Listen Now: The Venmo Scam: How To Protect Yourself
The power to pay someone back is at your fingerprints, unfortunately so are strangers that want your money.
The app Venmo lets you pay and get paid by people. You can settle up after a night out, pay for your share of a gift, even tip someone for services. But users are complaining about a flood of requests for money from strangers.
According to Buzzfeed News, the one thing all the people affected had in common was a public transaction on Venmo. That means when you make a move on Venmo, the app broadcasts it to all users of the app. Including the amount, who paid whom and a link to each person’s profile.
One person told Buzzfeed that after using Venmo to pay a pet trainer, he received thirty requests for money from people he didn’t know. Another person who said they were flooded with pleas for money thought their account was hacked. But Venmo said it was a common problem.
So what’s the solution? According to buzzfeed users need to change their transaction to private and keep people out of their business.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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