How to Avoid Common Venmo Scams and Protect Yourself From Scammers

Thanks to technological advancement, you can quickly pay for anything nowadays without using your wallet. Digital money transfer platforms like Venmo have made it easier to transact online. Thanks to its efficiency, Venmo has grown in popularity over the years as many people use it to make payments. However, this platform has its fair share of risks, as Venmo scams are quite common. Here are some common Venmo frauds and how to avoid them.

How Do Venmo Scams Work? 

Venmo scams come in many forms, but they all share a common goal: tricking you into sending money that you won't get back. Here are some of the most frequent tactics scammers employ:

Scammers Offering to Increase Your Money

This Venmo scam is quite common and affects many users. Scammers ask you to send a small amount and offer you a higher amount in return. For instance, they may ask you to send $100 and get $1,500 within a week. This Venmo scam is also referred to as a pyramid scheme, cash wheel, or sometimes, the money circle. Whether you get this request from a friend or a stranger, you should refrain from sending money. Be sure to learn more about online survey scams to avoid this and many other types of scams.

Selling Hard-to-Find Items

Scammers can also use hard-to-find items to scam innocent users. Finding rare items like old-school gaming consoles can be frustrating, and scammers can use that to their advantage. They advertise these products lucratively, enticing users to buy from them instead of buying from an authentic retailer or online store which would ensure a secure and satisfactory retail experience. If you send them money, you will likely not get the product.

The In-Person Scam

While most Venmo scams happen online, others take place in person. Con artists on the streets use their trickery to scam people. While in-person scams are rare, they can often be severe. In this Venmo scam, a scammer may approach you and convince you to lend their phones to them to make a quick call. They give excuses like their phone is dead or they accidentally left it somewhere. After you lend them your phone, they pretend to call someone who is not picking up. They then send a short text message instead, but that's different from what they will be doing. They will be making a quick Venmo transfer from your account without you suspecting anything. You can go for days without checking your account balance, and by the time you do, you might not know what happened.

The Venmo Texting Scams

The Venmo scam text involves a trick known as phishing over SMS. The bad guys posing as Venmo employees send text messages to users saying their accounts are about to be charged. The SMS further says they must log in to their Venmo account to prevent these charges. The Venmo text scam sounds urgent, and most users do what they are told. The message comes with a link, which victims click on to log into their accounts. Victims don't know this link is corrupted, and the bad guys will have full access to every detail they provide. Scammers use the link to siphon crucial private information and use it to access your funds. Therefore, avoid clicking on such links and ignore Venmo scam texts.

How to Avoid Venmo Scams and Protect Yourself

You can avoid and protect yourself from Venmo scammers by following the tips below.

• Link your credit card, not your bank account: Linking it to Venmo increases the risk of scammers; therefore, it is better to link your credit card.
• Update privacy settings: Ensure you update your privacy settings to keep transactions private. Keeping transactions public puts you at risk of scammers.
• Be careful who you share your details with: Most users ask, ‘is it safe to give someone your Venmo username?’ The answer is no. Such information should be kept private at all times. If you are doing an online transaction, use email records to verify their authenticity before engaging them.
• Only use Venmo with people you trust: Venmo is a susceptible platform, and you should treat it with great care. Whoever you transact with on the platform should be somebody you know or trust. If you receive money from someone, get in touch with them to ensure they are actual senders. Such measures go a long way in keeping your account safe.
• Don't accept payment from strangers: Report any account that sends money requests to you. If possible, block such users. Additionally, do a sufficient background check on those you transact with on Venmo.

The Warning Signs to Watch Out For Venmo Scams

Whether it is a Venmo survey scam or a Venmo text scam, some of these warning signs to watch out for include:

• Text messages telling you to log into your Venmo account immediately
• Calls or text messages from strangers asking for Venmo username or details
• Suspicious strangers approaching you in public and asking to use your phone
• Unauthentic online sellers asking for upfront payments.

Conclusion

Although Venmo is a convenient way of sending and receiving money online, it comes with various risks. Using this platform can put you at risk of scammers that could access your funds. Therefore, you should protect your money from scammers by double-checking all transactions, being vigilant, and avoiding dealing with strangers. Read other informative articles on common venmo scams and how to avoid them.

FAQ

Does Venmo Protect Against Scams?

Unfortunately, Venmo's protection against scams is limited. If you willingly send money to someone, Venmo may not reimburse you, especially if the scam involved a fake purchase.

Can You Get Scammed on Venmo?

As a client or potential client, you may wonder, ‘can i get scammed on venmo?’ While the platform is highly efficient, there is a possibility of getting scammed on Venmo. These scams happen in a wide range of forms, and you must be careful to detect scammers while they are at it. Unfortunately, the bad guys are very sneaky and often convince many innocent users to get scammed.

Will Venmo Refund Money If Scammed?

Unfortunately, Venmo doesn't offer fraud protection if you willingly purchase a product and scammers know it. Therefore, you must be careful when buying products from online sellers. Use phone lookup tools to check the seller's authenticity. Following such measures will go a long way in protecting you against scams on Venmo.