Venmo users are asked to be careful of text message scams claiming a payment was a mistake and they should send it back. Venmo users who have received text messages that claim a payment was accidentally sent, should wait a few days and should not send the money back, or deposit it into their own accounts. This is because banks may come back to you to get the money that was originally taken from a stolen credit card. Also, you may contact Venmo support to verify if the message is a scam or not.
How the Venmo Text Message Scam Works
Scammers connect stolen credit cards to Venmo digital wallet and use it to send stolen money to potential victims of Venmo. The scammers will then contact the potential victims and claim the payment was a mistake or accidentally sent. The scammers will the remove the stolen credit card from their account and add their linked bank account, which will receive the money if the potential victims decide to send back the so-called accidental payment.
The Venmo text message scam is a clever move by these scammers/cybercriminals. They have found a way of moving money from stolen credit cards to cash.