Don’t Waste Your Money: Bank Transfer App Scam

Don't Waste Your Money

(WHTM) — Do you use money transfer apps like Venmo, Zelle, or Cash App? If so, the Better Business Bureau (BBB) has an important alert about a slick new scam you need to know about — unexpected transfers of cash into 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 transfers of cash into your account. Shelbi Felbinger found a stranger offering her two thousand dollars.

“I’m not entirely sure how he found med, which is a little nervewracking,” Fellinger said. The BBB says a more common version of the scam sends money to your Venmo account, then asks for it back, claiming it was a mistake.

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

“You’re actually out the money when you thought you were just sending the money back to them, from an honest mistake,” Kemerer said. Receive money from a stranger? Don’t send it back or you could lose hundreds of dollars. Finally, know that with money transfer apps anything you send is gone forever, you can’t pull it back. So be careful so you don’t waste your money.

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