Venmo Scams Exposed: The Top 11 Cons Targeting Your Account
Written by: Stelian Pilici
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Venmo has become one of the most popular peer-to-peer payment apps, allowing users to easily transfer money between friends or pay for goods and services. However, as Venmo’s user base has grown, so too have scams targeting unsuspecting users. In this comprehensive guide, we outline the most common Venmo scams to watch out for, provide tips on how to avoid falling victim, and explain how to enhance your security when using the app.
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Common Venmo Scams and How to Avoid Them
Here are some of the most common Venmo scams, as well as tips on how you can avoid getting tricked:
1. The “Accidental” Money Transfer Scam
In this scam, a criminal sends you money via Venmo using a stolen credit card or hacked account. Shortly after, they will message you claiming it was an “accident” and ask you to simply send the money back to their Venmo account. However, when Venmo discovers the original transfer was fraudulent, they will debit the money from your account. By that point, the scammer has already withdrawn the money you returned to them.
For example, you sell a desk on Facebook Marketplace for $100. The buyer says he’ll pay through Venmo and transfers you $100. But then he messages you that he accidentally sent $500 instead of $100. He asks you to please return the extra $400 to his Venmo account. You refund the $400, and the buyer withdraws it. A few days later, Venmo reverses the original $500 transaction when they detect it was fraudulent. Now you are out $400 with no desk.
To avoid this, never send money back if someone claims an accidental transfer. Contact Venmo support to verify first. Only transact with people you know and trust.
2. The Fake Buyer Scam
Scammers may pose as buyers if you are selling an item online. They will pay you on Venmo for the item, then once you’ve shipped it, retract the payment leaving you without the item or funds.
For example, you list a used iPhone for sale on eBay for $300. A buyer messages that he wants to purchase it and will pay you through Venmo. You receive a $300 Venmo payment notification, so you ship the phone. But days later the payment is reversed – the buyer scammed you out of your iPhone.
Protect yourself by only shipping items after the Venmo payment has fully cleared, which can take a few days. Be wary of any buyers who push you to ship before the payment has settled.
3. Venmo Phishing Scams
Watch out for emails or texts pretending to be from Venmo and asking you to verify account details. These “phishing” messages often look legitimate but clicking enclosed links can expose your login details or install malware.
For instance, you get an email that appears to be from Venmo, warning that your account will be suspended unless you verify some information. The email has Venmo logos and the sender address looks real. When you click the link to “verify your account,” it takes you to a fake site mimicking Venmo’s login page. As soon as you enter your username and password, the scammer has access to your account.
Always go directly to the real Venmo website or app if you get suspicious communications. And never click links in unsolicited messages.
4. Venmo Smishing Scams
“Smishing” uses text messages instead of emails to trick you into giving up Venmo login credentials or downloading malware. The texts may claim there is a problem with your account that requires immediate action through a link.
For example, you receive a text claiming to be from Venmo, saying there was suspicious activity on your account. The message says you need to urgently click on a link to reset your password and secure your account. However, the link actually downloads malware onto your phone, allowing the hacker to steal your Venmo password next time you log in.
As with phishing scams, ignore these texts. Open the Venmo app manually to view notifications. Legitimate Venmo texts will never ask for sensitive data or contain links.
5. Venmo Identity Theft
Scammers may hack into a friend’s account and then ask to borrow money from you posing as that friend. Or they can piece together enough public details to impersonate someone and target their connections.
For instance, you get a Venmo request from your friend Alec asking to borrow $250 for car repairs. You had just seen Alec last week and he seemed fine, but you decide to help him out anyway. Unfortunately, Alec’s account had been hacked – you just gave $250 to a scammer pretending to be your friend.
Always independently verify strange payment requests, even if they appear to come from someone you know. Call or text the contact using previous conversations – don’t rely on any new account details they sent.
6. The “Stranger in the Street” Scam
Criminals may approach you asking to borrow your phone for an “emergency.” But they quickly open your Venmo app and send an unauthorized payment.
