Peter Rudegeair
speaker
756 appearances
12 recordings
1 series
first heard Nov 2017
last heard May 2021
Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.
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Appearances
My pleasure.
They usually think that, you know, my bank has my back, my financial institution has my back, Venmo has my back.
And not only do they find out that Venmo may seem indifferent to the fact that they were scammed, they actually want to go after the victim of the scam instead of the scammer.
Well, a lot of people haven't heard of anything like this happening to them before.
Usually they think if you use your credit card,
or your debit card to fund something online, you're protected, right?
Because it's your bank.
Unfortunately, when you use a service like Venmo or a similar P2P, they're called payment service, the protections are slightly different.
So you don't really have the same sort of rights or, you know, assistance from your bank when you're doing something to another person like that as you would if you were swiping your card or even entering it in an online shopping form.
JR, if I were to send you $10 on Venmo, you'd probably get a notification on your phone and it says your account balance is green plus 10 and mine is red minus 10.
And it looks instantaneous.
And you can use that $10 to send it to somebody else on Venmo.
You can pay a small fee and move that to your bank account within minutes.
What's actually happening is a much slower process, the same process by which checks clear or any money moves out of your bank account for any other transactions.
That takes a day or more.
So even if it looks like the money's in your Venmo account right away, it takes a day or more to move from my bank to Venmo and then into your bank if you want to move it there.
And what can happen is a user can say, after they authorize the payment, maybe they find out they've been a victim of a scam and they want to stop the payment.
So they call their bank, they say, hey, I'm in this one to three day window, the money hasn't left, put a stop payment on that.
Venmo, like I said, because it looks like it's instantaneous in your account and you can kind of take it out if you want with a small fee or send it to someone else on Venmo, they advance you the money a lot of the time so you can use it.
And they are reimbursed kind of when that one to three day period happens and the money clears.
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