FinAi News

No products in the cart.

Subscribe
  • News
  • AI News Tool
  • Data
  • Transactions
  • Events
    • FinAi Banking Summit
    • FinAi Lending Summit
  • Podcast
  • WEBINARS
    • Webinar Library
Log In
No Result
View All Result
  • Banking
  • Lending
  • Payments
  • Risk & Security
  • Strategy
FinAi News
  • News
  • AI News Tool
  • Data
  • Transactions
  • Events
    • FinAi Banking Summit
    • FinAi Lending Summit
  • Podcast
  • WEBINARS
    • Webinar Library
BAN PLUS
Log In
No Result
View All Result
FinAi News
No Result
View All Result

Bitcoin vs Venmo: Lessons Learned from ‘Craigslist Jeff’

Grace NotobyGrace Noto
June 2, 2017
in Payments
Reading Time: 2 mins read
0
Share on Facebook

“Accepting payments in cash or crypto only. Venmo not accepted,” future online sale ads might read, at least for this recent victim of fraud on the reigning “killer” P2P payment app.

Expressing his thoughts in a 32-tweet long tweetstorm, this seller of a 5k iMac (who goes by the handle @czeins on Twitter) found himself missing the $1,500 owed by the Mac’s would-be buyer, dubbed “Craigslist Jeff.”

Let’s back up for a moment: Craigslist Jeff expressed his intent to purchase the iMac from @czeins, and pay via Venmo. The transaction seemed to have gone through at the beginning, but was reverted shortly after, and flagged by the P2P payment app as a “high risk” transaction that “had the potential to generate loss in Venmo,” according to the seller’s tweets.

The seller’s account was not credited for the transaction, as Venmo is “unable to cover transactions that happen outside of Venmo’s intended use,” according to Twitter.

The seller tweeted:

“$1500 in Venmo” didn’t say “pending” next to it. It didn’t say “$1500 in Venmo if Craigslist Jeff’s money clears.” It should have. (27/32)

— Claude (@czeins) May 27, 2017

Scams of this type are becoming fairly common on the “killer” P2P payments app, leading others on Twitter to question its reliability as a payment method, especially when other online transaction routes exist—like cryptocurrencies such as bitcoin, for instance.

One of the most highly-cited benefits of bitcoin (which has made a few headlines of its own for nearly reaching a value of $3,000 per coin in recent weeks—the current price is hovering around $2,450) is its irrevocability.

Similar to a cash payment, once a user moves bitcoins to another user, there is no way to reverse or walk back the transaction—a capability of other payment methods that opens them up to the type of fraud described above.

The seller, who was eventually credited with the money owed to him by Craigslist Jeff, certainly seems to be a fan.

He tweeted:

Anyway – thank you for speaking out. Truly. (And yes, Bitcoin is totally the future, nerds.) (5/5)

— Claude (@czeins) May 31, 2017

Tags: BitcoinBlockchaincryptocurrencyExclusivefraud and anti-fraudmobile paymentsonline paymentsP2PVenmo
Previous Post

Chase Is Tiptoeing into Cardless ATMs as Banks Look to Defend 50-Year-Old Workhorse

Next Post

5 Payment Trends and More, with Bill.com CEO [Video]

Related Posts

(CourtesyBenjamin Girette/Bloomberg
Payments

Global head of Spring by Citi: Agentic commerce readiness markers

August 14, 2026
RBC building in Toronto
Payments

Francisco to buy payments firm Moneris from RBC, BMO for $1.4B

August 11, 2026
Interior of a Cloudflare office building with signage
Payments

Nonhuman traffic surpasses human traffic on Cloudflare network

August 7, 2026
Next Post

5 Payment Trends and More, with Bill.com CEO [Video]

Please login to join discussion

EMERGING FINTECH DIRECTORY

Emerging Fintech Directory

FinAi Podcast

SPONSORED

Build an Antifragile Strategy to Outperform the Market

July 14, 2026

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

April 19, 2026

Is Your Technology Supplier There for You?

April 1, 2026

  • About Us
  • Help Center
  • Contact Us
  • Privacy Terms
  • ADA Compliance
  • Advertise

Connect

twitter linkedin podcast podcast podcast podcast
© 2026 Royal Media
No Result
View All Result
  • NEWS
    • All News
    • Banking
    • Lending
    • Payments
    • Risk & Security
    • Strategy
  • AI News Tool [Beta]
  • DATA
  • TRANSACTIONS
  • EVENTS
    • FinAi Banking Summit
    • FinAi Lending Summit
  • PODCAST
  • WEBINARS
    • Webinar Library
  • SUBSCRIBE
  • Log In / Account

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Unlock This Article

Create your free FinAi News account to access this article and stay informed on how AI is transforming financial services including banking, lending, payments, and risk.

Yes, I'd like to receive FinAi News updates, breaking news, and exclusive AI insights for financial services leaders.

Continue Reading with FinAi News Premium - Less than $2/Day

Upgrade to FinAi News Premium for unlimited access to news, insights, trends, and intelligence on how AI is transforming financial services including banking, lending, payments, and risk.
Upgrade to FinAi News Premium Subscription
No Result
View All Result
  • NEWS
    • All News
    • Banking
    • Lending
    • Payments
    • Risk & Security
    • Strategy
  • AI News Tool [Beta]
  • DATA
  • TRANSACTIONS
  • EVENTS
    • FinAi Banking Summit
    • FinAi Lending Summit
  • PODCAST
  • WEBINARS
    • Webinar Library
  • SUBSCRIBE
  • Log In / Account