your social connections and financial activity.
- Verify Recipients: Always verify the recipient’s identity before sending money, especially when dealing with unknown accounts.
- Stay Informed: Educate yourself about common scams and stay vigilant. Regularly review your account activity and report any unauthorized transactions.
While Venmo is convenient, being aware of risks and taking proactive steps can help keep your account secure! Check out the articles below to learn more!
Top 11 Venmo scams: How to protect yourself in 2024
https://nordvpn.com/blog/venmo-scams/
16 Venmo scams to know and avoid in 2024
https://us.norton.com/blog/online-scams/venmo-scams
Let’s be careful out there!
The PJ Networks Team
