Acts of kindness repaid with theft: The phone scam warning to watch out for

You may want to think twice about letting someone borrow your phone if it has a money transfer app like Venmo on it.

Instead of making a call or sending a text, thieves are stealing thousands of dollars from bank accounts.%

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It happened to Vanessa Lira.

"I got a notice from my bank that there was overdraft on my account and I knew I had plenty of money for all the things I spent money on," Lira said.

Scammers typically target people in high traffic areas and often claim to want to borrow a phone due to an emergency. They will often delete the Venmo app before returning the phone to delay detection.

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“There’s no account numbers involved.  It’s literally first name, last name.  Transfers are relatively instantaneous easy process, which is why the app is so successful.” said Robert Siciliano, a Boston based personal security expert with HotSpot shield.

PROTECTING YOURSELF

There is an easy way to prevent unauthorized Venmo activity even if someone gets a hold of your phone and it only takes five minutes.

Even if you already have a pin for your phone, you should set up a separate pin for Venmo.

Go to settings.  Select “pin code” in security settings, follow the instructions to create a 4 digit pin.

You can also link your Venmo account to a credit card instead of a debit card or checking account.

There is a fee on transactions with a credit card, but most credit cards won’t hold you liable if you’re a victim of fraud.

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Cox Media Group