For example, a woman comes up to you on the street asking if she can use your phone to call her son’s school because of a medical emergency. You hand her your unlocked phone. But instead of making a call, the scammer opens your Venmo app and instantly sends $200 to her own account before disappearing into the crowd.
Never hand your unlocked phone to a stranger, even briefly. Also set up biometric login (fingerprint/face ID) on your Venmo app for extra security.
7. Romance Scams
Fraudsters prey on single people seeking relationships online and eventually ask for money after building trust. They may claim visa issues, medical emergencies or other hardships to trick you into sending funds via Venmo.
For instance, you start chatting with someone named Brian on a dating app. After a few weeks, Brian says he is coming to visit you from Europe and asks if you can send him money for the flight through Venmo. You believe you are in love and send Brian $800. But you never hear from him again after the payment.
While getting to know someone online, avoid sharing financial information. Conduct reverse image searches on their photos and be wary of excuses why they can’t meet in person.
8. Paper Check Scams
The scammer sends you a check but asks you to immediately wire back part of the amount via Venmo before the check can bounce. By the time it bounces, they have the money you sent.
For example, you receive a check for $2,500 in the mail claiming it is payment for a mystery shopper assignment. The letter with the check asks you to deposit it, keep $200 for your services, and send the rest back via Venmo right away for processing. You wire the extra $2,300 to the account details provided. A week later, the bank notifies you the original check was fraudulent. But the scammer already withdrew the $2,300 you sent.
Never send payments based on a check before it fully clears, which can take weeks. Only transact with trusted individuals and companies.
9. Overpayment Scams
A scammer intentionally overpays for an item through Venmo using a compromised account, then asks you to refund the difference. But when Venmo reverses the fraudulent transaction, you’re out the refunded money.
For instance, you are selling a laptop for $500 on Craigslist. The buyer sends you $600 on Venmo by mistake. He asks you to please send back the $100 overage. You refund the extra money, but shortly after Venmo cancels the original payment due to suspected fraud. The scammer got the laptop and $100 of your money.
If ever overpaid, simply refund the exact overage amount – no more. Wait until the original payment fully settles before refunding to be safe.
10. Fake Investment Scams
Criminals promise to invest your money and deliver huge returns if you send them funds via Venmo to get started. In reality, they pocket the money and you never see any returns.
For example, you see an Instagram ad promising guaranteed 20% monthly returns on cryptocurrency investments. The poster says they only need an initial investment of $1,000 via Venmo to get started. You send $1,000 but never hear back after that. The “investment” was just a scam to steal your money.
Research investment providers thoroughly and be wary of promised returns that sound too good to be true. Never make payments simply based on a promise of future returns.
11. Onboarding Fee Scams
Fraudsters post fake job listings then “hire” applicants and ask for onboarding fees via Venmo to cover equipment, training, etc. But after the payment, they disappear.
For instance, you apply for a work-from-home job you found online. The “employer” interviews you over chat and tells you that you are hired. But first you need to pay $200 through Venmo to cover your new laptop and software access. Desperate for the job, you send the money. Then the “employer” blocks you on chat and never contacts you again about actual work.
Legitimate employers never ask candidates to pay for their own onboarding. Refuse these types of requests. Only send money for legitimate reasons to people you know and trust.
By understanding how Venmo scams operate, checking payment details carefully, and using common sense, you can avoid becoming a victim. Only transact with trusted individuals, and never send payments based solely on promises of future actions.
Use Venmo Safely With These Security Tips
While scams are an unfortunate risk with any online payment app, there are steps you can take to avoid trouble:
Only transact with people you personally know and trust.
Never send money to strangers who contact you out of the blue.
Do not use Venmo to conduct transactions for people you only know online.
Enable all available security settings in the Venmo app, such as passcodes.
Link Venmo to a credit card instead of your bank account.
