Venmo, CashApp, Zelle, and other payment apps are convenient for sending money to family and friends. But are they really safe to be using? Today's guest is Michelle Couch-Friedman. Michelle is the founder and CEO of Consumer Rescue. She is an experienced consumer reporter, advocate, mediator, author, and licensed psychotherapist. Michelle has also been a columnist, contributing editor, and former executive director for Elliott Advocacy, a non-profit organization dedicated to consumer advocacy.
Show Notes:
- [1:05] - Michelle explains her role within Consumer Rescue and the mission of the company.
- [2:52] - About 7 years ago, Michelle had a negative consumer experience.
- [5:12] - Her experience led to her journey in consumer advocacy.
- [7:56] - Through Consumer Rescue, Michelle assists people in staying calm and logical. Stick with the facts and stand out with brevity.
- [9:32] - Payment apps have become the preferred method for scammers worldwide.
- [10:33] - Payment apps will not refund you your money if you are scammed.
- [12:34] - Scammers set up websites that look professional and legitimate.
- [13:32] - This is very common with purchasing pets online.
- [14:35] - There are incremental steps to increase the amount of money sent.
- [15:50] - The incremental steps are common in romance scams as well.
- [16:51] - Michelle describes what a Chargeback scam is and how it began with Venmo, but shouldn't work with Zelle.
- [18:59] - Don't send money back if you receive money by accident from a stranger.
- [21:03] - There are safety nets in place to ensure accidents don't happen. Don't be hasty.
- [22:42] - If you don't use a payment app or don't understand how to use it appropriately, don't have it on your phone.
- [24:35] - The apps are not a bank. They do not come with the same kind of protections.
- [26:52] - Payment apps are never going to be the preferred method of payment from any legitimate company.
- [28:27] - It is always a red flag when someone is trying to get you away from the website or legitimate platform.
- [30:48] - Look closely at websites and reverse lookup images on Google.
- [32:23] - Airbnb and vacation listings are common scams.
- [34:31] - When it comes to property listings, there are steps you can take to ensure its legitimacy.
- [36:37] - Alternatively, if something is listed underpriced, that could also be a red flag.
- [39:29] - Airbnb began as shared space rentals only.
- [41:10] - Make all your payments from the platform. Avoid third party payments.
- [42:57] - Prevention is best. Once you're in this situation, you are likely out of your money.
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