You may have seen ads or posts on social media claiming that Venmo’s Santa is giving out free money. The idea sounds enticing – simply request up to $100 from a Venmo account named “SantaOnVenmo,” and you might receive the cash (in fact a gift card) as part of a holiday giveaway promotion. But while this viral @SantaOnVenmo campaign is real, scammers have also taken advantage to create fake Santa accounts and exploit unsuspecting users.
This article will break down how the real and fake Santa on Venmo campaigns work, providing tips on how to avoid falling victim to these holiday scams. The official @SantaOnVenmo sweepstakes offers a fun way to engage with Venmo and potentially win rewards. But several key details differentiate it from malicious imitators looking to take your money and run.
By understanding Venmo’s legitimate sweepstakes rules, recognizing scam warning signs, and taking precautions around sharing your account details, you can avoid getting scammed by fake Santas. ‘Tis the season for giving, not for falling victim to Grinches out to steal your hard-earned cash. Heed this advice to safely spread cheer, enter Venmo’s holiday promotion, and have jolly happy holidays.
Overview of the Fake Santa Venmo Scam
The Santa Venmo scam exploits Venmo’s viral “Santa On Venmo” holiday promotion, where users can legitimately request up to $100 from @SantaOnVenmo through December 10, 2024.
However, scammers have made fake Santa accounts on Venmo with names like “@SanttaOnVenmo” or “@venmosanta” to trick users. Through paid ads on social media, they lure victims to these accounts and block the “request money” feature. This forces victims to hit “pay” instead, resulting in accidental payments of $100 or more sent directly to the scammers.
The scammers also collect user’s Venmo handles when they make these “payments.” This allows them to directly target victims with phishing attempts for bank account information, passwords, or more money.
How Did It Start?
In December 2024, Venmo launched their Santa promotion across social media, including official Venmo accounts on TikTok and Snapchat. This lent credibility to the concept of a Santa account “giving away” money on Venmo for the holidays.
Scammers quickly took notice and made their own fake Santa accounts to cash in on the hype. They purchased social media ads targeting Venmo users and began actively deceiving people into sending them payments.
How Are Scammers Advertising the Fake Accounts?
- YouTube & Facebook Ads: Scammers pay for ads across YouTube and Facebook falsely claiming users can get up to $100 by paying or messaging the fake Santa accounts shown in the ads.
- TikTok Videos: Fake Venmo Santa accounts on TikTok post videos pretending to send people $100 or more in Venmo payments. The videos aim to convince viewers the scam accounts are real.
- Instagram Posts: The scammers create Instagram posts with captions like “Santa is feeling generous! First 100 people to send $100 get it back instantly!”
- Snapchat Filters: Scam accounts promote custom Snapchat filters saying “Tap to get $100 from SantaOnVenmoNow!” The filters install malware or lead to the fake Venmo accounts.
Why Is It So Deceptive?
The fake Santa Venmo scam is incredibly deceptive for several reasons:
- The accounts closely mimic the real @SantaOnVenmo name, like @SantaaOnV or @VenmoSantaNow.
- The paid social media ads falsely imply legitimacy and affiliation with the real Venmo promotion.
- Technical glitches force users to “pay” instead of “request” from the accounts. Users think they are entering the real promotion.
- Venmo has not issued any public guidance on fake accounts, enabling the scams to continue.
- The scam accounts keep changing names as they get banned, but employ the same tactics.
Separating Venmo’s Real Promo from Copycat Scams
Venmo is spreading holiday cheer with its Santa on Venmo Sweepstakes, but some scammers are trying to mimic the promotion to take advantage of users. Here are tips on how to tell the real giveaway apart from malicious imitations:
The Official Sweepstakes
Venmo’s official sweepstakes runs from December 6-10, 2024. To enter, make a payment request to @SantaOnVenmo for up to $100 and comment with a gift idea. Venmo will randomly select 500 winners to a total of $50k in holiday gift cards.
You can find the full details of this promo here: https://venmo.com/santaonvenmo/terms/
Signs of the Copycat Scams:
- Requests money from you rather than asking you to request a gift
- Uses an account name resembling but not exactly @SantaOnVenmo
- Asks for sensitive information like passwords or SSN
- Requests unusual payment amounts above $100
- Messages you unexpectedly rather than you engaging the account.
Venmo’s giveaway does not require you to send any money to Santa. You simply request a small gift for a chance to win $100 gift card. Only interact with the exact @SantaOnVenmo account. If you receive suspicious requests asking you to send money or provide sensitive info, report and block the account.
How the Fake Santa Venmo Scam Works
Now that you understand the background and overview, here is a step-by-step walkthrough of exactly how the fraudsters carry out this holiday scam on Venmo:
Step 1) Scammers Create the Fake Venmo Accounts
The scammers begin by setting up Venmo accounts pretending to be Santa Claus. Some examples include:
- @SantasVenmo
- @JollyOldSaintNic
- @SantaOnVemo
- @VenmoChristmas
They use profile photos of Santa and holiday scenes to better mimic the real @SantaOnVenmo account. The key tactic is including some form of “Santa” and “Venmo” in the username.