Monitor your account closely and report unauthorized activity immediately.
Never click suspicious links in emails, texts, or social media messages.
Beware of incredibly generous offers or deals that seem too good to be true.
Frequently change your Venmo login details and password.
Following these tips and trusting your instincts can go a long way in keeping your money secure. The most important rule is being cautious when dealing with anyone you don’t know well, especially if they initiate contact asking for financial help or promising easy money. Stay vigilant and don’t hesitate to contact Venmo if you suspect foul play.
Lock Down Your Device To Protect Venmo Access
In addition to smart practices on Venmo itself, it’s crucial to keep the device you access Venmo on safe from hackers. Here are key ways to boost overall security:
Keep your device updated – Maintain the latest OS and security patches which include fixes for vulnerabilities.
Install antivirus software – Use a reputable antivirus program to scan for and remove malware.
Enable password/biometric authentication – Prevent unauthorized access to your device by enabling fingerprint, face ID, or passcode locks.
Avoid public WiFi – Only access Venmo on secure, private networks to prevent snooping of your activity or credentials.
Install a VPN – A VPN encrypts all network traffic which protects your online banking activity.
Beware of phishing emails – Links and attachments in unsolicited or suspicious emails could contain malware.
Log out completely – Don’t just close the Venmo app, make sure to fully log out after each session.
Clear browsing history – Prevent others from seeing any sensitive lookups by regularly wiping your browser history.
Keeping both your device and Venmo account locked down makes you an unattractive target for scammers seeking easy marks. It requires vigilance, but combining smart everyday habits with caution around unknown accounts or offers will help you avoid the vast majority of Venmo scams. Don’t hesitate to contact their customer support for help identifying and addressing suspicious activity that has you worried.
Here is a section on what to do if you have fallen victim to a Venmo scam:
What To Do If You’ve Been Scammed
Unfortunately, even if you take precautions, you may end up the target of a Venmo scam. If you realize funds were stolen from your account, or you were tricked into sending money to a scammer, take the following steps:
Contact Venmo customer support immediately through the app or website. Explain exactly what happened and what type of scam you encountered.
Request to report fraudulent transactions and speak to the security team. Venmo may be able to reverse the transactions, especially if caught quickly.
Change your Venmo password if your account was compromised. Make sure the new password is unique and enable two-factor authentication.
Review your account transactions for any additional unauthorized charges. Dispute all fraudulent payments through Venmo.
Notify your linked bank or card company of the scam. They may be able to stop connected accounts from being accessed.
Report the Venmo user who scammed you so their account can be blocked. Provide Venmo with any details about how the scam took place.
Document details like the scammer’s Venmo username, linked email or phone number, and screenshots of your conversations. This creates a paper trail for authorities.
Contact the FTC to report you have fallen victim to fraud through Venmo or other means. They track scam trends.
Be mindful of recovery scams. Real Venmo support will never reach out asking for sensitive information or payment to recover stolen funds.
The most critical step is contacting Venmo right away to minimize losses from the scam transaction. Provide as many specifics as possible to increase your odds of having funds returned.
Is Your Device Infected? Check for Malware
If your device is running slowly or acting suspicious, it may be infected with malware. Malwarebytes Anti-Malware Free is a great option for scanning your device and detecting potential malware or viruses. The free version can efficiently check for and remove many common infections.
Malwarebytes can run on Windows, Mac, and Android devices. Depending on which operating system is installed on the device you’re trying to run a Malwarebytes scan, please click on the tab below and follow the displayed steps.
Malwarebytes For WindowsMalwarebytes For MacMalwarebytes For Android
Scan your computer with Malwarebytes for Windows to remove malware
Malwarebytes stands out as one of the leading and widely-used anti-malware solutions for Windows, and for good reason. It effectively eradicates various types of malware that other programs often overlook, all at no cost to you. When it comes to disinfecting an infected device, Malwarebytes has consistently been a free and indispensable tool in the battle against malware. We highly recommend it for maintaining a clean and secure system.
