How Can I Identify and Protect Myself from Venmo Scams?

Venmo is one of the most popular platforms for sending and receiving money—and this makes it a clear target for scammers. While Venmo is generally safe, all it takes is one mistake to potentially cost you. Here’s how Venmo scams work and how to best stay secure.

Common Venmo Scams: How They Work

Unlike credit cards, Venmo lacks strong buyer and seller protection features, making users more susceptible to scams. Among all the different types of scams, scammers will often create a false sense of urgency to prompt people to act quickly without fully thinking it through.

Fake Prize or Cash Reward Scams

Scammers will attempt to lure people in with promises of a “prize” in exchange for sending money, only to disappear once the payment has been made.

Impersonation Scams

Scammers may pose as a friend or Venmo employee, making up claims of an emergency or account issue that requires payment or personal information to fix.

Pre-Payment Scams

Scammers may offer fake products or services, request upfront payment for them and then fail to send or do anything once the money is sent.

Emotional Scams

Scammers may attempt to build online relationships—whether through friendship or romance—to gain trust and solicit money for various fake reasons.

Remember: scams can happen on any platform and not just Venmo. Especially for businesses, it’s crucial to protect yourself across all of them and implement the right cybersecurity services to safeguard your devices and data.

Steps to Protect Yourself from Venmo Scams

Take these measures to stay vigilant and avoid scams:

1. Keep Transactions Private: Disable the public transaction history feature in your settings to stay more off the grid and better protect your info.
2. Only Engage With Trusted Contacts: If you don’t know someone personally or can’t verify their identity, don’t engage in transactions.
3. Enable Two-Factor Authentication: Go to Venmo’s security settings and add this extra layer to make it harder for unauthorized users to access your account.

What to Do if You Fall Victim to a Venmo Scam

If you’ve fallen victim to a Venmo scam, acting quickly can potentially resolve the situation and protect your finances.

Get Support

Reach out to Venmo’s support team as soon as possible to report the incident and seek assistance. You can also consider filing a police report with your local law enforcement agency for additional documentation.

Contact Your Bank

Notify your bank about the scam and monitor your accounts for any suspicious transactions in case they’ve been compromised.

Report the Scam

File a report with the appropriate authorities, such as the Federal Trade Commission (FTC) or the Better Business Bureau (BBB).

Concerned About IT Security for Your Business? We Can Help!

If you own a business, it’s best to avoid using Venmo for any of its transactions (Venmo itself advises against it). For all your other online security needs, there’s Adoverse IT. Our comprehensive cybersecurity solutions are tailored to your specific business requirements across all of your online platforms. Contact us for a free consultation and protect your peace of mind.