Don’t Waste Your Money: Wire Transfer App Scam

(WHTM) – Do you use money transfer apps like Venmo, Zelle or Cash App? If so, the Better Business Bureau (BBB) ​​has an important alert regarding a new scam you should be aware of: Unexpected Money Transfers to Your Account.

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Venmo and Zelle are popular ways to transfer money to friends. But the Better Business Bureau says beware of unexpected money transfers to your account. Shelbi Felbinger found a stranger offering her two thousand dollars.

“I’m not sure exactly how he found the drug, which is a little scary,” Fellinger said. The BBB says a more common version of the scam sends money to your Venmo account and then requests it back, claiming it was a mistake.

It is not easy to access someone’s bank account. So how does a Venmo con artist manage to get into your phone? Sara Kremerer of the BBB says scammers target random numbers or find you on social media. The money usually comes from a stolen credit card. When you return the money, to be nice, you really send your own money. The money sent then disappears, since it came from a now invalid credit card.

“You actually run out of money when you thought you were just sending the money back to them, because of an honest mistake,” Kemerer said. Receive money from a stranger? Don’t send it back or you could lose hundreds of dollars. Finally, be aware that with money transfer apps everything you send is lost forever, you can’t get it out. So be careful not to waste your money.

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