Download Malwarebytes for Windows
You can download Malwarebytes by clicking the link below.
After the download is complete, locate the MBSetup file, typically found in your Downloads folder. Double-click on the MBSetup file to begin the installation of Malwarebytes on your computer. If a User Account Control pop-up appears, click “Yes” to continue the Malwarebytes installation.
Follow the On-Screen Prompts to Install Malwarebytes
When the Malwarebytes installation begins, the setup wizard will guide you through the process.
You’ll first be prompted to choose the type of computer you’re installing the program on—select either “Personal Computer” or “Work Computer” as appropriate, then click on Next.
Malwarebytes will now begin the installation process on your device.
When the Malwarebytes installation is complete, the program will automatically open to the “Welcome to Malwarebytes” screen.
On the final screen, simply click on the Open Malwarebytes option to start the program.
Enable “Rootkit scanning”.
Malwarebytes Anti-Malware will now start, and you will see the main screen as shown below. To maximize Malwarebytes’ ability to detect malware and unwanted programs, we need to enable rootkit scanning. Click on the “Settings” gear icon located on the left of the screen to access the general settings section.
In the settings menu, enable the “Scan for rootkits” option by clicking the toggle switch until it turns blue.
Now that you have enabled rootkit scanning, click on the “Dashboard” button in the left pane to get back to the main screen.
Perform a Scan with Malwarebytes.
To start a scan, click the Scan button. Malwarebytes will automatically update its antivirus database and begin scanning your computer for malicious programs.
Wait for the Malwarebytes scan to complete.
Malwarebytes will now scan your computer for browser hijackers and other malicious programs. This process can take a few minutes, so we suggest you do something else and periodically check the status of the scan to see when it is finished.
Quarantine detected malware
Once the Malwarebytes scan is complete, it will display a list of detected malware, adware, and potentially unwanted programs. To effectively remove these threats, click the “Quarantine” button.
Malwarebytes will now delete all of the files and registry keys and add them to the program’s quarantine.
Restart your computer.
When removing files, Malwarebytes may require a reboot to fully eliminate some threats. If you see a message indicating that a reboot is needed, please allow it. Once your computer has restarted and you are logged back in, you can continue with the remaining steps.
Your computer should now be free of trojans, adware, browser hijackers, and other malware.
If your current antivirus allowed this malicious program on your computer, you may want to consider purchasing Malwarebytes Premium to protect against these types of threats in the future. If you are still having problems with your computer after completing these instructions, then please follow one of the steps:
Scan your computer with Malwarebytes for Mac to remove malware
Malwarebytes for Mac is an on-demand scanner that can destroy many types of malware that other software tends to miss without costing you absolutely anything. When it comes to cleaning up an infected device, Malwarebytes has always been free, and we recommend it as an essential tool in the fight against malware.
Download Malwarebytes for Mac.
You can download Malwarebytes for Mac by clicking the link below.
When Malwarebytes has finished downloading, double-click on the setup file to install Malwarebytes on your computer. In most cases, downloaded files are saved to the Downloads folder.
Follow the on-screen prompts to install Malwarebytes.
When the Malwarebytes installation begins, you will see the Malwarebytes for Mac Installer which will guide you through the installation process. Click “Continue“, then keep following the prompts to continue with the installation process.
When your Malwarebytes installation completes, the program opens to the Welcome to Malwarebytes screen. Click the “Get started” button.
Select “Personal Computer” or “Work Computer”.
The Malwarebytes Welcome screen will first ask you what type of computer are you installing this program, click either Personal Computer or Work Computer.
Click on “Scan”.
To scan your computer with Malwarebytes, click on the “Scan” button. Malwarebytes for Mac will automatically update the antivirus database and start scanning your computer for malware.
Wait for the Malwarebytes scan to complete.
