Venmo Scams Exposed: Types, Red Flags, and Protective Measures

We’ll cover everything about Venmo scams and ways to report them after you become a victim. Additionally, we’ll discuss different types of scams on Venmo and tips for staying safe from them. Let’s dive in!

In the world of digital currencies, hard cash is long dead and buried. While the transformation stayed fueled by the emphasis on digital accounts, scams were also on the rise. That’s where Venmo scams step in.

Despite the convenience this banking app brings, here’s a brief guide on the types of Venmo email scams, ways of reporting them, and tips to avoid scams on Venmo. Keep reading to find out all about Venmo business scams!

Note: Using a reliable VPN, like iProVPN, you can prevent your personal details from leaking. A premium VPN encrypts all your information and routes it through an encrypted tunnel.

Highlights

• Types of Venmo email scams include fake links, false payments, phishing attacks, and free money scams.
• Importance of exercising caution due to the possibility of scams on the digital platform.
• Tips on spotting Venmo business account scams, such as recognizing generic greetings, grammatical errors, and suspicious links.
• Actions to take if scammed include contacting Venmo support and utilizing Purchase Protection.
• Receiving funds through charge requests or refund requests on the Venmo app.
• Reporting Venmo email scams by forwarding suspicious emails, sending screenshots of text messages, and providing details of fraudulent calls.

What Is Venmo and How Does It Work?

Venmo functions as a peer-to-peer (P2P) payment application, enabling users to effortlessly send and receive funds among fellow Venmo users through their mobile devices. Additionally, it facilitates purchases from an expanding array of merchants.

Currently, Venmo is used by more than 78 million individuals, most of them in the United States. And Venmo generally attracts this popularity through its impressive features.

It simplifies the process of asking for payments from acquaintances. Instead of relying on the chance that your friend will spontaneously settle the owed amount, you can formally request the money by following comparable steps.

Venmo is designed for mobile device usage, allowing you to divide expenses or make payments for items typically bought with cash. This eliminates the need to carry exact change or encounter situations where someone may use the absence of money as a reason not to contribute.

Can You Get Scammed on Venmo?

Yes, it’s possible to get scammed on Venmo. The reason why it’s important to exercise certain precautions when using this app. These Venmo business account scams are generally supported by a fake claim of you winning a cash prize, and they then trick you into providing your details. And, that’s the beginning of Venmo business scams.

According to Pew Research, approximately 13% of individuals who have used PayPal, Venmo, Zelle, or Cash App acknowledge sending money and discovering it was one of the Venmo business account scams. With a comparable proportion (11%) indicating they’ve experienced account hacking.

Let’s jump to the most commonly faced Venmo scams.

What Are Common Venmo Scams?

According to JP Morgan’s yearly survey on payment fraud, there was a concerning 10% increase in card-related fraudulent activities in the digital domain during 2022. However, businesses, in general, experienced reduced Venmo business scams.

Moreover, Venmo, being a digital wallet, also accounts for these stats. To delve deeper, here’s how Venmo email scams work:

1. Fake Links – The Frequent Venmo Scams Email

• Exercise caution with links in texts or emails, often part of scams on Venmo or smishing attempts.
• Scams on Venmo include scammers urging you to click for actions like deposit authorization or account confirmation.
• Venmo does not send confirmation texts; avoid all suspicious text message links.
• Verify email links to ensure they lead to an official Venmo URL.

2. Fake Payments – Common Venmo Business Scams

• Watch out for Venmo business account scams involving false proof of payment, claiming funds are held until shipment confirmation.
• Check the sender’s email address for authenticity.
• Verify payments within your Venmo app to avoid falling victim to fraudulent schemes.
• Be cautious of scams on Venmo, i.e, through Venmo scams email, and avoid providing personal or financial information.

3. Phishing Attacks – The High-Risk Scam

• Phishing attacks involve scammers posing as legitimate businesses, such as Venmo.
• In a deceptive Venmo scams email, scammers mimic Venmo’s colors, logo, and domain name.
• Beware of urgent Venmo scams email pressuring you to click a link for information verification.
• Legitimate communications from Venmo will not use threatening or urgent language.

