Venmo, the popular peer-to-peer payment app owned by PayPal, has become a prime target for scammers. In a disturbing new scam, fraudsters are impersonating Venmo’s customer support team in an attempt to steal users’ account information, passwords, and even money.
This article will provide an in-depth look at how the Venmo Fraud Department scam works, what to watch out for, and most importantly, how to protect yourself.
Scam Overview
The scam typically starts with an unexpected phone call from someone claiming to be from Venmo’s “Fraud Department.” The caller ID often shows up as Venmo’s real customer service number, thanks to spoofing technology that allows scammers to falsify caller ID information.
The person on the phone will claim that suspicious activity has been detected on your Venmo account, that someone is trying to log in, or that your account has been compromised. They will sound professional and authoritative, asking for your help catching the criminal.
To “verify” your identity, the scammer will ask you for personal information, like your full name, date of birth, the last four digits of your Social Security number, your Venmo password, or the code Venmo texted you. If you provide any of this, the scammers will gain access to your account and quickly empty your balance and linked bank account.
Venmo states that they will never call users and ask for login credentials or personal information over the phone. Any such call is an outright scam attempt. Venmo also does not have a specific department called the “Fraud Department.”
This scam is also sometimes perpetrated over email, where a message claiming to be from Venmo Support asks users to click on a fraudulent link leading to a fake Venmo website. Phone calls are more common recently as scammers try to pressure users in real-time.
How the Scam Works
The Venmo Fraud Department scam unfolds in several sinister steps designed to steal users’ personal information and account access. Here is exactly how it goes down:
Step 1: The Hook – An Unsolicited Call from “Venmo”
The scam call will come unexpectedly, often repeatedly if you do not pick up. The incoming phone number will appear legitimate, showing up as Venmo’s published customer service number due to spoofing technology.
Some users have reported receiving as many as 13 repeated calls in a row as scammers aggressively try to get their targets on the line.
Step 2: Fake Sense of Urgency
Once you answer the call, the scammer will immediately try to create a sense of urgency, making statements like:
- “This is an urgent call from Venmo’s Fraud Department”
- “We’ve detected suspicious activity on your account”
- “We believe your account has been compromised”
- “Someone just tried to login to your account from a new device”
They will sound very official, even naming actual Venmo departments like “account security team.” The goal is to make it seem like your Venmo account is in imminent danger so you feel pressured to act quickly.
Step 3: Request for Personal Information
After creating a fake emergency, the scammer will request sensitive personal information to “verify your identity.” They may say things like:
- “I need to confirm I’m speaking with the account owner. Can you verify some personal information for security purposes?”
- “To make sure you’re authorized to make changes, please confirm your full name, date of birth, and the last 4 digits of your Social Security number.”
- “What is the password associated with your Venmo account?”
- “Please provide the 6 digit code that was just texted to you from Venmo.”
Do not provide any personal information. Venmo will never call users and ask for login credentials, account passwords, Social Security numbers, or verification codes over the phone.
Step 4: Urging Account Lockdown
If you push back on providing the requested information, the scammer will become more insistent, often urging you to lock down or suspend your account. They may say:
- “If we don’t secure your account now, you’re at risk of losing your money”
- “Let’s lock your account until we resolve this issue and make sure no transactions can go through”
- “Please log into your account now and change your password and security settings”
Do not take direction from the caller. Immediately end the call if anyone requests you login, change account settings, or provide verification codes.
Step 5: Full Account Takeover
If you comply with any of their requests, the scammer will quickly take over your account, changing the login credentials so you can no longer access it.
They will then drain your Venmo balance, withdrawal all linked bank account funds, and send payments from your account to their own accounts or to money mule accounts.
You will be locked out, and by the time you restore account access, your money will be long gone. Venmo generally does not offer recourse for scam victims.