Malwarebytes will scan your computer for adware, browser hijackers, and other malicious programs. This process can take a few minutes, so we suggest you do something else and periodically check on the status of the scan to see when it is finished.
Click on “Quarantine”.
When the scan has been completed, you will be presented with a screen showing the malware infections that Malwarebytes has detected. To remove the malware that Malwarebytes has found, click on the “Quarantine” button.
Restart computer.
Malwarebytes will now remove all the malicious files that it has found. To complete the malware removal process, Malwarebytes may ask you to restart your computer.
Your Mac should now be free of adware, browser hijackers, and other malware.
If your current antivirus allowed a malicious program on your computer, you might want to consider purchasing the full-featured version of Malwarebytes Anti-Malware to protect against these types of threats in the future. If you are still experiencing problems while trying to remove a malicious program from your computer, please ask for help in our Mac Malware Removal Help & Support forum.
Scan your phone with Malwarebytes for Android to remove malware
Malwarebytes for Android automatically detects and removes dangerous threats like malware and ransomware so you don’t have to worry about your most-used device being compromised. Aggressive detection of adware and potentially unwanted programs keeps your Android phone or tablet running smooth.
Download Malwarebytes for Android.
You can download Malwarebytes for Android by clicking the link below.
In the Google Play Store, tap “Install” to install Malwarebytes for Android on your device.
When the installation process has finished, tap “Open” to begin using Malwarebytes for Android. You can also open Malwarebytes by tapping on its icon in your phone menu or home screen.
Follow the on-screen prompts to complete the setup process
When Malwarebytes will open, you will see the Malwarebytes Setup Wizard which will guide you through a series of permissions and other setup options. This is the first of two screens that explain the difference between the Premium and Free versions. Swipe this screen to continue. Tap on “Got it” to proceed to the next step. Malwarebytes for Android will now ask for a set of permissions that are required to scan your device and protect it from malware. Tap on “Give permission” to continue. Tap on “Allow” to permit Malwarebytes to access the files on your phone.
Update database and run a scan with Malwarebytes for Android
You will now be prompted to update the Malwarebytes database and run a full system scan.
Click on “Update database” to update the Malwarebytes for Android definitions to the latest version, then click on “Run full scan” to perform a system scan.
Wait for the Malwarebytes scan to complete.
Malwarebytes will now start scanning your phone for adware and other malicious apps. This process can take a few minutes, so we suggest you do something else and periodically check on the status of the scan to see when it is finished.
Click on “Remove Selected”.
When the scan has been completed, you will be presented with a screen showing the malware infections that Malwarebytes for Android has detected. To remove the malicious apps that Malwarebytes has found, tap on the “Remove Selected” button.
Restart your phone.
Malwarebytes for Android will now remove all the malicious apps that it has found. To complete the malware removal process, Malwarebytes may ask you to restart your device.
Your phone should now be free of adware, browser hijackers, and other malware.
If your current antivirus allowed a malicious app on your phone, you may want to consider purchasing the full-featured version of Malwarebytes to protect against these types of threats in the future. If you are still having problems with your phone after completing these instructions, then please follow one of the steps:
Restore your phone to factory settings by going to Settings > General management > Reset > Factory data reset.
Q: How can I tell if a Venmo payment request is a scam?
A: Warning signs of a scam include payment requests from strangers, typos or grammatical errors in messages, requests for quick payment without reason, or any threat or sense of urgency. When in doubt, independently verify the request through another communication channel.
Q: What should I do if I realize I was scammed on Venmo?
A: Immediately contact Venmo support through the app or website. Explain the situation and what type of scam occurred. Venmo may be able to reverse fraudulent transactions if caught quickly. You can also report the scammer’s account which could get them banned from the platform.
Q: Is Venmo safe for buying and selling items?
A: There are risks with peer-to-peer transactions for goods and services. Only use Venmo for transactions with people you personally know. For selling items to strangers, use alternatives like PayPal that offer purchase protection.