Step 2) Crafting Social Media Ads to Lure Victims
The fraudsters then create social media ads on platforms like Facebook, Instagram, YouTube, Snapchat, and TikTok promoting their fake Santa Venmo accounts.
Some examples of the deceitful ad messaging:
- “Add @JollyOldSaintNic on Venmo and get up to $100 free!”
- “Santa is feeling generous! Pay @SantaOnVemo $100 on Venmo and receive $250 back instantly!”
- “Last chance for free holiday cash! Send $100 to @VenmoChristmas.”
Their ads also use Christmas imagery, Venmo’s logo, and photos of the Venmo app interface to look more legitimate.
Step 3) Blocking the “Request” Feature in the Venmo App
When potential victims try to actually request money from the fake accounts within the Venmo app, the fraudsters block that option. They make it so only the “Pay” feature works.
This forces victims to hit Pay instead if they want to engage with the fake Santa account at all.
Step 4) Tricking Users Into Sending Money
Many victims are now confused when they try to request money and the feature doesn’t work.
They assume it’s just a glitch with the real Santa On Venmo promotion. So they hit the Pay button without realizing it.
This results in them accidentally sending $100 or more directly to the scammers. The holidays make people rush through payments more quickly without scrutinizing these red flags.
Step 5) Stealing Usernames For Phishing
In addition to making quick cash, the scammers can view usernames of everyone who submits a payment.
They compile these names and target the victims directly via Venmo asking for bank account information, social security numbers, or more money.
Step 6) Opening New Fake Accounts
As existing fake Santa accounts get banned or called out, the scammers simply open new ones and repeat the whole process.
They know Venmo likely won’t be able to shut down the scam entirely during the holidays.
Step 7) Cashing Out
Finally, the scammers withdraw or cash out the money from victims before Venmo can reverse the transactions.
They rely on the fast pace of the holidays to laundering the money quicker using online banking tools, gift cards, cryptocurrency exchanges, or remittance services.
And in an instant, hundreds of dollars are stolen from well-meaning people just trying to spread holiday cheer. Humbug!
What to Do If You Have Fallen Victim to This Scam
If you accidentally sent money to a fake Venmo Santa account, here are some tips on what to do:
- Contact Venmo Support – Report the issue and fraudulent account. Venmo may be able to ban the account and potentially recover lost funds. Provide as much detail as possible.
- Report the Account In-App – Open the Venmo app and find the Report option on the offending account’s profile page. Flag it for impersonation so Venmo can investigate.
- Watch for Phishing Attempts – Scammers may now target you directly for more money or personal data. Carefully scrutinize any messages requesting sensitive information.
- Strengthen Venmo Settings – Adjust account settings to increase security, such as enabling 2-factor authentication or transaction signing. Limit exposure.
- Change Your Venmo Password – Pick a new, complex password that the scammers won’t be able to guess. This prevents continued account access.
- Review Bank Statements – Make sure no additional unauthorized charges occurred beyond the initial scam payment. Dispute any found.
- Warn Friends and Followers – Let your social network know about the scam to prevent others from falling for fake Santa accounts.
- Freeze Your Credit (Optional) – If worried scammers may misuse personal data for identity theft, place a credit freeze with the major bureaus.
- File a Complaint with the FTC – Report the Venmo scam to the Federal Trade Commission by submitting an online complaint.
- Learn From the Experience – Use this scam attempt as motivation to be more cautious and skeptical of “too good to be true” offers in the future.
The Bottom Line
The Santa on Venmo promotion does appear to be legitimate and run by Venmo based on official rules and terms found online. However, its viral nature and technical issues have also opened the door for opportunistic scammers to create convincing fake accounts that prey on unsuspecting users.
If you see a Santa account offering free money in exchange for a Venmo “payment,” exercise extreme caution. Verify the account through Venmo before taking any actions, as most are likely fraudulent. Any technical glitches or UI tricks that result in payments instead of requests are also huge red flags of a scam attempt.
Unfortunately, many users have already fallen victim after engaging with the copycat accounts and may have little recourse for recovering their lost funds. Until Venmo implements better protections and clarifies its stance on the copycat accounts,users will need to stay vigilant against these fakes and the myriad holiday scams that occur annually on the platform.
As with most online offers that look too good to be true, trust your instincts. If something feels suspicious or “off” about a supposed Venmo promotion, avoid interacting altogether. Your best defense is simply not engaging with these scam accounts in the first place, no matter how convincing they may appear at first glance.
Stay safe this holiday season – don’t get scammed by the fake Santa’s on Venmo!
