The Venmo Scam, Here’s What You Need To Know

The popular money transferring app is all fun and games (well really just a genius app for everyone) until there's a scam.

According to ABC, "Venmo's roughly 40 million users could soon be getting a message from the app, but it may just be an attempt to scam you, police warn."

Here's what you need to know: 

Venmo users could receive a text saying their Venmo account is going to be charged, and if they want to cancel the withdrawal they need to log in and decline it. The message allows people to log on to a website without ANY phone number and password. Clearly this should be the first red flag. Then it asks users to verify who they are by entering their bankcard number and other financial information. Another red flag (remember, when you created the account you already verified this). What makes the scam extra deceptive is the web-page users are redirected to looks similar to Venmo.

Here's what you need to do:

If you receive a text, do not act. Go to the Venmo app or the website. Anyone who has fallen victim to the scam should contact their financial institution immediately. Venmo also offers a number of tips on their website on how to add extra layers of security to your account.