Police have arrested a man named Andy Mai in connection with a string of Venmo scams against LA-area resellers, according to Los Angeles County Superior Court records. Andy Mai faces six charges of grand theft, filed on January 25th. On Wednesday, Mai posted a $145,000 bond, pleading not guilty to all charges. He is next scheduled to appear in court on February 26th. Detectives on the case said the investigation was still ongoing, and declined to comment further.
In November, The Verge traced more than $125,000 in scams perpetrated under the name Andy Mai, exploiting a poorly understood feature of Venmo's payment system. Arranging to buy iPhones, cameras, and other big-ticket items on Venmo, the scammer would pay with fraudulent funds that disappeared from seller's accounts after 24 hours. When Venmo reversed the charges, sellers were left with no money and no goods, often out tens of thousands of dollars. Venmo advises users never to purchase goods from strangers using Venmo, but few are aware of the restriction, which proved crucial to the scammer's success. In recent weeks, a number of the victims have received official notifications of court proceedings.
Venmo.com: "Venmo is a free digital wallet that lets you make and share payments with friends. You can easily split the bill, cab fare, or much more."
Coverage on The Verge
Related Links:
- Scammers Are Using Venmo to Steal Pricey Camera Gear
- Venmo Scammer Steals an URSA Mini
- This Scammer Used Venmo to Steal $25,000 USD Worth of Camera Gear
(Score: 0) by Anonymous Coward on Sunday February 11 2018, @06:19AM (2 children)
They're the real scammer here.
(Score: 4, Interesting) by takyon on Sunday February 11 2018, @06:38AM (1 child)
I looked at this app in the past and as far as I could tell, it broadcasts people's transactions by default, notes and all. Since then I've heard it can be turned off, but I haven't confirmed that.
That
privacy killertransparency feature hasn't stopped dumb millennials from paying their drug dealers using it, and getting busted [politico.com].Bonus [vice.com].
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(Score: -1, Troll) by Anonymous Coward on Sunday February 11 2018, @07:03AM
Read the fucking dotted line! Sow!
(Score: 2) by hemocyanin on Sunday February 11 2018, @07:39AM (2 children)
Never heard of Venmo but if I understand this correctly, anyone can see what purchases you've made -- it lists from, to, and whatever you put for the re line.
Who would think this is smart?
(Score: 1, Touché) by Anonymous Coward on Sunday February 11 2018, @08:38AM
Um... cf. Bitcoin.
(Score: 0) by Anonymous Coward on Sunday February 11 2018, @01:17PM
Anyone seeing it is better than a select few special people secretly doing it (bank and its partners, agents of gov, equifax hackers).
(Score: 0) by Anonymous Coward on Sunday February 11 2018, @01:15PM
These banks can do what they want with that money. There is no time limit to chargebacks, reversed transfers, blocked transfers, etc. This is what people want though.
(Score: 0) by Anonymous Coward on Sunday February 11 2018, @01:26PM (2 children)
Gee guys, did you really have to throw that ad up in the story? Let's try to keep it classy, okay?
(Score: 2) by takyon on Sunday February 11 2018, @02:46PM
I blame martybenmo.
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(Score: -1, Troll) by Anonymous Coward on Monday February 12 2018, @12:09AM
Martyb is probably to stupid to get paid for that ad.
(Score: 0) by Anonymous Coward on Sunday February 11 2018, @05:52PM
how is this not the problem for whatever dumb ass company accepted "fraudulent funds". can i pay with bingo markers and then the dumb ass courts and pigs will go after the victims, cuz these scum companies have more money to line pockets?