I was ‘accidentally’ sent $500 on Venmo – but it was all a scam to cheat me out of cash

A mom was “accidentally” sent $500 on Venmo, which she says was all a scam to rip her off.

Jessica Roy, an assistant editor at the Los Angeles Times, recounted a time when she almost got scammed out of money but instead did some research to protect herself.

Jessica opened up about a time when she was almost scammed out of cash but instead did some research to protect herself

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Jessica opened up about a time when she was almost scammed out of cash but instead did some research to protect herselfPhoto credit: Twitter/@JessicaKRoy
When Jessica saw the unexpected $500, she admits she was excited to get

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When Jessica saw the unexpected $500, she admits she was excited to get “free money.”Photo credit: SOPA Images/LightRocket via Gett

She writes, “I was still in the fuzzy birth stages with my son when someone sent me $500.

“Between diaper changes and endless hopping sessions on the yoga ball, I got a push notification on my phone.

“Anna sent you $500.00 – Antique table – You now have $500.00 in your Venmo account.”

When Jessica saw the unexpected $500, she admits she was excited to get “free money.”

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And although she was sleep deprived when she received the money in her Venmo account, Jessica admits her “cheat sense tingled” when she wondered if the money could have been accidentally sent.

Then she found a warning from the Better Business Bureau about an “accidentally sent money” scam from two years ago.

She also checked Venmo’s FAW, which the app previously suggested returning payment to sender.

Jessica says the app has since updated its policies and told a Venmo user to contact support when receiving money from an unknown sender.

After speaking with Scam Detector Editor-in-Chief Sorin Mihailovici, Jessica learned that she could have lost $500 if she returned the money.

According to Sorin, the scammer steals credit card numbers bought in bulk on the dark web and stores the card information on accounts in digital wallet apps.

He explained how the money is “accidentally” sent to hundreds or thousands of people and some send the money back.

It is possible to get money back through a bank, but do not assume this.

Steve McFarland, the president and CEO of California’s Better Business Bureau, said less than 14 percent of fraud victims get their money back if they raise the issue with their bank.

He urges Venmo users who “accidentally” received money to “definitely do not refund them.”

Jessica notes that she left the money in her Venmo wallet so the sender “can work it out with Venmo or her bank if she really did send it by mistake.”

She adds: “A few days later I received spam with requests to return $500. Again I did nothing.

“What if Anna really accidentally sent the money and really needed it back? But I didn’t feel bad enough to possibly lose $500.

“I left the money in my Venmo account and a week after it was mailed to me, a $500 payment refund went through and the money was deducted from my Venmo balance.

“Venmo gave me a credit for the seller’s transaction fee so I never lost any money.

“I guess I’ll never know if Anna was a cheater or someone who made an honest mistake. If it’s the latter, I hope she’s figured it out and is enjoying her table.”

Meanwhile, banks in the United States are required by law to refund all unauthorized transactions at the customer’s request.

This is known as Regulation E and was passed by the Federal Reserve Board (FRB) in 1978.

Specifically, according to the FRB, this protects “any person, including offices of foreign financial institutions in the United States, who provide EFT services to residents of a state.”

In 2020, the Consumer Financial Protection Bureau also found that this includes peer-to-peer payments through apps likezelle and Venmo.

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However, now many customers who have fallen victim to financial fraud are finding their banks rejecting their refund requests.

And that’s because many banks argue that they shouldn’t have to refund customers who are victims of fraud.

https://www.the-sun.com/news/6211876/venmo-scam-trick-accident-money-sent/ I was ‘accidentally’ sent $500 on Venmo – but it was all a scam to cheat me out of cash

DevanCole

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