Venmo has become a popular way to send and receive money between friends, clients, customers, and more. However, with the simplicity and convenience of Venmo comes the risk of scams.

Whether you’re a seasoned Venmo user or have just downloaded it, falling victim to a scam can be a major headache — and just like CashApp scams, they’re more common than you might think.

This article will equip you with the knowledge and strategies you need to avoid scams and stay safe while using Venmo.

Key Takeaways

Only send money to people you know and trust, and make sure you’re sending it to the right Venmo account.
Never click on suspicious links or share your login information.
Use “pay” instead of “charge” to qualify for Venmo’s Purchase Protection feature.
Enable two-factor authentication for an extra layer of security on Venmo (and other money-sharing apps like CashApp).

6 Common Scams on Venmo and How To Avoid Them

Several strategies can help you avoid Venmo scams and keep your money and personal information safe. Let’s dive into six common scams and helpful tips to steer clear of them.

1. The Fake Venmo Link Scam

This scam happens when you receive a text or an email that looks like a notification from Venmo.

This just in! View
the top business tech deals for 2024 👨‍💻

The messages generally request immediate payment from you or tell you to click a link to receive a payment. This phishing scam can also be disguised as a notification that you won a giveaway or some type of prize hosted by Venmo. The process is the same: Click a fake link, log into a fake version of Venmo, and your info gets stolen.

How to avoid this scam:

If you receive a message that claims to be from Venmo, don’t click any links. Instead, visit Venmo.com or log into the Venmo app on your phone and verify payment requests or receipts of funds through those access points.

These messages contain a fake Venmo link that takes you to a fake Venmo page where, if you log in, the scammer can steal your information and access your account.

In general, Venmo will never contact you outside of the app with anything other than simple notifications or offers.

2. The Online Purchase Scam

This is one of the easiest-to-fall-for scams in the book. You find an item you’d like to buy online — like on Facebook Marketplace, eBay, or Offerup — or someone contacts you to sell an item, and you agree to purchase it. They ask you to Venmo them the money, after which they’ll mail you the item, but then they never do.

Purchasing physical items online is always tricky. Some marketplace websites charge high fees for using their native purchase process, and while Venmo charges no fees for personal transfers, using it for this purpose can be risky.

How to avoid this scam:

It’s generally worth using the online marketplace’s native payment methods. Most hold your funds until the purchased item has been mailed and may also provide purchase protection, such as money-back guarantees or transaction dispute options.

3. The Fake or Duplicate Profile Scam

Fake profiles are common on Venmo, as anyone can create an account (or multiple accounts) with minimal information. In this scam, scammers create fraudulent profiles with names that are similar to real, active profiles. For example, if “janedoe1050” is active on Venmo and receives funds frequently, scammers might create profiles called “janedoee1050,” “janedoe.1050,” or “janedoe1O5O.”

Their goal is to trick people into sending money to one of their accounts rather than the intended account. Usually, the scammer will deploy some social engineering techniques and target friends and relatives of the real account holder being spoofed.

How to avoid this scam:

Always double-check the Venmo username you’re sending money to, and verify it with the recipient if necessary. Venmo also has a verification feature that asks you to input the last four digits of the recipient’s phone number for account holders who have added their phone numbers to Venmo.

4. The Venmo Support Scam

Scammers may contact you via email, text, or a phone call pretending to be a Venmo support representative. They’ll claim to be from Venmo customer support, ask you to verify your Venmo login details, provide bank information, or ask you to send money to a Venmo account to resolve an issue or dispute with your account. Once the info or money has been sent, they’ll take it and run.

How to avoid this scam:

Never share your Venmo login information over the phone, over email, or in a text message. Also, never enter it on any website other than Venmo.com.

If someone contacts you asking for details about your account, don’t share them. Instead, log in to your Venmo account and contact their customer service to report the suspicious activity and verify if you need to resolve a legitimate issue.

5. The In-Person Borrowed Phone Scam

This scam involves someone coming up to you in public and asking to use your phone, claiming theirs is dead, left at home, or lost. When you agree, they pretend to make a call, and say that the other person didn’t pick up. They then ask if they can send a text message, and if you agree, they instead pull up your Venmo app and send money to their own account. Then they close Venmo, give you back your phone, and walk away.

How to avoid this scam:

This scam is tricky because it takes advantage of our desire to help others when they’re in need. Plus, it’s in person and in public — an enviro...

Six Common Venmo Scams and How to Avoid Them

Powered by Wave AI