4. Free Money Scam – The Unbelievably True Prizes

• Be wary of messages claiming you’ve won “free money” on Venmo.
• Scammers prompt you to click a link and sign in, leading to a fraudulent site stealing your account information.
• Another version involves promises of a Venmo gift card for survey completion, which is unlikely from legitimate companies.
• Stay vigilant against deceptive tactics and avoid engaging with such messages.

Although these are only a few examples, the Venmo email scams list originally stretches longer. To better understand, the following section discusses how Venmo email scams work.

How to Spot a Venmo Scam Online?

It’s essential to stay on the lookout for anything fishy when using Venmo to ensure your info and money stay safe. There are a few things you can keep an eye out for on Venmo and other sites to avoid falling for scams. And even if you don’t see these signs, trust your gut and be careful about sharing too much info.

Here are some red flags that could signal Venmo business scams:

1. Generic Greeting

It might be a one of the scams on Venmo if you get an email that doesn’t say “Hi” to you by name or your Venmo handle.

2. Grammatical Errors

Typos, weird formatting, or lousy grammar could mean trouble, so watch for those as those might be scams on Venmo.

3. Suspicious Links

Don’t click on links in emails or texts that seem off. If you’re on a computer, hover over the link to see where it goes before clicking. It’s better to play it safe on your phone and not tap any sketchy links.

4. Unknown Attachments

Never download anything attached to an email or message if you are unsure where it’s coming from.

5. Sense of Urgency

Scammers make you feel rushed and not overthink about what you’re doing. Take your time, especially if something seems urgent.

6. Too Good to Be True

If a deal or offer seems way too good, it probably is. Trust your instincts and be cautious, it might be one of the scams on Venmo.

What Happens if Someone Scams You on Venmo?

For example, if you’ve been one of the victims of Venmo or similar business account scams and lost money by returning an amount to the scammer, then no, you can’t have your money back. But here’s all that you can do instead.

However, if you’ve categorized a payment to an individual profile as a “purchase,” you might qualify for Venmo’s Purchase Protection policy.

1. Contact Venmo Support

• Contact support through the app (“Home”> “Get Help”) or the online form.
• Provide essential details: recipient’s username, payment amount, date, and relevant attachments (e.g., screenshots of communications).
• Venmo refunds unauthorized transactions only if the recipient explicitly agrees, their account is in good standing, and they have available funds.

2. Sending a Charge Request

• To retrieve your funds, there are only three scenarios:

1. The recipient willingly returns the money.
2. You manage to cancel a pending transaction.
3. You successfully dispute the transaction with Venmo or your bank.

• Venmo intervenes only after attempts to resolve the issue independently, considering cases where misunderstandings might occur.

3. Requesting a Refund

• In the Venmo app, tap “Pay/Request,” add the recipient’s details, enter the amount, and include a brief note.
• Tap “Request,” and you’ll be notified if the request is denied.
• Utilize Venmo’s Purchase Protection if your payment is categorized as a “purchase,” covering issues like receiving a broken, different, or fake item.
• To file a Purchase Protection claim, use the Venmo app’s “Get Help” or the online support ticket form, providing payment details and relevant information.

How to Report Venmo Scams?

Initially, you should subscribe to a reliable VPN, like iProVPN to ensure your data never leaks out, and you’re never a victim of identity theft. However, if you’re already a victim of Venmo email scams, here’s the process for reporting Venmo scams:

• If you encounter a phishing scam through email, forward the suspicious email to [email protected].
• In the case of text messages or smishing attempts, send screenshots of the messages to [email protected].
• If you receive fraudulent telephone calls, provide a screenshot of the phone number to [email protected] for further investigation.

Wrapping Up

In conclusion, as digital currencies gain prevalence, so do scams, particularly on platforms like Venmo. Understanding the types of Venmo scams, recognizing red flags, and staying vigilant is crucial to avoid falling victim to Venmo business scams.

If you encounter a scam, reporting it promptly to Venmo is essential. Whether through phishing emails, text messages, or fraudulent calls, providing all necessary details and evidence to [email protected] or [email protected] aids in addressing the issue.

While Venmo offers certain protections, users must remain cautious to prevent scams and, if unfortunate, follow the outlined steps to seek resolution and secure their financial well-being. Stay informed and stay safe of Venmo business scams.