Venmo Scam Sending Money: Understanding the Risks and Staying Protected

Venmo scams are on the rise, with over 30% of users reporting being targeted by scammers.

Scammers often use fake Venmo accounts to trick users into sending money, and in many cases, the scammers are using stolen identities to make their accounts seem legitimate.

The most common type of scam is the "friend in need" scam, where the scammer claims to be a friend or family member in a desperate situation and asks for money to be sent via Venmo.

Be cautious of requests from people you don't know, as scammers often use social media to reach a wider audience and create a sense of urgency to get you to send money quickly.

If you're using Venmo to send money to people you know, consider linking a credit card to your account instead of a debit card. This way, if a scammer tricks you, you can dispute the charges without tying up your personal funds.

Be cautious when using payment apps, and enable additional security settings within the app, such as multifactor authentication, a PIN, or fingerprint recognition.

Always double-check the username or email address of the person you're sending money to, and confirm that the payment was received. If you're unsure, don't send the money.

Some Venmo scams are obvious, while others are subtle and convincing. Be on the lookout for suspicious domains, typos in the URL, and unsolicited DMs, emails, or texts from Venmo.

Here are some red flags to watch out for:

If something doesn't feel right, it probably isn't. Call the police department if you think you may be dealing with a scammer.

Venmo scam senders often use social engineering tricks to manipulate you into sending money. They may pose as company representatives, friends, or family members to gain your trust.

Some common Venmo scams involve sob stories to emotionally manipulate you. Scammers might promise big rewards if you send money up front, or they might claim to be in a tight spot and need your help.

Be cautious of suspicious domains and typos in URLs. Legitimate companies, including Venmo, use clear and accessible domains to represent their business. If a URL or website seems fishy, it probably is.

Scammers may also use fake Venmo accounts of actual people to trick victims into transferring funds. In general, be suspicious of Venmo requests from strangers.

Here are some common Venmo scams to watch out for:

Students have been scammed via Venmo when buying or selling items through online marketplaces like Craigslist and Facebook. Don't accept money from or send money to someone you don't know.

If you believe you've fallen victim to a scam, contact Venmo's support team right away.

Don't try to handle the situation on your own, as this can lead to further complications and potential financial loss.

Venmo encourages users to contact the company's support team as soon as possible if they receive a payment from someone they don't know.

This is especially important if you've received a payment you didn't ask for, as the company can help you reverse the transaction.

By reporting the incident to Venmo's support team, you can minimize the damage and avoid further financial risks.

Changing your app settings to private can also help prevent scammers from seeing your transactions, but this shouldn't replace contacting the support team if you've been scammed.

Venmo's support team is equipped to handle these situations and provide guidance on how to move forward.

Scammers use social engineering techniques to trick victims into giving up personal information.

Venmo scammers often pose as company representatives and ask for personal information, similar to how tech support scams work.

They take advantage of Venmo's security weaknesses, such as its lack of a chargeback feature.

Scammers rely on situations where victims let their guard down and use urgent communications to prompt victims to act without thinking.

Victims may receive a Venmo security-check email or some other urgent notification that requests personal information.

Always verify that it's sent directly from Venmo, especially if it requests personal information.

Scammers exploit the lack of payment and buyer protections on Venmo, especially when buying or selling with strangers.

The apps are used so frequently and conveniently that people don't think twice about them, making it an easy way for scammers to trick people out of their money.

Scammers use financial incentives and bribes, promising big rewards if you send money up front.

Last year, scams reported to the Better Business Bureau involving P2P apps included a median loss of about $200.

Victims of a scam involving P2P payment apps can file a complaint with the Federal Trade Commission.

Venmo's security measures include PIN numbers and two-factor authentication, but it's still possible for scammers to intercept your personal information. Be aware that scammers may pose as Venmo reps to trick victims into giving up sensitive information.

Venmo may ask you to verify your SSN (social security number) in certain situations, such as sending $300 or more in a 7-day period, transferring $1,000 or more to your bank, creating a group account, or processing more than 200 transactions in a calendar year using a business profile.

To verify your identity on Venmo, go to Settings > Identity Verification in the app itself, and never send your social security number via email. If you're unsure whether Venmo Support is emailing you, contact them directly to have your identity verified.

Verifying your identity on Venmo is generally safe, but be aware that scammers may try to trick you into giving up sensitive information.

Venmo itself is a secure platform, but hackers have been known to pose as company reps to steal your personal info.

Unwittingly giving up personally identifiable information to scammers is a major risk, as it can be sold or used for further exploitation.

Venmo may ask you to verify your SSN to confirm your digital identity, which is highly valuable to scammers.

Here are the scenarios when Venmo will ask for your SSN:

If Venmo asks you to verify your identity, do it in the app itself, via Settings > Identity Verification. Never send your social security number via email.

Venmo is generally safe due to its security measures, but it's designed for use with people you know and trust.

The security risks increase when used with strangers, exploiting weaknesses in the system. Venmo fraud and scams often take advantage of these flaws.

Venmo has several security measures in place, including PIN numbers required every time you log in, and two-factor authentication to stop scammers from hacking your account.

Two-factor authentication uses a combination of password, biometric data, and notification to add extra security to your accounts.

However, Venmo doesn't have a chargeback system to reverse payments in the event of a disputed exchange, and it doesn't offer buyer protection to cover scams.

To add extra security to your Venmo account, consider setting up Touch ID, Face ID, or fingerprint access if your phone has biometric settings.

But be aware of some security risks associated with biometric locks, such as unauthorized access to your account.

Here are Venmo's main security measures:

Credit card and financial fraud on Venmo is a real concern. Scammers might buy goods and pay via Venmo, then request to reverse the transaction, leaving you without goods or money.

Be cautious of messages claiming you've won "free money" on Venmo. They'll ask you to click a link and enter your Venmo login details, which can lead to a phishing website trying to steal your account and password.

Gift card scams are also a problem. A scammer might ask you to pay for something by purchasing a gift card, then ask you to hand over the card's details.

Scammers are getting creative with their tactics, so it's essential to stay vigilant.