Today it is curious to find a place that does not accept credit/debit card payments, and that only does it in cash, since, in general, businesses seek to make it easy to receive any payment method, however, this has not always been like that.
The first company that we saw revolutionize the financial system through the internet was PayPal. Paypal became the most important internet payment system in the world, and this forced companies such as MasterCard, Visa, and American Express to innovate in the way of making money transfers. non-physical money.
Currently, less than 20% of the world’s money is physically printed, the rest is in our debit or credit cards, or even digital cards through Digital Wallets. Today we are facing a new trend that seeks to destroy banking stereotypes, and even bankrupt some of the most important banks in the world. Digital wallets aim to give each company the possibility of being its own bank (yes, just as you hear it). Companies like Rappi have developed their own payment methods (Rappi Pay) and likewise have created bank cards for any of their users (Rappi Card). In less than 10 minutes, you can have a bank card, fund it, buy items and even receive rewards for doing so. Better than the bank right?
As the use of these platform grows, security becomes tougher. Let us take Venmo as an example, I bet you have heard about it. There is a current security breach, a scam called, Friend in trouble.
How the scam works
You get an unexpected Venmo request from a “friend”. Perhaps your friend has lost his wallet and needs to buy groceries.
That sounds like a reasonable request, right? The message comes from an account you use, which appears to be your friend’s username and profile picture. But if you take a closer look, you’ll notice that the name is a character or two off of his actual Venmo account.
The trick here is that the scammer has taken over an account of someone you know. Often time the scammers are just using the details they have about your friend t create an account they can operate on.
To avoid scams when using a digital wallet:
Always check the contact you are sending money to. You can evening call to confirm. Venmo allows you to see the transaction history of some users. Try this out, it will go a long way in revealing the real identity of the person you are sending money too
You on the other end should keep your account private. Allowing your transactions to be visible to the public helps scammers in impersonating you. Who knows, there can use an account with your profile details to trick your friend too.
Lastly, transfer money only to people you know deeply.
