As technology rises, fewer people are carrying cash and are opting instead for debit cards, credit cards, and smartphone payment apps. While it is convenient and becoming more popular to use virtual wallets like Venmo, PayPal, and Cash App, there is a risk of potentially being scammed by someone who doesn’t appear to be who they say they are.
Virtual wallets are apps that you can download on an Android or iPhone, so you can transfer or receive money from friends, family, and other individuals easily. These apps are linked to a bank account to transfer the funds. To do this, all you have to do is tap a button, and bam–you are ready to send or receive money.
Scammers are always looking for their next potential victim and these apps offer scammers a prime opportunity to swindle people out of their hard-earned money. In this post, we will go over how you can identify the most common scams on these apps and how to avoid them, so you don’t become their next victim.