Social media use and online shopping have both skyrocketed during the coronavirus pandemic, with phones, tablets and devices serving as our way out when we couldn’t physically go outside.
But now, an online scam is using the logo of popular mobile payment app Venmo as bait on social media, as scammers use some of the digital content and payment features we utilize as their way inside your wallet.
Steve McFarland of the Better Business Bureau of Los Angeles says this is just one example of scams making the rounds now.
“Now all of a sudden, you’re seeing some really realistic advertising, some really realistic solicitations for you to click on scams,” McFarland said. “So it’s a new way, a new vehicle for scammers to reach out.”
The scam appears on Instagram’s platform, and hooks victims by telling them they’ve won $750 in a Venmo giveaway. Those who click on it learn a costly lesson, McFarland says.