I received $4,300 from my tenant for two months' rent via Venmo by the tenant. I had never used Venmo for large sum as this. However, When someone makes a deposit, I usually log into the app and initiate a standard withdrawal to my bank account within three days. However, this time was different; the app prompted me to input my bank account details. This caught me off guard, and since I didn’t have my account information handy, I decided to wait until the next morning. When I logged in the following day to enter my account details, I was shocked to see my balance at $0.00. Panic set in. I checked my email and discovered that the funds had been withdrawn by someone I didn’t know. The entire amount of $4,300 was transferred to a bank called M&T Bank. It was an instant transfer. The money was gone.
I contacted Venmo and opened a dispute three times, but they insist they are not responsible because I have used to request minutes in my account in the past. I claim it was never this large of amount. Typically around couple of hundred dollars. We don’t even have M&T Bank in Kansas City. This feels like a serious cyber crime. Venmo is refusing to take any accountability. I am now out that money. I have filed a police report and consulted a few attorneys, but to no avail. No one is willing to take legal action against Venmo for such a large sum.
What options do I have? I would appreciate any suggestions.