Venmo Scams

11 Popular Venmo Scams & How to Avoid them?

You might get scammed on Venmo and lose your money. There are a lot of Venmo scams happening, such as calls from scammers, reward links, offering your items, pretending like your friends, making your money double, checking scams, emotional blackmail, and many others.

To know all about these Venmo scams and how you can prevent them. Read the blog carefully.

Also Read: Why Venmo Payment Declined & How to Fix the Issues?

Is Venmo safe and secure?

Yes, Venmo is a safe and secure money transfer application. You might get scammed by an unknown person and also lose some of your money. However, if we talk about the security measures of Venmo, they offer you high security and protect your money from scammers. But you also need to be alert and don’t click on any unauthorized links.

Common Scams on Venmo:

Here are some details about Venmo scams and their prevention that you need to learn.

1. Buying Something from Strangers:

When you are going to buy something from anyone, they convince you to make an advance payment. For clarification, they also sent you a screenshot that shows they sent the payments to the other user, but in reality, they did not send it.

How to Prevent this Scam?

Try to avoid paying advance payments to strangers. Always deal with that Venmo user who has an approved Venmo business account. Remember one thing: all the business accounts that are approved by Venmo say under the “Pay” button, “Eligible items covered by Purchase Protection.”

2. Will ask for a two-factor authentication code:

When someone tries to log in to your Venmo account, they have to enter the 2-FA code if you activate two-factor authentication in your Venmo account. In that case, scammers call you and pretend like they are from the Venmo customer support team and ask you to tell them the code.

How to prevent this scam:

Simply don’t tell them the verification code that you receive on your mobile device. Venmo does not offer any type of link for two-factor authentication.

How these Scammers will talk to you?

“Hello Sir, it’s Lisa from Venmo Support. We’ve noticed some unusual activity on your Venmo account. To confirm your identity, I’ve sent a verification code to your phone. Could you please share that code with me for security purposes? Thanks!”

3. Offer you a Gift or Reward:

You might get a link through text or email with a line that says you have won money, or click on the link to get your rewards. This is another type of Venmo scams. Don’t click on that link because it is a trap. Once you click the link, the scammers or hackers access your Venmo account. 

How you can prevent this scam:

  • Once you click on that link, they ask you to enter your account details. Don’t put your account details for any of the purposes.
  • Only give your account’s personal information to Venmo’s official accounts.
  • Don’t reply to any of the Venmo emails except that account, which contains in the end.

4. Scammers send you money

You will receive a payment from an unknown Venmo user. They call you, tell you the circumstances, and ask you to send back the payment.

How to prevent this Scam?

Don’t exchange money on Venmo unless you don’t know the person. If you get a payment from any of the strangers, then you need to contact the Venmo support team and tell them the situation. Moreover, there is also a chance that they didn’t send you any money.

Read Here: How to Cancel Venmo Payment?

5. Text Message:

Scammers can also send you a link on your mobile device and tell you to click on the link. Once you click on the link, they ask you to enter your login details or Venmo password.

How to Prevent this scam?

Don’t click on any links, and avoid giving your personal account details to anyone.

6. Calls Scams:

The scammer will call you and tell you that they are from the Venmo tech support team and that there is something wrong with your Venmo account. They also tell you they are going to fix your problem, and you have to pay the charges for their tech services. These are among the top Venmo scams currently going on.

How to Prevent this Scam?

  • Open the official website of Venmo, check their contact information, and make sure that you receive a call from the official company.
  • Remember, Venmo rarely charges fees for their tech services, but most of the time, their services are totally free.

How these Scammers will talk to you?

“Hello! This is Jake from the Venmo Support Tech Team. I am here to assist you! First of all, could you please share your Venmo payment details? If you prefer, we can set up a Venmo account together for a smooth transaction. How can I further help you today?”

7. Scammer pretends to know you:

You get a call from someone, and they will talk to you like they know you. Moreover, they also change their profile picture with that person you know and text you to send some money. They tell you some fake stories or serious issues and ask you for help.

How to prevent this scam?

  • First, confirm that you received a request from your friend.
  • Check your payment or transaction history with that friend to confirm the account.
  • Contact your friend through other messaging platforms and ask him if he requests that you send the payment or not.
  • Once you confirm that you received a request from your friend, send them money; otherwise, block that fake account. 

8. Make your Payment Double:

Scammers can offer you to send them money, and they will send you the double amount in return. These Venmo scams are called by names like cash wheel, pyramid scheme, money circle, and many more. 

How to prevent this scam?

Don’t send them your money to make it double. Because once you send the money, they will never respond to you.

9. Stranger or Unknown Seller:

You have a business account on Venmo, which you can use to pay or receive money for your goods or items. The scammer will text you and send you fake emails and screenshots that show you they have paid the amount of items to other Venmo users. But in reality, they couldn’t pay other users.

