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Summary
Since its inception in 2009, Venmo has witnessed tremendous growth over the past fifteen years. Unfortunately, this growth has also led to an increase in Venmo scams. This guide delves into common scamming techniques scammers use and offers advice on how to avoid them.
Don’t Refund the Money You Receive
If you receive an unexpected payment in your Venmo account and the sender asks you to return it because they mistakenly sent it, don’t refund it immediately.
This is because scammers may use stolen credit cards to send money to your account. Once you “refund” them, they’ll withdraw the funds or transfer them to another account. Later, Venmo may deduct the money from your account when the credit card owner reports the theft, since it was initially sent to your account. That means you’ll wind up with a deficit equal to however much you refunded the scammer.
If someone sends money to you unexpectedly and requests a refund, tell them to contact Venmo support to reverse the transaction instead.
Don’t Use Venmo When Selling or Buying Items From Untrusted Sources
Scammers use deceptive methods, such as fake shipping confirmation Venmo emails or overpayment claims, to deceive individuals selling items online.
They may express interest in your product and recommend using Venmo for payment. Then, they send a false payment-on-hold email (or its screenshot), urging you to provide shipping details before you can receive funds. Of course, the information they want is only generated once you actually ship an item. to provide it, you’d need to ship items before actually receiving any payment from the scammers. They may also use stolen credit cards for payments that are later refunded.
Scammers might also send fake invoices indicating they’ve overpaid you and ask for a refund. Since the invoice indicates that the funds are held by Venmo, confirming the exact amount you’ll receive is impossible. If you refund the surplus, you risk losing the item you’re selling and the additional funds you transfer from your account.
Due to the similar risks associated with sending payments for items you buy, you should avoid using peer-to-peer payment apps like Venmo when dealing with untrusted sellers.
Don’t Fall for Urgent Help Requests From Your Friends
Scammers may also employimpersonation tactics to defraud you on Venmo. They may change their account information, such as their display name and profile picture, to mimic one of your friends. They may then request money from you and claim to be in an urgent situation, such as being hospitalized. They may also hack into your friend’s real account to carry out this scam.
If you ever receive an urgent money request from a friend, verify the authenticity of the request. Reach out to your friend through alternative channels like social media or a direct phone call to confirm that they made the request. If they deny it, inform them that scammers are impersonating them to run a scam.
This way, they can alert others in their contacts and prevent them from becoming victims as well.
Beware of Phishing Emails and Texts
Scammers can also useemail phishing techniquesto trick you on Venmo. They might send you an email containing a phishing link, urging you to verify your identity to prevent your Venmo account from being closed. They could send you a fabricated invoice for a fictitious order and a phone number you’re able to call to cancel the order and request a refund.
Clicking on the malicious link may compromise your Venmo account, email, or device. If you provide your personal information after clicking the link, scammers could exploit it for fraudulent activities. Likewise, they may demand a small service fee if you contact them regarding a refund for an unauthorized order.
To avoid being duped by these tactics, do not click on any links you receive via email, and ensure that the email has come from the official Venmo address. Refrain from sharing personal information via phone or email, as Venmo never requests it. Also, when you receive an invoice for an unfamiliar order, check whether the amount has been deducted from your account or not.
If you’re suspicious of any email or text regarding your Venmo account, your best action is to contact Venmo customer support.
Don’t Lend Your Phone to a Stranger
It’s common sense to avoid lending your phone to a stranger requesting to make a quick phone call. If you hand over your phone to them, scammers could exploit the opportunity to open your Venmo app and make a transaction from your account while pretending the other person isn’t answering their call. After finishing their operation, they might express gratitude and then depart.
Days later, you’ll receive an official payment confirmation for a transaction you never authorized. Hence, avoid assisting random strangers seeking to use your phone. If they seem legit and require urgent assistance, ask them to provide the number they wish to call. you’re able to then dial the number, activate speaker mode, and allow them to talk to the other party.
Don’t Interact on the Fake Venmo Website
Scammers also use fake websites that mimic the official Venmo site to steal victims' login credentials. They often promote these deceptive sites through search ads to ensure they appear at the top of search results. Clicking on these ads redirects users to a site that looks familiar but has a different URL, where they might disclose their login details.
So, don’t click on ads at the top of search results. Instead, scroll down and open the website from the first search result. Also,watch out for signs of fake websites, mainly domain names closely resembling but different from the official domain, like “vanmo(dot)com.” Likewise, carefully download the official Venmo app from the Google Play Store or the App Store.
Now that you know the various tactics scammers use to commit Venmo fraud, you’re better prepared to identify and avoid falling victim to their schemes. If you fall prey to a scam despite your vigilance, contact Venmo support to report it and change your account password and2FA detailsif they were compromised.
Closely monitor your Venmo account for any suspicious activity in the days following the incident, and take immediate action if you detect anything unusual. Moreover, if your personal information has been compromised, report this identity theft to the appropriate authorities. This will help protect you from potential legal consequences if scammers misuse your identity.
