Venmo has become one of the most popular peer-to-peer payment apps, making it easy to split the cost of a meal, pay a friend back for concert tickets, or gift money. However, the convenience of Venmo has also made it a target for scammers looking to take advantage of unsuspecting users.
Did you know?
According to recent data, there were 62.8 million active users of Venmo in the US in 2023. This represents 22.3% of the total population, which means that more than one out of every five US consumers is a Venmo user.
A Venmo scam can take many forms, but it always involves people with Venmo accounts losing money. The common threads are strangers insisting on Venmo payment, requests from impersonators, lucrative-sounding incentives used as phishing lures, and high-pressure tactics.
Real Story
"I was a victim of an online fake cattery. They pretended to sell me a cat for $800. I paid someone on Venmo. I believe they are fake and do not have cats.
Dollars Lost: $800
Bakersfield, CA- 93308
Date Reported: March 26, 2024"
Source: bbb.org
Fraud and hacking tactics are constantly evolving. This article covers the most common scams people encounter and offers tips to help you stay protected.
1. Accidental Money Transfer Scam
2. Fake Buyer Scam
3. Phishing/Smishing Scams
4. Identity Theft Scams
Curious to know what the internet knows about you? What personal information has already leaked and could be used by scammers? Use Bitdefender Digital Identity Protection to find out.
5. "Stranger in the Street" Scam
6. Romance Scams
Related: Better single than scammed. How to spot and avoid fake profiles on dating apps
7. Paper Check Scams
8. Overpayment Scams
9. Fake Investment/Crypto Scams
10. Job Onboarding Fee Scams
11. Customer or Tech Support Scams
Related: How To Spot and Avoid Tech Support Scams
12. Rental Deposit Scams
13. Purchase Scams
14. Fake Prize/Reward Scams
Staying vigilant about securing your information, being cautious with money transfers, and never letting your guard down can help prevent you from falling victim to Venmo scams.
Follow these tips to protect yourself from scams:
If You're a Victim of a Venmo Scam
Being scammed on Venmo can be a frustrating experience. If you find yourself the target of fraudulent Venmo activity, here are the steps you should take:
1. Notify Venmo Right Away
Contact Venmo's customer support team as soon as possible to report the scam. Provide them much detail as you can, including screenshots or evidence of the scammer's profile and communication, if available. The sooner Venmo is aware, the better their chance of tracking the scammer.
2. Change Your Password
Immediately update your Venmo password to a new, secure password. This prevents the scammer from maintaining access to your account and protects against further unauthorized activity.
3. File a Report with Authorities
Report the scam to the Federal Trade Commission (FTC) through their online complaint system. While the FTC may not be able to recover your money directly, your report can assist in broader investigations into Venmo fraud rings that often operate across multiple victims.
4. Alert Your Bank
If the scammer obtained any of your banking login credentials or credit/debit card information, contact your bank or credit card company immediately. Explain the situation and request that compromised accounts be frozen or deactivated to prevent further unauthorized access or charges.
5. Monitor Your Statements
Keep a close eye on your Venmo account, bank statements, and credit reports in the following weeks and months. Promptly report any other signs of fraud or identity theft that may arise from the scammer having access to your personal information.
Taking these steps quickly can help minimize further damage and increase the chances of tracking down the scammer.
FAQ about Venmo scams
Will Venmo refund my money if I get scammed?
Unfortunately, in most cases, Venmo will not provide a refund if you fall victim to a scam. Venmo's policies generally don't cover refunds for payments sent between individual users, even in cases of fraud or mistakes. It's considered a payment between friends that Venmo does not mediate. Your best recourse is to contact your bank or credit card company about unauthorized Venmo charges.
Can I cancel a Venmo payment I sent to the wrong person?
No, once a Venmo payment is sent to a recipient, it cannot be canceled or reversed from your end. If you paid someone accidentally, your only option is to ask them to send the money back to you. It's advisable to double-check payment details before sending them to avoid these mistakes.
What should I do if I see an unauthorized charge on my Venmo account?
If you notice any suspicious or unauthorized activity on your Venmo account, report it to Venmo's support team immediately through their contact form or chat on the app. Provide all details and evidence you can. You should also change your Venmo password immediately to prevent further unauthorized access. For specific charges on a Venmo credit card, you'll need to contact the card issuer directly about freezing the card.
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Cristina is a freelance writer and a mother of two living in Denmark. Her 15 years experience in communication includes developing content for tv, online, mobile apps, and a chatbot.
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