Moreover, they also pay their bills through the other Venmo user’s bank account or stolen credit cards. In that case, if the actual owner of the account reports any unauthorized activity, all the money that was paid by the scammer will be removed from your Venmo account.

How to Prevent this Scam?

Don’t provide any of your services or items to strangers. Only sell your items to the Venmo user who follows the user agreement with Venmo.

10. Paper Check Scam:

Scammers send a picture of a check and tell you to send the amount in return. When you cash it, the payment will clear. Later, you have to repay your bank because your check bounced.

How to Prevent Venmo Scams?

Avoid changing your amount with a check.

11. Romantic Trap:

Some scammers start talking to you on Venmo and gain your trust. They use some emotional tricks and convince you to send the money to them. They tell you about some situations, like having to pay their rent, shopping, and other expenses. They also tell you to pay their bills.

How to Prevent this Scam?

Try to avoid paying the bills of someone you don’t know. Also, don’t loan your money to those people whom you knew just a few days ago.

Other scams on Venmo:

Here is a detailed list of some other Venmo scams that happen to Venmo users.

Crypto Scam: Scammers will call you and tell you to send crypto to an external wallet, and they are going to provide you with the services related to your Venmo account. Venmo never asks its users to pay the bills for their service.

Pay for a Job: Someone calls you and tells you that they are going to give you details about jobs or offer you a new job. In that case, they ask you to send money.

Pay for Rent: New landlords will call you and tell you to pay for rent deposits without providing them keys, legal documents, or other property details.

Fake Venmo Website: There is a chance that people create a fake Venmo site and ask you for your login details. Don’t share any of your account details with anyone. Venmo is only on their official site.

Update your Account: Hackers send you a link that might say Venmo updates their privacy and policy, and you also need to update your account. Don’t click on that kind of link.

Time-Sensitive Situation: Someone calls you and pressures you to send the money. There are two reasons for pressuring you to send the money, such as to blackmail you or tell you about some serious issues.

Someone asks you to use your Phone: In a public place, someone comes to you and asks you to use your phone to call someone or for any other purpose. Don’t give your phone unless you don’t know the person.

Exclusive Deals: People ask you to buy branded and expensive things at cheap prices through such Venmo Scams. However, they demanded advanced payment from you but didn’t send you the item.

Overpayment: Scammers text or call you and tell you that they accidentally sent some amount to your Venmo account and demand their money back. First, ensure that you receive an amount or not. If you receive an amount, then contact the Venmo support team to return the money.

What type of things that Venmo never ask you?

Venmo customer support team never asks you to say the following:

  • Login details
  • Verification fee
  • Access to your device
  • To tell them a verification code
  • Create a new Venmo account
  • Install a third-party app
  • Sending money for your account purposes

How do you protect yourself from Venmo scams?

Here are some things that will help you enhance your Venmo security and protect you from unauthorized activities. 

  • To enhance security, always use upper letters, lower letters, special characters, and numbers in your Venmo account password. 
  • Enable two-factor authentication for more security. In that case, if someone tries to log in to your account, Venmo will text you the 2-FA code that is needed to open your account. 
  • When you are using your Venmo account by using public wi-fi or any other internet. Then, must use a VPN to hide your personal information.
  • Keep checking all of your account details, and set up fraud alerts to monitor all the fraud alerts.
  • Keep your account or transaction private.
  • Don’t use your Venmo account on that person’s account whom you don’t know. Because there is a chance that they might save your login details on their device.

What to do if you are scammed on Venmo?

Immediately, contact the Venmo support team and tell them about the scammer. In that way, all of your other linked Venmo accounts might be saved. Be careful next time, and don’t share your personal information or details with an unknown person.

Got Your Answer!

Throught read the above Venmo scams to prevent them. You can check out all the possible scams that might happen to you and also read the prevention tips. Make sure you are not going to share your details with anyone, and don’t trust everyone. If you get scammed on Venmo, you need to contact with Venmo support team immediately.

Frequently Asked Questions:

Q. Is Venmo safe to receive money from strangers?

There is a chance that you might get scammed when you are going to receive money from a stranger. Always deal with the person who has a verified account or has these Eligible items covered by Purchase Protection under the Pay button. 

Q. Can someone reverse a Venmo payment?

No, Venmo cannot reverse the payment once it is received by another person. 

Q. Should I give someone my email for Venmo?

Don’t give your email to anyone. Your Venmo username is enough for them to send you money. There is a chance that they might use your email to send fake emails to everyone for scams or hacking purposes.

Maximiliano Rojo

Maximiliano Rojo

I am Maximiliano Rojo, a graduate of San Diego State University majoring in finance and minoring in marketing. On this blog, I am helping you regarding Venmo. As an experienced person, I can understand people’s queries and help them out with account creation and transaction processes in the Venmo app. Its basically your life, your money, and our guidance. Enjoy it!

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