Is Venmo safe and foolproof? Or are scams possible?

4TheGrillOfIt

I stopped using debit cards completely about a decade ago.  Fraud protection is obviously better with a credit card, but another motivation is cash back.  I receive between one and five percent back for every charge, with an average of three percent.  If one has the discipline to pay these balances monthly then why leave that extra money on the table?  The cash back adds up very quickly.  

stlcharcoal

Use a credit card for more protection.....it's credit, they don't have your money yet.  With a debit, you have to fight to get your money back.  

Plus......free airline miles, cashback, or other rewards on credit cards.  I get 2% back on everything, 5% on fuel, and then 5% on groceries, paypal, and other stuff throughout the year.

MO_Eggin

stlcharcoal said:

Use a credit card for more protection.....it's credit, they don't have your money yet.  With a debit, you have to fight to get your money back.  

Plus......free airline miles, cashback, or other rewards on credit cards.  I get 2% back on everything, 5% on fuel, and then 5% on groceries, paypal, and other stuff throughout the year.

All of this.  Just treat the credit card similar to a debit card and pay it off in full every month.

It is interesting to hear about the various scams, especially what the idea is behind buying airline tickets.  I had a similar fraudulent charge on a CC a few years ago (around $3k for tickets to Paris), I caught it immediately because of notifications for charges over a certain amount.  Another one was nearly $7k for sports memorabilia, I think the vendor itself was the scammer or in on it because they claimed to have a UPS receipt of the package being delivered to my house, even though I called the card issuer and disputed the charge within 90 minutes of it being made.