Have you considered buying or selling products on Facebook Marketplace? But, what payment mode do you like to choose for transactions? Although PayPal and other payment platforms have gained popularity, Venmo has revolutionized the way to exchange money. However, scammers often target Facebook Marketplace sellers and want to steal their Venmo login details. So, should you accept Venmo as the payment method for selling through Facebook Marketplace?
Let us know about Venmo, the potential risks, and the way to avoid them. You can then decide on whether you will continue using Venmo.
Why do fraudsters often target Venmo accounts?
Both sellers and buyers are at a high risk if they use susceptible apps like Venmo. Most commonly, Venmo scammers try to deceive users by hacking their Social Security Numbers, bank account details, and personal data. Although there are safety protocols for users, fraudsters strive to target users for 2 reasons-
The first reason is that Venmo allows instant payments, and they do not undergo verification. That is why banks cannot detect scammers when their banking details are stolen.
Besides, Venmo users need to submit only basic details and a mobile number to open a personal account. It helps fraudsters pretend to be authentic users and trigger fraudulent online transactions.
How do Venmo scammers act?
It is really challenging to identify Venmo scammers. Fraudsters (appearing as buyers) will start a normal conversation with the seller for Facebook Marketplace transactions. They will ask you for details about the products you want to sell.
This is a sample conversation between a seller and a scammer. But, how will you know that the potential buyer is a scammer? You will notice some odd things during communication. For example, the buyer may choose to pay without checking the product in detail.
As the buyer is a scammer, you need to provide him with your Venmo username for the money transfer. The fraudster may claim that Venmo wants to know your username. After receiving your email, the scammer will say that he will again try to make payments. At this point, you should be suspicious of the buyer. Venmo always ensures seamless payments, and there is no need for extra steps.
The scammer may show this type of screenshot.
In some cases, the fraudster will deliver a link or fake screenshot of the transaction. If you have clicked on the link, you will reach a fake login page (resembling a real Venmo sign-in page). However, this page will steal your login details. You will even receive a fake email from the suspected person.
Venmo scam can happen in several other ways-
Fraudsters will act as financial or investment specialists. They will promise higher returns if you invest through Venmo. Victims naturally get tempted to send fund, which are ultimately stolen by scammers.
A scammer will claim that he wants to buy a product from you. While making a payment via Venmo, you will send more than the estimated amount. But, their first payment is fake, and if you try to refund the excess, you will lose money.
Phishing- You will receive fake Venmo messages and emails asking for personal details like financial information and login credentials. It is a type of identity theft committed by Venmo scammers.
Fraudsters will contact you and claim that you have won a big prize. You need to pay a small amount to claim your winnings. Finally, you will receive no prize.
What will you do when you are scammed?
You might have suspected that someone has hacked your Venmo account. In this scenario, you have to get in touch with the Venmo Security team. If the scammer has caused financial damages, you can contact FTC. Besides, you should update your Venmo account password and take other precautionary measures to secure your account. Cyber specialists always recommend using special characters in the password to prevent hackers from cracking it.
Is there a way to get your lost money back?
Many Facebook Marketplace sellers have become a victim of common Venmo scams. But, there is no way to cancel transactions and reverse the money to their own account. Venmo’s representatives cannot reverse the money when the sender requests it. However, they can do so only if the recipient has somehow agreed.
Tips for avoiding Venmo scams
It is distressing to find that you are a victim of a certain Venmo scam. So, we have provided tips for both buyers and sellers at the Facebook Marketplace.
Research the Facebook Marketplace seller- Learn more about the seller before paying the amount. For instance, you may check the seller’s reviews, profile, and past transactions.
Verify the authenticity of listings- Make sure that products listed on the Facebook Marketplace are legitimate. Choose only safe and reliable payment modes.
Communicate through Facebook Messenger- Do not switch to a third-party platform for communication. It helps you maintain a conversation record and report suspicious activities to Facebook. Request in-person transactions while buying an item.
Be careful while dealing with strangers- Your business account seems to be more secure than a peer-to-peer account. Still, ensure that the person to whom you send money is trustworthy. Check the validity before sending money.
Credit card is safer than debit card- If you have a Venmo account, you should not link your debit card number to it. Venmo scammers can get your debit card information by hacking your account. You can provide the credit card details for your Venmo account. Your bank account is not linked to your credit cards, and these cards provide advanced fraud protection.
Should you use Venmo for Facebook Marketplace transactions?
Venmo is known for highly convenient payment. But you must not overlook your payment security. Many sellers with Venmo accounts are concerned about transaction security. Venmo does not provide tailored solutions for every business need. Its security system has some limitations. Low to mid-risk businesses may use Venmo. Still, it is better to stay cautious if you want to use Venmo for selling or buying at Facebook Marketplace.