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January 4th, 2022
Venmo is a mobile payment app that allows you to send and request money from your friends and family. Unfortunately, it can also be used by scammers to steal your money.
As methods of sending money have become more sophisticated through the years, so have scammers. They use various means of duping users into sending funds from their accounts, and it is often challenging to spot a fake transaction.
If you want to know how to quickly recognize a Venmo scam and report it the right way, read on.
Steps To Report a Venmo Scammer
You’re probably asking the question now, “Is Venmo safe?” You don’t have to worry, because Venmo provides specific instructions on its website for potential scams. On their Contact Us page, you’ll know what to do depending on the situation.
Venmo asks you to call Synchrony Bank for your Venmo credit card, send an email for your Venmo debit card, or send a message using the contact form for other questions so you can chat with an authorized representative.
What Is Venmo?
Venmo is a popular peer-to-peer payment app that allows people to do an electronic transfer directly between one another. To set up a Venmo account, you will need a bank account as a funding source.
You can use Venmo to pay for your purchases at authorized merchants. Stores that accept Mastercard transactions allow Venmo payments. Venmo also has authorized partner apps, and you can use most stores’ QR codes to shop.
What Makes It Different From a Wire Transfer?
Venmo is currently only available in the U.S., so any transactions outside the country, not even by Americans, are not allowed. There is also a sending and receiving limit of $6,999.99 per week for security reasons.
What’s unique about Venmo is the social element, which allows you to view your friends’ payment activity and even comment on it. Sadly, this particular aspect is what makes Venmo so enticing (and convenient) for scammers.
A Few of Venmo’s Competitors
Since Venmo was founded in 2009, it has grown in popularity because of its zero transaction and membership fees. Of course, this has given rise to competitors wanting to get their share of the mobile app revenue:
- Google Pay
- Apple Pay and Android Pay
- Zelle
- Popmoney
- Cash App
- Meta
Types of Scams Associated With Venmo
If you’re a Venmo user or thinking of setting up an account, take note of these common scams associated with it to protect yourself:
Cash Rewards Scam
The scammer may send you an SMS or email saying you’ve won a cash prize from Venmo. This message includes a link so you can sign in and check your account. This is known as a phishing scam Never open this link to sign in because this is how they steal your login information. They create a fake log-in page that is solely for the purpose of logging your credentials.
Authentication Code Scam
For scammers trying to sign in to your account, they will want to authenticate the code that Venmo sends to your mobile number. Then they will call you, pretending to be a Venmo employee needing to check your account. Never provide the verification code you receive on your phone. No legitimate company will ever ask for the two-step verification code, including Venmo. This is a common approach for people looking to get your account information in a phishing scam.
Tech Support Scam
Tech Support scams are another type of phishing scam. This happens when users looking for help with a technical problem search for Venmo’s phone number online. Once you call the listed number, you’ll end up talking to a stranger who charges an exorbitant amount for a service they will not provide. Always go to Venmo’s Contact page instead of searching for their number online. You can find it directly by typing in venmo.com/contact-us on your search bar.
Double-check to make sure that the spelling is correct, however, as scammers sometimes create domains that take advantage of misspellings. For example, a scammer might buy the domain name vnmo.com or vanmo.com to prey on people who aren’t paying attention.
Fake Buyer Scam
Scammers often send fake angry emails to online sellers, saying they’ve never received the goods or services after sending a Venmo payment. To avoid this, do not use your personal Venmo account for business use. Instead, sign up for a business account or try other payment platforms for your business.
To Avoid a Venmo Scam, Stay Vigilant
To avoid falling victim to a Venmo scam, you should always be vigilant of unusual emails asking for your login or bank information. This safeguards your account from scammers wanting to take your money and alerts Venmo to increase its security for the sake of its users.
Never open any unknown attachments or click on any links because they may contain viruses that can easily capture sensitive information. Instead, always go to the website and your account directly. If you find anything suspicious, you can always forward these emails to Venmo’s phishing department.
