Stay well-informed to be safe from scammers
Venmo is one of the easiest means to send and receive money. However, due to its popularity, and convenience, it has also become a target for scammers to steal money from unsuspecting users. Venmo scams use different schemes that trick users into sending criminals money or sharing personal information, such as bank account details or Social Security numbers (SSN). While the platform is mostly safe to use, one must keep a tab on the most popular scams and the best security practices to stay protected. Here are the top 5 Venmo scams to watch out for in 2024.
1. “Accidental” money transfer refunds
The “accidental” or “mistake” money transfer scam is one of the most popular and genuine-looking scams happening on Venmo. In the scam, the fraudsters make a transaction to the victim’s account and then claim that it was a “mistake” and ask for a refund. However, this transaction is often made with a stolen credit card. Thus, if the victim refunds the money, they will end up losing it as the first transaction will be reversed when the owner of the credit card reports it. To be safe from such scams, users are advised to ignore any such messages or transactions or contact Venmo to verify.
2. Romance scams
Another popular fraud is a romance/catfishing scam where a scammer flirts with the user to slowly build up trust creating an impression of a relationship without actually meeting in person. This may start on a different platform and one day the scammer may ask for money for reasons such as rent, a family emergency, or a fee payment. They tend to disappear once the transaction is made. To be safe from such scams, users simply need to be skeptical of such interactions and never send money to anyone whom they recently met online. Users can also do a reverse image search on Google or TinEye to verify the identity of the scammers.
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3. Impersonator scams
In this, scammers steal photos and other public content of a distant loved one or friend of a victim and build a fake internet profile. They then reach out to the victim with the fake account and request money in the name of an emergency like an accident, etc. They may even use AI voice cloning to fool victims. To be safe from such scams, Venmo users should thoroughly verify the identity of such people requesting money and avoid making transactions in haste.
4. Fake emails/texts from Venmo (phishing attacks)
Phishing attacks are one of the most common financial frauds. In this, users receive emails from scammers claiming to be from Venmo or any other legitimate business. Scammers mostly claim that they are representatives of the company requiring them to click a link or provide personal information to confirm their identity. These emails contain all the official colors, logos, and language to appear legitimate but they often use fake emails such as ethan@venma.com. The links shared are malicious which may prompt the download of malware or take the user to a fake website to steal information. To be safe from phishing attacks, users are advised not to click any links shared by strangers or unknown representatives. They should contact the business directly and verify the information in the email/text.
5. Crypto and other investment scams
Scammers use common “get rich quick” schemes to trick users and take their money on Venmo. These schemes often involve cryptocurrencies and the scammers promise the victims a huge return. They ask for an initial investment and promise to flip it and return double or triple the amount. They may ask the victims to become a part of an investment circle as well. However, once the investment is made, the scammers will take the money and run, or trap the victims in a pyramid scheme. To be safe from such scams, users must keep in mind that legitimate investment opportunities will come from credible and reputable platforms and not from users on Venmo. Further, before investing, users should thoroughly research the scheme or the product being offered.
