Has my personal data been leaked to the Dark Web?
Payment apps have made transferring and paying cash more convenient than ever, which attracts scammers’ attention. Fraud and scams on payment apps like Venmo have been rated three to four times more than on credit cards, and villains are trying their best to steal your money. Don’t worry, we are here to help you spot Venmo scams and protect you from scammers and fraud.
What are Venmo scams?
The Venmo scam is a type of scam that tricks Venmo users into making fraudulent purchases and sending money and personal information like Social Security numbers (SSN) to scammers.
Venmo was designed for people who know each other to transfer money. So hackers and scammers tend to trick users out of their bank account information or Social Security numbers and steal their friends’ or families’ money.
Because of Venmo’s instant-transfer system, when the transaction is completed, it’s hard to recover the money, and it’s also hard for bankers to catch scammers who steal victims’ credit cards or bank accounts.
Common types of Venmo Scams
There are a few types of common Venmo scams and you need to be extra cautious of them.
Text phishing
Phishing is a term for email scams. People receive emails under a reputable company’s name and are asked for personal information, such as passwords or credit card info. Text phishing, also known as “smishing”, is the practice of asking people to reveal such information via text messages.
These fraud texts usually contain a link. When you click on the link, you may be asked to enter your bank account or credit card information to claim a reward. Or, you may be asked to enter your credentials to verify your account.
Calls pretending to be from Venmo
Scammers would call you, pretending they’re from Venmo, and claim that you need to verify your account. They might send you a verification code and ask you to provide it, then they could log in to your Venmo account with your phone number.
In some cases, these crooks also claim that they’re from Venmo support and need to charge you some fees before they can proceed to assist you.
Fake sale
When you buy something from a stranger, they might ask you to pay first or send you fake shipping information without actually sending you the item.
If you’re selling, a buyer may tell you that the payment is secured at Venmo’s server. You’ll need to ship out the item to get the payment, once the buyer confirms delivery. This may sound reasonable, but Venmo doesn’t provide such a feature. It’s just another scam.
In fact, transferring money on Venmo is so quick and the money never “gets secured at Venmo”, because no recipient verification is required. Also, the payment can’t be reversed. After all, Venmo wasn’t designed for online trading in the first place.
In addition, it’s also common that scammers use stolen credit cards to send you payment or fake a screenshot of completed payment. In both cases, you won’t be getting your money but losing your item for not
Fake paper check
A scammer may send you a fake check with the amount exceeding what you should’ve been receiving. Then they might ask you to return the extra amount via Venmo because they need money on Venmo and this way is faster. When the bank figures out the check is not legitimate, the amount will be deducted from your account and you might even get in trouble for it.
This kind of scam is somehow obvious, because the whole thing doesn’t make much sense. But still, you can’t be too careful when it comes to money.
Wrong transfer
You may notice mysterious money just added to your Venmo balance. Then you may get a message from a stranger, saying that they misspelled the username or whatever, and pray for your kindness to return the money.
This type of scam usually involves the use of stolen credit cards. Scammers Venmo you from a stolen credit card, and ask for money returned before the card owner reports to the bank. If you transfer the money back to the scammer’s account, they’ll instead link their own card to the Venmo account to receive the money, or try to cash out ASAP.
Yes, your Venmo account can be hacked. Hackers always try to access people’s accounts, you could be the victim. But Venmo does its best to protect your account from hackers. The 2-step verification requires users to have their registered phone with them otherwise even if someone knows your username and password, they won’t be able to log in.
But if you were scammed by an authorized business or in some item you sold, you may ask Venmo for money back as you may be covered by purchase protection.
So how do we avoid falling for Venmo scams and protect ourselves? Fortunately, there are ways to help you watch out for Venmo scams.
How to protect yourself from Venmo scams
The best way to protect yourself from Venmo scams is to recognize them. Therefore, we need to know common Venmo scam types and follow Venmo’s User Agreement. What’s more, there are tips and software that would help you avoid Venmo Scams.
- Never do business with strangers through the Venmo app.
You should only use Venmo with people you know and trust. Also, never accept payments from people you don’t know, and report any account that randomly requests money from you. - Never click on links in emails or texts supposedly sent by Venmo.
- Never provide anyone with your personal or financial information through email or text.
- Signing up for identity theft protection
Identity theft protection services will scan your personal info on the dark web, and check your credit report, bank statements regularly. Venmo scammers will try to get your personal info so the service will alert you to any signs of fraud. Prevention is the best policy to avoid potential scams and that’s what identity theft protection services do.
Best Identity Theft Protection Services
IdentityForce, a TransUnion brand, offers proven identity, privacy, and credit security solutions.
LifeLock uses innovative monitoring technology and alert tools to help proactively safeguard your credit and finances.
Aura offers an all-in-one, easy-to-use, online safety for the whole family.
Identity Guard offers a variety of plan options for individual and family protection.
What to do if you fall for a Venmo scam
- Change your Venmo password immediately.
- Report unauthorized transactions to support@venmo.com or by calling 1-855-812-4430.
- Contact your bank and credit or debit card issuer and let them know what happened.
- Contact your identity theft protection service for help. They’ll help report the situation and lock your credit report, check the safety of your identity.
There are some resources you can use to report the Venmo scam:
- Internet Crime Complaint Center
- National Consumer League to file a complaint.
- Local law enforcement
There’s no guarantee you’ll find the information you’re looking for with the tools discussed in this article. They all source their information from publicly available data sources, such as county, state and federal courts, government departments, and police records, and those sources may contain incorrect or incomplete data. It’s illegal to use these tools to make decisions about employment, admission, consumer credit, insurance, tenant screening, or any other purpose that would require FCRA compliance. Read the Fair Credit Reporting Act to learn more....About this article
56 Revisions
Reviewed by BeenVerified
About this article
56 Revisions
Reviewed by BeenVerified
