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Huh? Venmo (since being bought by PayPal) has the strongest fraud protections that exist. It's why online P2P marketplaces have huge banners saying "If they don

by Spivak 2y ago

Huh? Venmo (since being bought by PayPal) has the strongest fraud protections that exist. It's why online P2P marketplaces have huge banners saying "If they don't accept Venmo or PayPal G&S it's a scammer." Venmo/PayPal are unique in that they'll insure an informal purchase agreement between two people neither of which have a merchant agreement with them.

vel0city 2y ago
I've heard so many stories of people sending money by P2P in Venmo and having pretty much zero recourse. There's fraud protection for merchant accounts but sending cash P2P between normal user accounts there's pretty much no protections. Read up all the stories of people sending money to the wrong Venmo user and support not being any help about it.
- tlogan 2y ago
  Venmo is excellent in detecting fraudsters - people in business stealing money. However if you make a mistake and send money to a user which is some random house keeper or baby sitter then oh well…
jqpabc123 2y ago
Venmo/PayPal are unique in that they'll insure an informal purchase agreement between two people neither of which have a merchant agreement with them. Would you care to test this? Venmo someone you know $50 and then try to reverse it without their consent. Let me know how it goes. Venmo makes it incredibly easy to send money to the wrong user tag.
- Spivak 2y ago
  If I have the bare minimum of messages between the two of us establishing that I'm buying something from them, what the price is, and I hit the "Turn on For Purchases" button then I will absolutely get my money back. Have done it multiple times. I'm not sure how you took "will protect a purchase agreement" to "will protect a random unspecified transfer."
lovethevoid 2y ago
That’s not why those marketplaces say so. Those marketplaces state that because it deters the lowest effort scammers (pretending to offer cash, paying through gift cards, etc). It says nothing about how good Venmo/PayPal is at handling fraud or detecting it.
- Spivak 2y ago
  Sure it does, I've even been the victim of scammers when buying festival tickets. I paid with PayPal G&S, the scammer deleted all their messages with me, obviously didn't send tickets. It took 15 minutes with support and I got my money back, no harm no foul. Because of this all the scammers pretend to only have Zelle.

by Spivak 2y ago

vel0city 2y ago

I've heard so many stories of people sending money by P2P in Venmo and having pretty much zero recourse. There's fraud protection for merchant accounts but sending cash P2P between normal user accounts there's pretty much no protections. Read up all the stories of people sending money to the wrong Venmo user and support not being any help about it.

tlogan 2y ago
Venmo is excellent in detecting fraudsters - people in business stealing money. However if you make a mistake and send money to a user which is some random house keeper or baby sitter then oh well…

jqpabc123 2y ago

Venmo/PayPal are unique in that they'll insure an informal purchase agreement between two people neither of which have a merchant agreement with them. Would you care to test this? Venmo someone you know $50 and then try to reverse it without their consent. Let me know how it goes. Venmo makes it incredibly easy to send money to the wrong user tag.

Spivak 2y ago
If I have the bare minimum of messages between the two of us establishing that I'm buying something from them, what the price is, and I hit the "Turn on For Purchases" button then I will absolutely get my money back. Have done it multiple times. I'm not sure how you took "will protect a purchase agreement" to "will protect a random unspecified transfer."

lovethevoid 2y ago

That’s not why those marketplaces say so. Those marketplaces state that because it deters the lowest effort scammers (pretending to offer cash, paying through gift cards, etc). It says nothing about how good Venmo/PayPal is at handling fraud or detecting it.

Spivak 2y ago
Sure it does, I've even been the victim of scammers when buying festival tickets. I paid with PayPal G&S, the scammer deleted all their messages with me, obviously didn't send tickets. It took 15 minutes with support and I got my money back, no harm no foul. Because of this all the scammers pretend to only have Zelle.