Long story short, the B Settlement Paypal (or Venmo) is real, not a scam. Why did you get it? It is a payment you received from the Bumble dating app, as a result of your claim submission last fall. The reason is named “B Settlement” rather than “ Bumble Settlement ” is for privacy reasons, as not everyone wants to be known for joining dating apps.
Full Answer
What is Venmo?
What is Venmo? Venmo allows you to pay and request money from your friends. At its core, Venmo provides a social way to pay your friends when you owe them money and don't want to deal with cash. For example: Using Venmo as a payment method in authorized partner apps You can find out more information here.
What funding sources can I use to pay people on Venmo?
In Venmo, you can pay people from any of the following: A credit/debit card (imagine being able to pay a friend directly from your credit card) For more info on how to add funding sources, please see our articles about adding bank accounts and adding cards to your Venmo account.
What happens if you get scammed on Venmo?
A scammer may pay you using stolen credit cards or bank information. If the actual owner of the payment method reports unauthorized activity, the money could be removed from your Venmo account Don’t use Venmo to sell anything to strangers except for in situations that are in accordance with our User Agreement.
Can I use my Venmo balance to complete purchases?
For example: Venmo should not otherwise be used to complete purchases, unless explicitly authorized by Venmo. A more detailed explanation of how to access and use a Venmo balance can be found here. When setting up your Venmo account, one of the first things you do is decide how you want to pay people, also known as setting your funding source.
What is Venmo B settlement?
The Federal Trade Commission has announced a settlement with Venmo, after allegations that the app misled customers and enabled fraud through lax security practices. Charges were first brought against Venmo in 2016 after reports of account hacks and other transaction fraud.
What is Venmo accused of doing?
Plaid, which connects consumer bank accounts to services like Venmo, Robinhood, Coinbase and other apps, was accused of collecting excessive financial data from consumers.
What happens if you owe money to Venmo?
The fastest way to get your Venmo account reinstated is to use a debit card to pay back the amount owed. Paying with your bank is also an option, but keep in mind these payments can take a few days to process. In any case, once Venmo receives the funds to cover the failed payment, your account will be reinstated.
Why is Venmo holding my money?
Venmo can hold money in a user's account for up to 180 days to protect against the risk of liability or if the user has violated the Acceptable Use Policy. Venmo currently has 76 million active users.
Will Venmo refund money if scammed?
So you've sent the money to the scammer, and not to the owner of the credit card. When the owner files a fraud claim, Venmo will take the money from your account. If you send a transfer as requested, you'll be out the $100 sent to you and your $100 reimbursement.
Can someone take back a Venmo payment?
It is not possible to cancel a payment to an existing Venmo account. Once you send a payment, the funds are available to the recipient right away. If you need a payment returned, please have the recipient send you a payment for the same amount.
How long do you have to pay Venmo debt?
If they don't claim any money sent within 30 days of the date it is sent, the payment will be cancelled and any money (including any fees you were charged) will be sent back to you.
How do I pay my Venmo debt?
If you would like to pay by phone, call Synchrony Bank at 855-878-6462. Make checks payable to “Venmo Credit Card”.
Does Venmo send debt to collections?
Last year, the WSJ reported that Venmo pursued collections at the same rate during the coronavirus pandemic. Venmo says its user agreement details its potential use of collections, and that it complies with all applicable laws when it pursues collection activity.
Why is Venmo asking for my SSN?
Venmo has several legitimate reasons for asking for your SSN, but the simple answer is that they need your SSN to verify your identity. It is a gatekeeping function to protect your account from identity fraud and theft, and it is necessary for transactions above the company's normal limits.
Why is Venmo asking me to update my bank?
Venmo uses Plaid to verify your bank account information and, periodically, your bank account balance to check if you have enough funds to cover certain transactions.
Do I have to give Venmo my Social Security number?
I don't have a social security number (SSN) or individual taxpayer identification number (ITIN) If you don't have an SSN or ITIN, you won't be able to complete identity verification. You're welcome to continue using Venmo without verifying your identity.
Is Zelle safer than Venmo?
Venmo also monitors transactions to catch fraud and uses data encryption to protect your personal data. Both services are safe, although Venmo could be considered the more secure of the two because you can add a PIN and enable multifactor authentication in the app.
A company has been charged with taking more financial data than it should have
If you’re one of the tens of millions of consumers who use Venmo, American Express, Robinhood, Ally Financial, Capital One, Citi, Rocket Loans, TD Ameritrade, Venmo, or Wells Fargo apps to make banking transactions, you may be in for a pleasant surprise.
Major settlement in the fintech market
Consumers flocked to digital banking during the pandemic, and federal regulators started raising concerns. Early last year, the Justice Department stepped in to oppose Visa's efforts to acquire Plaid, saying that the deal was anti-competitive. This latest settlement could be monumentally important when it comes to policing the fintech market.
This is real, not a hoax
Snopes reports that earlier this month, Google users went on the hunt to find out if an email for Plaid’s class action settlement was a “scam or legit,” as people frequently do after receiving such notices. But this is real, and consumers have already started to receive a Notice of Settlement either by postal mail or email.
What does a scammer request from a friend?
Using information visible in the public feed, the scammer will request money from individuals who have transacted with your friend in the past.
What does a scammer send you?
Scammer may send a text message or email with a link saying that you have won money from Venmo.
What is someone pressuring you to send money?
Someone pressuring you to send money by manufacturing crisis situations or events that urge you to make snap decisions.
Can a scammer send a screenshot of a Venmo?
A scammer may send screenshots of fake emails that make it seem like they’ve paid you on Venmo when they haven’t actually made a payment
Can a scammer use Venmo?
The scammer may try to sign into your account and encounter Venmo's multi-factor authentication process . This process requires the person signing in to enter a code sent to the phone number on the Venmo account. They will then call you pretending to be from Venmo and say they need you to provide them the code.
Does Venmo have a Twitter account?
Do not provide Venmo account information on social media except to official Venmo accounts. Venmo's accounts on Twitter are @Venmo and @VenmoSupport. We are @Venmo on Instagram and @Venmo on Facebook.
Can you see if someone has paid you on Venmo?
If someone has paid you on Venmo, you should see the funds available in your Venmo account without any delay. But remember, payments made from stolen payment methods could be removed from your Venmo account even after they’ve been made available to you. Scams when you’re buying something from a stranger.
