Michigan's top legal eagle is sounding the alarm on a fresh wave of digitally-driven thievery targeting users of Venmo, the popular money-transfer app. Attorney General Dana Nessel has put the state's residents on high alert against cybercriminals pilfering personal pockets through the peer-to-peer (P2P) payment platform. As reported by FOX 2 Detroit, the scam works by tricksters sending money from a stolen credit card, then feigning an accidental transaction and asking the victim to send it back, leaving the unwitting good Samaritan footing the bill once the original charge is reversed.
The Attorney General's office has made it crystal clear to not just reflexively react and return the funds. According to the Michigan Department of Attorney General, if someone unknown sends you money by mistake, Nessel advises you to contact Venmo directly rather than taking any action. The scam, which is not unique to Michigan, has prompted a nationwide alert due to the audacious manner in which scammers have been found exploiting consumer trust in digital money management.
This isn't an isolated tactic. The Better Business Bureau’s Melanie McGovern highlights an array of methods used by these digital desperados. From posing as banks calling about suspicious account activity to feigning as business representatives who need personal banking information, the swindles are as varied as they are malicious. McGovern expressed that people need to guard the gates of their financial fortresses with an extra layer of scrutiny, treating P2P app interactions with the knowledge that, once authorized, the money is gone for good.
The mantra from the authorities is simple: Verify before you trust. Nessel's team has outlined the frequent facade of fraudsters attempting to snooker sellers of expensive items online, as well as the use of spoofed emails aimed at stealing account passwords. The AG reminds consumers to "never send back the money," and to treat every P2P app transaction as irreversible, protecting personal information as though it were cold hard cash. In case one has been victimized by such a scam, the Federal Trade Commission stands ready to receive complaints. For direct assistance or additional information, Michigan's Consumer Protection Team is reachable at 517-241-3771.