Q: How do I reset my Venmo password and increase security?
A: In the Venmo app, go to Settings > Password > Change Password. Avoid reusing the same password on multiple accounts. Enable two-factor authentication which adds an extra login step for additional protection.
Q: What information can scammers access if they take over my account?
A: They can view your profile, friend lists, transaction history, linked bank/card details, and contact info. With this info, they could siphon money or further the scam by impersonating you to your network.
Q: Can Venmo scammers take money directly from my bank account?
A: Venmo only directly integrates with bank accounts for depositing funds to your Venmo balance. Scammers need your bank login details to transfer from your bank account – they cannot do this purely by taking over your Venmo.
Q: Is it safe to use Venmo on public WiFi networks?
A: No, public WiFi is insecure and leaves your data vulnerable to interception. Only access Venmo on private, password-protected networks to keep your account safe. Avoid WiFi hotspots when using financial apps.
The Bottom Line
Venmo delivers convenience for making quick payments and transfers, but it has also become a hotbed for schemers and fraudsters. By learning the most common scams to watch for, taking proactive security measures, and applying basic precautions when transacting, you can use Venmo seamlessly without putting your money and identity at risk. Protect yourself while still enjoying easy payments with friends by staying informed and alert.
How to Stay Safe Online
Here are 10 basic security tips to help you avoid malware and protect your device:
Use a good antivirus and keep it up-to-date.
It's essential to use a good quality antivirus and keep it up-to-date to stay ahead of the latest cyber threats. We are huge fans of Malwarebytes Premium and use it on all of our devices, including Windows and Mac computers as well as our mobile devices. Malwarebytes sits beside your traditional antivirus, filling in any gaps in its defenses, and providing extra protection against sneakier security threats.
Keep software and operating systems up-to-date.
Keep your operating system and apps up to date. Whenever an update is released for your device, download and install it right away. These updates often include security fixes, vulnerability patches, and other necessary maintenance.
Be careful when installing programs and apps.
Pay close attention to installation screens and license agreements when installing software. Custom or advanced installation options will often disclose any third-party software that is also being installed. Take great care in every stage of the process and make sure you know what it is you're agreeing to before you click "Next."
Install an ad blocker.
Use a browser-based content blocker, like AdGuard. Content blockers help stop malicious ads, Trojans, phishing, and other undesirable content that an antivirus product alone may not stop.
Be careful what you download.
A top goal of cybercriminals is to trick you into downloading malware—programs or apps that carry malware or try to steal information. This malware can be disguised as an app: anything from a popular game to something that checks traffic or the weather.
Be alert for people trying to trick you.
Whether it's your email, phone, messenger, or other applications, always be alert and on guard for someone trying to trick you into clicking on links or replying to messages. Remember that it's easy to spoof phone numbers, so a familiar name or number doesn't make messages more trustworthy.
Back up your data.
Back up your data frequently and check that your backup data can be restored. You can do this manually on an external HDD/USB stick, or automatically using backup software. This is also the best way to counter ransomware. Never connect the backup drive to a computer if you suspect that the computer is infected with malware.
Choose strong passwords.
Use strong and unique passwords for each of your accounts. Avoid using personal information or easily guessable words in your passwords. Enable two-factor authentication (2FA) on your accounts whenever possible.
Be careful where you click.
Be cautious when clicking on links or downloading attachments from unknown sources. These could potentially contain malware or phishing scams.
Don't use pirated software.
Avoid using Peer-to-Peer (P2P) file-sharing programs, keygens, cracks, and other pirated software that can often compromise your data, privacy, or both.
To avoid potential dangers on the internet, it's important to follow these 10 basic safety rules. By doing so, you can protect yourself from many of the unpleasant surprises that can arise when using the web.
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Meet Stelian Pilici
Stelian leverages over a decade of cybersecurity expertise to lead malware analysis and removal, uncover scams, and educate people. His experience provides insightful analysis and valuable perspective.
