Security Over Venmo Accounts: How to Avoid Common Scams and Mistakes

Venmo accounts are a convenient way to send and receive money, but they can also be a target for scammers. Many users have fallen victim to scams on the platform, losing thousands of dollars.

Be cautious of fake Venmo accounts created by scammers to trick you into sending money. These accounts often have convincing profiles and may even have fake friends or family members listed.

To avoid common scams, never send money to someone you don't know, and be wary of requests for large sums of money. A common tactic is for scammers to pose as a friend or family member in need of urgent financial assistance.

Venmo's security measures include two-factor authentication, which can help prevent unauthorized access to your account. However, it's still possible for scammers to gain access if you have weak passwords or fall for phishing scams.

Venmo accounts are not insured by the FDIC, unlike traditional bank accounts. This means that if you're hacked or a transaction is disputed, you might not be able to get your money back.

You can request a Venmo account freeze, which will temporarily lock your account to prevent unauthorized transactions. This can be done through the Venmo app or website.

Any Venmo account can be frozen, regardless of whether you're a victim of a hack or not. This can be done for a variety of reasons, such as suspicious activity or a dispute over a transaction.

If your Venmo account is frozen, you won't be able to send or receive money until the freeze is lifted. This can cause inconvenience, especially if you rely on Venmo for daily transactions.

To unfreeze your account, you'll need to resolve the issue that caused the freeze in the first place. This might involve verifying your identity, resolving a dispute, or taking other steps to secure your account.

Venmo is safe to use when interacting with people you trust, but it's not safe to use with strangers you haven't verified. Scammers can make fake Venmo accounts to trick other users into unsafe actions.

To stay safe on Venmo, you should follow Venmo's terms of service and look through Venmo's security protocols to learn the few instances Venmo might contact you. You can also consider following Venmo on social media in case any new threats emerge.

Venmo offers various security protections, including data encryption, account monitoring, 2FA, and account PIN codes. However, this doesn't always protect users from the fraud scenarios we've painted above.

Only send and receive money from people you know and trust. If you receive an odd request from someone you know, double check with that person to confirm the message was authentic. Don't click on any links in unsolicited messages.

Here are some safety features Venmo offers:

To secure your Venmo account, use strong and unique passwords, enable Multi-Factor Authentication (MFA), set up PINs or biometrics, and pay attention to security notifications about suspicious activity.

Venmo will ask you to verify your identity in certain situations, such as when sending $300 or more in a 7-day period, transferring $1,000 or more to your bank in a 7-day period, creating a group account, or processing more than 200 transactions in a calendar year using a business profile. Never send your social security number via email, and if you're unsure whether Venmo Support is emailing you, contact them directly to have your identity verified.

You can also report identity theft immediately to prevent more damage.

Venmo scams often use social engineering tactics to trick victims into clicking links with malware or viruses, or transferring money. Be cautious of suspicious domains, typos in the URL, and unsolicited DMs, emails, or texts from Venmo.

Some common scams include job or rental lease offers that ask you to pay upfront, random prizes or rewards that require you to give away your Venmo login details, and buyer scams where someone claims to send a payment to your Venmo account after you ship an item.

Here are some red flags to watch out for:

These scams can be convincing, but knowing what to look for can help you avoid them.

You can contact any public account on Venmo, or send money to someone if you have their phone number, email, or Venmo username. This can be a recipe for disaster if you're not careful.

Using weak passwords is a common mistake that can leave your Venmo and PayPal accounts vulnerable to scammers. Enable Multi-Factor Authentication (MFA) to add an extra layer of security.

Not paying attention to security notifications about suspicious activity can put you at risk of falling victim to a scam. Keep an eye on your accounts and report any unusual activity right away.

Clicking on links with malware or viruses is a major mistake that can compromise your device and put your personal info at risk. Be cautious when clicking on links, especially from unknown senders.

Not setting up PINs or biometrics can leave your accounts open to unauthorized access. Take the extra step to secure your accounts with these features.

Falling for phishing scams can lead to a world of trouble. Be wary of emails or messages that ask you to click on links or transfer money.

You'll often get a message from someone claiming their Venmo payment was sent by accident. Don't respond directly to users about "accidental payments" - contact Venmo instead.

Venmo will investigate the situation and reverse the transaction if it's a scam. If you send money back to the scammer, it will be gone forever.

If you receive a payment you didn't ask for, hold onto the money. The sender can sort out the details with their card company if it was a genuine mistake.

Overpayment scams are a variation of the "accidental payment" scam. The scammer sends you too much money and asks you to refund the overpayment.

Be cautious of scammers who claim to have sent you too much money. They'll ask you to refund the overpayment through Venmo support.

Only refund through Venmo support to avoid falling victim to these scams. Don't be afraid to call Venmo at (855) 812-4430 if you're unsure about a claim.

