Transferring money to someone can be done at the drop of a hat with payment services like Venmo. With just a few clicks, you can pay or receive payment within minutes and the transaction is a done deal.
Paying via Venmo is done through the user’s email address, phone number or username. But, why is there a circulating issue of a scam when someone asks for your email address on Venmo? Isn’t it valid to use such on the app?
Let me explain. You can search for a person on Venmo through their email, mobile or username. But, the issue materializes when people still ask for your email address after giving them your username or mobile number. It doesn’t have to be both, especially if you already have transaction histories with your username or phone number alone. Were you asked for your email address prior to a successful transaction before? If not, then it becomes unusual. This typically happens with direct person-to-person buying and selling transactions via Facebook Marketplace.
Adding to the red flag are messages that require the recipient email address to continue. Online payment services do not need this information, as well as other personal information, for a transaction to push through. In fact, it only requires your account number, or mobile number, to uphold your privacy and security.
To keep you aware of these circumstances, here are examples of messages they sent: “Payment declined. Add recipient email address to complete the payment.”, “Please enter receivers email to complete the payment” and “Error. Transaction declined: please add recipient email to continue this transaction. Apologies for the inconvenience.”
So, why do these scams exist? The primary purpose is to send you a fake payment receipt. If you are selling something and a fake Venmo receipt was sent, the pick up will push through before you realize that the payment did not go in. Another possible reason is to send you phishing emails to obtain your personal information and use them to access your account.
How to Avoid Getting Scammed with this Venmo Scheme on Facebook Marketplace?
Now the question is, how do you protect yourself from these types of scams? First, always be aware of unusual activities or behaviors by the people you are transacting with. Second, use security features on your Venmo account such as 2FA and Face ID.
Third, avoid sharing your personal information to other people and only stick to the usual info you give away. Fourth, check your transaction activities and verify payments before proceeding with transactions. Fifth, avoid clicking on links from emails that seem suspicious or are not from Venmo.
