Venmo scam draining bank accounts

(WAND) - People are losing their hard earned money with scammers using a hack to access funds through the Venmo money sharing app. 

Venmo allows people to pay each other for services, goods, and gifts by transferring funds from one account to another. 

People in cities like Atlanta, Charlotte, and Denver have reported having money stolen from their Venmo accounts. 

Scammers use a default security setting on the Venmo app and people's good will to rob them. 

One man said someone approached him and asked to use his phone. He then opened the Venmo app and sent money out of his account. 

Venmo's default security setting does not require a pin-number. This allows scammers and thieves to transfer money in seconds. 

If you use the Venmo app, you can take these precautions to protect your funds: 

  • Open the Venmo app and click on the icon on the top left of the screen, which triggers a drop-down menu
  • Click on your settings
  • Scroll down and turn on "Touch ID and PIN" 
  • Type a four-digit PIN, which will then be required each time you send cash