MICHIGAN FRAUD ALERT: Venmo Scammers Offering 'Free Money'

Here we go again! The world is full of scammers, and now they're targeting Venmo accounts. Venmo is a widely popular peer-to-peer (P2P) cash app that allows people to transfer money between themselves without the need for banks or credit card companies.

The news comes as Michigan's Attorney General Dana Nessel has reissued a consumer alert because, apparently, some people need to be reminded that giving money to random strangers on the internet isn't a good idea. Let's dive into the latest scam, shall we?

How Scammers on Venmo and Other P2P Are Draining Michigan Bank Accounts

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So, here's the deal: some criminal may 'accidentally' send you some money on Venmo. Then they message you and ask for the funds back. It seems pretty harmless--BUT: the money that was 'mistakenly' sent to you was more than likely stolen. Venmo's fraud detection will eventually catch on, flagging the transaction to your account as fraudulent.

When the rightful owner of the stolen funds gets their money back, guess who takes the hit? That's right, you. Nessel advises that you don't return the money if this happens to you. Instead, contact Venmo support and let them deal with it.

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The Attorney General's office urges Michigan residents to be wary of several P2P scams that are active or have happened in the state. These include phony fraud departments and fank bank alerts that appear to be from businesses you trust but ask for too much personal information, like your Social Security number and bank information.

The rule of thumb recommended by Nessel is to treat P2P payments like cash, not pay for anything until you get the goods, and never share your personal information. If you've been scammed, file a complaint with the Federal Trade Commission (FTC) or click here. Contact the Michigan Attorney General's office (click here) if you need more information or want to file a complaint locally.

Ranking States with Most Online Scams 2022

Here's a state-by-state look, using data available from the Federal Trade Commission (FTC), ranking states by total amount of money lost to fraud in 2022.

Gallery Credit: Scott Clow

Staggering Elderly Victim Fraud Rate in Every State Revealed

Senior citizens are one of the scammers' favorite targets, and with artificial intelligence making it easier to fool even the sharpest among us, those 60 and older are seeing their accounts drained by manipulative and deceptive tactics. VPNPro recently conducted a study, the goal of which was to determine which state in America has seen the most senior scams. Here's a look at the VPNPro's 50 State Ranking for Elder Fraud. For the full methodology, see the #1 state for elder fraud in the United States.

Gallery Credit: Scott Clow

Source: MICHIGAN FRAUD ALERT: Venmo Scammers Offering ‘Free Money’

Filed Under: scams, fraud, Michigan scam

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