What to Do If You Have Fallen Victim to This Scam
If you provided any sensitive personal information or account access to a scammer posing as Venmo, take these steps immediately:
Step 1: Contact Venmo
- Call Venmo’s real customer support line: 1-855-812-4430
- File a complaint at help.venmo.com
- Explain you were targeted by a scam call and what information you provided
- Venmo agents can lock your account but likely cannot recover lost funds
Step 2: Notify Your Bank
- If the scammer gained access to a linked bank account, call your bank immediately
- Report any fraudulent transfers or withdrawals
- Your bank may be able to stop pending transfers or recover some lost funds
Step 3: Change Passwords
- Change your Venmo password if still able to access your account
- Also change the passwords for your email, online banking, and any other accounts for which you used the same password
Step 4: Monitor Accounts
- Carefully monitor all your financial accounts for any further suspicious activity
- Review credit reports and sign up for credit monitoring to catch any signs of identity theft
Step 5: Report the Scam
- File a report with the FTC at ReportFraud.ftc.gov
- Report it to the FBI’s Internet Crime Complaint Center at IC3.gov
- Contact local law enforcement and file a police report
Step 6: Remove Your Cell Phone Number
- Remove the cell phone number the scammers have been calling from your Venmo account
- Add a new number not associated with the scam calls
By taking swift action and reporting the scam, you can minimize the damage and prevent yourself from being targeted again. But acting quickly is key to locking down accounts before the scammers can drain them.
Frequently Asked Questions About the Venmo Fraud Department Scam
Concerned about the Venmo Fraud Department scam calls? Below are answers to the most commonly asked questions to help you understand this scam and protect yourself.
What is the Venmo Fraud Department scam?
The Venmo Fraud Department scam is when fraudsters call Venmo users posing as Venmo customer support agents. They claim there is suspicious activity on your account that requires urgent action, asking for personal info and account access to “protect your account.” It is a scam to steal login credentials and drain your Venmo balance.
How does the Venmo Fraud Department scam work?
The scammers call repeatedly from a spoofed number that looks like Venmo’s real customer service line. They create a fake sense of urgency, claiming your account was compromised. Then they request sensitive info like SSNs, account passwords, and verification codes to “confirm your identity.” With this info, they steal your funds.
What are some typical things the scammers say on the call?
Common statements include:
- “This is Venmo’s Fraud Department calling about suspicious activity on your account.”
- “Someone just tried to login from a new device. We need to secure your account.”
- “Please verify personal information like your SSN and date of birth.”
- “Provide the verification code we just texted you to confirm it’s really you.”
What information do the scammers ask for on the call?
The scammers will request:
- Full name and date of birth
- Last 4 digits of your SSN
- Venmo account password
- 6-digit verification codes texted by Venmo
- Access to log into your Venmo account
What are signs it’s the Venmo Fraud Department scam?
Warning signs include:
- Caller ID shows Venmo’s real number (thanks to spoofing)
- Claim of urgent account issues that require immediate action
- Requests for personal info and account access
- High-pressure tactics if you don’t comply
Does Venmo really call users about account issues?
No, Venmo does not call users about account problems. They only communicate via email or within the Venmo app. Any call is an attempted scam.
What should you do if you get a Venmo Fraud Department scam call?
If you get this scam call:
- Hang up immediately
- Call Venmo at 1-855-812-4430 to confirm it was a scam attempt
- Never provide personal information or account access over the phone
What should you do if you already fell for the scam call?
If you provided scammers with any sensitive information:
- Contact Venmo and banks linked to your Venmo
- Report unauthorized charges and freeze accounts
- Change all account passwords
- Monitor your accounts and credit reports for fraud
- File a report with the FTC and your local police
How can I avoid falling for the Venmo Fraud Department scam?
To avoid this scam:
- Never engage with unsolicited calls or texts from Venmo
- Don’t provide sensitive info over the phone
- Verify real Venmo contacts through official channels
- Review account statements regularly for any unauthorized activity
- Set up fraud alerts and credit monitoring
Staying vigilant is key to avoiding this sinister scam targeting Venmo users. Immediately end any unsolicited call claiming to be Venmo and contact Venmo directly through official channels if you have any concerns.
The Bottom Line
The Venmo Fraud Department scam is a serious threat, allowing criminals to wholly drain victims’ Venmo accounts and linked bank accounts in minutes.
But armed with the right information, this scam can be avoided. Remember:
- Venmo will never call users and ask for login credentials or account access
- Never provide personal info like SSNs, passwords, or verification codes over the phone
- Hang up immediately if the caller creates a sense of urgency or pushes for account access
- Act quickly if you did fall victim by locking accounts, contacting banks, and reporting the scam
Being cautious, avoiding pressure tactics, and verifying real Venmo contacts through official channels can keep your accounts secure. Spreading awareness can also help prevent others from falling prey to this insidious new scam.
