Venmo is a popular mobile payment app that allows users to send and receive money easily. However, like any other online service, Venmo is not immune to scams and frauds. In this blog post, we will explain one of the latest scams targeting Venmo users: the Venmo ‘Press 1’ Call and PIN Code Scam. We will also provide some tips on how to avoid falling victim to this scam and what to do if you have already been scammed.
What is the Venmo ‘Press 1’ Call and PIN Code Scam?
The Venmo ‘Press 1’ Call and PIN Code Scam is a type of phishing scam that aims to trick Venmo users into giving away their account access to scammers.
The scam involves a fake automated call from a number that appears to be from Venmo, claiming that there has been an unauthorized attempt to log into your Venmo account from an unknown device or a suspicious transaction from your account.
The call then asks you to press 1 to verify your identity and sends you a text message with a PIN code that you are supposed to enter on the phone. However, the call and the text are not from Venmo, but from scammers who are trying to get your PIN code and take over your account.
How does the Venmo ‘Press 1’ Call and PIN Code Scam work?
The scammers use spoofing technology to make their phone number look like it is from Venmo. They also use a recorded voice that sounds similar to Venmo’s official voice prompts. They may even use your name or other personal details to make the call seem more convincing.
The scammers then create a sense of urgency and fear by telling you that your account is in danger of being hacked or that you have been charged for something you did not buy. They then ask you to press 1 to confirm your identity and send you a text message with a PIN code that they claim is for verification purposes. However, the PIN code is actually a one-time password (OTP) that Venmo sends you when you try to log into your account from a new device or browser. By entering or giving the PIN code to the scammers, you are essentially giving them access to your account.
The scammers can then use your account to transfer money to themselves or other accounts, or make purchases using your linked bank account or card.
What to do if you have fallen victim?
If you have received such a call and entered or gave away your PIN code, you should immediately take the following steps:
- Log into your Venmo account from a trusted device and browser and change your password.
- Check your transaction history and report any unauthorized or suspicious transactions to Venmo.
- Contact your bank or card issuer and inform them of the scam. They may be able to reverse or block any fraudulent charges.
- Report the scam call and text message to Venmo’s customer support team at support@venmo.com or 855-812-4430.
- Report the scam phone number to the Federal Trade Commission (FTC) at https://reportfraud.ftc.gov/ or 877-382-4357.
- If you suspect your device is infected with malware, you should run a scan with Malwarebytes Anti-Malware Free.
Conclusion
The Venmo ‘Press 1’ Call and PIN Code Scam is a clever phishing scheme that exploits the trust and convenience of Venmo users. However, by being aware of how the scam works and following some simple precautions, you can protect yourself and your money from this scam. Remember, Venmo will never call you to ask for your PIN code or other sensitive information. If you receive such a call, hang up immediately and contact Venmo directly using their official channels.
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