The scammer will disappear after being refunded, and the "overpayment" will soon be reversed since it was from a stolen account.

Pyramid schemes are a type of scam that can be particularly tricky to spot. They often involve unsolicited offers that promise big returns for a small investment, but the reality is that you'll likely lose money.

These scams can be disguised as a legitimate investment opportunity, but they're actually just a way for scammers to make money off of you. Scammers may impersonate a friend or family member to make the offer seem more convincing.

One way to avoid pyramid schemes is to never pay money via Venmo to get big returns fast. This is a common tactic used by scammers, and it's a surefire way to lose your money.

Fake links can also lead to a spoofed Venmo site that aims to steal your login credentials or infect your device with malware. Always enter your Venmo login details only on Venmo.com and the verified Venmo app.

Scammers may use various names for their schemes, including pyramid scheme, money circle, or cash wheel. But they all amount to the same thing: a way for scammers to make money off of you.

Romance scams are a sneaky way for scammers to get their hands on your money. They often create fake profiles on social media and feign romantic interest to gain your trust.

Never send money to someone you meet online and haven't met in person, as this is a common tactic used by romance scammers.

Romance scams can be carried out through fake payments on Venmo, so be cautious when using this service.

Be cautious of suspicious links in your Venmo messages. Scammers often send fake messages asking you to click a link to sign in or verify your information.

Random Venmo messages saying to click a link to sign in are a scam. These links can lead to fake websites that steal your login details or install malware on your phone.

Typos in the URL are a clear sign of a scam. Scammers will try to trick you into thinking you are dealing with trusted brands by slightly altering their web addresses.

Venmo phishing links lead to fake, pharming websites imitating the Venmo login page – stealing your data and financial information when you try to sign in. A real text from Venmo will not have typos, ask for sensitive information, or use a pushy tone.

To avoid falling for these scams, always look carefully at website URLs and email domain addresses before handing out sensitive info. For example, look for if the email ends with a popular email domain, like @gmail.com or @yahoo.com. That could be a sign it's a scammer, not the company reaching out.

Here are some red flags to watch out for in suspicious links:

Don't click on these suspicious links – it's not worth the risk. Instead, independently confirm with Venmo that it needs the information it seems to be asking for.

Impersonating Loved Ones can be a sneaky way scammers try to get your money. They can pretend to be a friend or family member by changing their name and profile photo on Venmo to look like someone you know.

Venmo will alert you if you're sending money to someone you've never interacted with on the app before. This is a good thing, as it can help you catch scammers in the act.

If you see this warning, double check who you're actually giving money to, because scammers can be quite convincing. They might even send a request for money, hoping you won't think twice about paying.

It's a good idea to look up the public transaction history and network information of the person making the request to verify it's really them. This can help you avoid sending money to a scammer posing as a loved one.

Scammers are selling rare items on platforms like Facebook Marketplace, and they're using Venmo to take your money. They'll promise you a hard-to-find item, like tickets to a sold-out show or a new gaming console, but once you pay, they'll disappear.

Scammers often target items that are in high demand, like limited edition sneakers or sold-out video games. They'll ask you to pay through Venmo, and then they'll vanish with your money.

To avoid this scam, make sure you're paying a business profile, not a personal account. If you're paying a personal account, tag it as a "payment" before sending the money, and you'll be covered by Venmo Purchase Protection.

Venmo doesn't offer protection for payments made to personal accounts, so be cautious when sending money to individuals. Always prioritize paying through authorized business profiles to minimize your risk.

If you receive an unwanted payment to your Venmo account, it's likely a scam. Scammers may send you a payment from a stolen or hacked account, then ask you to return the money, claiming it was an accident. Don't fall for this trick.

You can avoid this scam by not responding directly to users about "accidental payments." Contact Venmo and let them know the details, so they can investigate and reverse the transaction if it's a scam.

Here are some red flags to watch out for:

If you're unsure about a payment, contact Venmo at (855) 812-4430 for assistance.

Don't post any personally identifying information publicly on social media, as it can be easily accessed by scammers.

To protect yourself on Venmo, use a VPN to encrypt any financial data you send online, and follow Venmo's terms of service. Scams on Venmo often involve unauthorized use, like transactions with strangers.

Only send and receive money from people you know and trust on Venmo. If you receive an odd request from someone you know, double check with that person to confirm the message was authentic.

Don't click on any links in unsolicited messages on Venmo, as they can lead to phishing scams.

Use strong and unique passwords for your Venmo and PayPal accounts, and enable Multi-Factor Authentication (MFA) for added security.

Here are some key scenarios when Venmo may ask for your SSN (social security number) to confirm your digital identity:

Don't accept any mysterious payments you get on Venmo or other cash apps. Wait for Venmo to reverse the payment or contact customer service.

Venmo offers various security protections for its users, including data encryption, account monitoring, 2FA, and account PIN codes. However, these protections don't always protect users from fraud scenarios.