5 Common Venmo Scams to Be Aware of in 2024: My Personal Tips for Staying Safe
The Venmo app has revolutionized the way people transfer money, with quick and easy transactions. The platform, however, has become a target for scammers like all digital platforms. Over the years, I’ve seen many of my friends fall prey to these schemes, and scammers are getting even craftier as 2024 approaches. My guide will explain the 5 most common Venmo scams to watch out for in 2024 and provide personal tips on how to avoid them.
Key Takeaways
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Stay alert: Scammers are becoming more sophisticated, and 2024 will likely bring new variations of these scams.
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Use Venmo only for trusted contacts and transactions.
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Never click on unsolicited emails or texts claiming to be from Venmo. Always verify from within the app.
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Report any suspicious activity immediately to Venmo’s support team.
1. The “Accidental Payment” Scam
One day, I got a notification that someone sent me $100 by mistake. Naturally, the sender messaged me, asking if I could send the money back. Thankfully, I knew better. This is a classic scam where the scammer uses a stolen card to send you money, only to request a refund before the fraudulent charge is discovered.
How It Works:
- A scammer sends you money “accidentally.”
- They quickly messaged you to refund the payment.
- When you send the money back, it comes out of your own account, and the stolen card is flagged, leaving you out of pocket.
My Tip: Never send money back directly through Venmo. If someone claims they sent you money by mistake, contact Venmo support and let them handle the situation.
2. Fake “Seller” or “Buyer” Scam
As a frequent online seller, this one hits close to home. Scammers often pretend to buy or sell goods on platforms like Craigslist or Facebook Marketplace and ask for payment via Venmo. Unfortunately, Venmo is not designed for business transactions, and once the money is sent, it’s almost impossible to get it back if the product is never delivered.
How It Works:
- You agree to purchase an item or service, and the scammer asks for Venmo payment.
- Once the payment is made, they vanish, leaving you with nothing.
My Tip: Always use Venmo’s Goods & Services feature if it applies or opt for more secure payment methods like PayPal for buying products from strangers. Venmo payments should only be used for trusted friends or family.
3. Venmo Phishing Scams
A couple of months ago, I received an email from “Venmo Support,” urging me to click a link to secure my account. It looked legit at first glance, but I noticed subtle inconsistencies in the email’s language. This was a phishing attempt designed to steal my login information.
How It Works:
- Scammers send fake emails or texts pretending to be Venmo, requesting that you click a link to update your account info or confirm a payment.
- The link directs you to a fake website that looks like Venmo, where they capture your login credentials.
My Tip: Always double-check the sender’s email address and URL. If you receive any suspicious messages, go directly to the Venmo app or website to verify the information.
4. Overpayment Scam
This scam is particularly tricky, and it nearly caught a friend of mine. The scammer “overpays” you for a product or service and then asks for a refund of the excess amount. However, their original payment is fake, leaving you to foot the bill when your refund goes through.
How It Works:
- The scammer sends you a payment for more than the agreed-upon amount.
- They ask you to refund the extra money.
- Their original payment bounces, leaving you short of the amount you refunded.
My Tip: Never issue refunds for overpayments without fully verifying that the original payment has cleared. This is especially important when dealing with large transactions.
5. The “Request for Help” Scam
I’ve seen an alarming rise in scammers impersonating friends in distress. You get a Venmo request or message from someone you know, claiming they’re in urgent need of money. It seems legit at first, but after calling my friend directly, I quickly realized their account had been hacked.
How It Works:
- Scammers hack into someone’s Venmo account and send requests to the victim’s contacts, claiming they need immediate financial help.
- Unsuspecting friends send money, thinking they’re helping a loved one.
My Tip: Always verify with the person via a phone call or a different platform before sending any money, no matter how urgent the situation seems.
Frequently Asked Questions (FAQs)
Q1: Can Venmo refund me if I’ve been scammed?
Venmo transactions are typically final, especially if you authorize them. Venmo recommends contacting their support team if you believe your account has been compromised.
Q2: Is Venmo safe for online purchases?
Venmo is generally not recommended for online purchases from strangers, as it doesn’t offer buyer protection like PayPal or credit card services. Only use it for people you trust.
Q3: What should I do if I receive a suspicious Venmo request?
If you receive a suspicious request, decline it immediately, block the sender, and report the account to Venmo for investigation.
Q4: Can someone hack my Venmo account?
Like any digital platform, Venmo is susceptible to hacking if your login information is compromised. Enable two-factor authentication (2FA) and never share your password.
Q5: How do I report a scam to Venmo?
You can report a scam directly through the Venmo app or contact their support team for assistance.
Final Thoughts
Venmo’s convenience comes with caution. In the coming years, scammers will continue to evolve their tactics, but vigilance and awareness will help you stay ahead of them. I’ve found that the best approach is to use Venmo only with trusted contacts and remain suspicious of unsolicited messages or requests. Venmo offers a seamless experience that you can enjoy without falling victim to these common scams if you take a few extra precautions.
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