Venmo Scams – Steps to Stay Protected in 2024

A well-liked method of sending and receiving money among friends and family is Venmo. Nevertheless, con artists may target Facebook just like any other internet site. Venmo scams are still prevalent in 2024, so it’s critical to understand how to stay safe. This post will discuss the most prevalent Venmo scams and offer helpful safety advice.

Common Venmo Scams in 2024

Here is a list of the most common Venmo scams that you might encounter in 2024:

1. Fake Buyer Scams

In this scam, someone pretends to buy something from you, but they use a stolen credit card or account to pay you. After you send the item, Venmo reverses the payment because it was made with a fraudulent account. You’re left without the item and the money.

How to Protect Yourself:

• Only sell to people you know or trust.
• Avoid large sales with strangers on Venmo.
• Always confirm that the payment has cleared before sending anything.

2. Overpayment Scams

Scammers pretend to accidentally send you too much money and ask for a refund of the extra amount. But the money they sent was from a stolen account, and Venmo will reverse it later. This leaves you out of pocket for the “refund” you gave them.

How to Protect Yourself:

• Never send money back without confirming where it came from.
• Contact Venmo support if you receive an unexpected payment.
• Don’t refund payments from strangers.

3. Phishing Scams

Under the guise of Venmo, scammers will send you SMS, emails, or messages on social media. They pretend there is a problem with your account and ask for your payment information or login credentials. Once they obtain this data, they can use your Venmo account to access and purloin your funds.

How to Protect Yourself:

• Links in unsolicited emails or SMS should never be clicked.
• To check your account, always navigate directly to the Venmo website or app.
• Use 2FA, or two-factor authentication, to safeguard your account.

4. Fake “Friends” Requests

You might receive a payment request from someone pretending to be your friend, asking for a small amount of money. They hope you won’t double-check the name or profile and will just pay. In reality, they are strangers trying to steal from you.

How to Protect Yourself:

• Make sure the individual asking for money is who they say they are.
• Double-check the profile before accepting requests.
• Be cautious when paying someone new on Venmo.

5. Impersonation of Venmo Support

You can receive calls from con artists posing as Venmo customer service. They demand your password or verification codes and say there’s a problem with your account. They could access your account and take your money if you provide them with this information.

How to Protect Yourself:

• Your verification code or password will never be requested by Venmo.
• Please get in touch with Venmo via their official channels if you receive a message like this.
• Until you are positive that someone claiming to be supported is authentic, don’t divulge personal information to them.

6. Charity Scams

Scammers may ask for donations through Venmo for fake causes or emergencies. They use emotionally charged stories to encourage quick donations without proper research. Once you send the money, it’s gone, and you won’t hear from them again.

How to Protect Yourself:

• Only donate to charities you know and trust.
• Research any charity or person asking for money before donating.
• Avoid giving to requests from strangers on Venmo.

General Tips to Stay Safe on Venmo

Let’s get to know about some general safety tips on Venome:

Use Two-Factor Authentication (2FA)

This requires a code given to your phone to log in, which adds a layer of protection.

Check Your Transactions Regularly

Monitor the transactions on Venmo. Report anything strange you see to Venmo right away.

Don’t Store Large Amounts of Money in Venmo

Transfer your Venmo balance to your bank regularly. If your Venmo account is hacked, the scammer can only steal the money you have in the app.

Avoid Public Wi-Fi for Financial Transactions

Public Wi-Fi networks can be hacked into by scammers, who can then steal data. When using Venmo, always connect via a private, secure connection.

Set Strong Passwords

Use a unique and strong password for Venmo that you don’t use on other websites.

Turn Off Payment Requests from Strangers

In your Venmo settings, you can turn off the ability for strangers to send you payment requests. This helps avoid fake requests.

Be Skeptical of Suspicious Messages

Scammers often create urgency, saying things like, “Act now or your account will be locked!” Before acting, make sure the information is accurate.

Conclusion

Although Venmo is a handy software, scammers can target it in a number of ways. The secret to remaining safe in 2024 is being aware of the most prevalent frauds and understanding self-defence techniques. Utilizing the advice provided in this post can help you use Venmo with greater assurance and security. Remain wary at all times and keep in mind that something is too good to be true if it looks.

FAQs

1. Can Venmo Refund Money Lost to a Scam?

Venmo typically does not refund money if you’ve been scammed. Once a payment is sent, it’s hard to get it back. Always double-check who you’re sending money to before making a payment.

2. Is Venmo Safe to Use for Large Purchases?

It’s safer to avoid large transactions with strangers on Venmo. Use a more secure platform or method, like PayPal or a credit card, for large or important purchases.

3. Can I Report Scams Directly to Venmo?

Yes, Venmo has a support system where you can report suspicious activity. If you think you’ve been targeted by a scam, report it to Venmo immediately.

4. How can I Spot a Fake Venmo Support Message?

Fake messages often have poor grammar, strange email addresses, or a sense of urgency. Venmo will never ask for your password or verification code through email or text.

5. How Should I Respond to an Unexpected Payment?

If you get an unexpected payment, don’t refund it right away. Contact Venmo support and wait for them to investigate the situation. It could be part of a scam.