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Venmo Scams: How You Could Be Scammed and What Schemes Exist

Venmo Scams

Venmo is an app that can be used to send money quickly. It is a peer-to-peer payment system that simplifies money transfers. Every day the number of users is growing. The app is available for Android and iOS devices. It is an ideal way to send money to family or friends.

PayPal owns Venmo. The payment systems work on a similar principle. But Venmo is designed so that people use it to submit money to a loved one.

As the payment system has become popular, it has increasingly been used to sell goods. If you send money to a stranger, there is a high risk of becoming a victim of fraud. The company has no mechanisms to protect users from scams.

Fraud In The Venmo Payment System

Scammers are constantly coming up with new ways to cheat gullible users. Some schemes are quite simple to detect. Using the payment system, you need to be careful. Scammers know how Venmo works and have learned how to use it with malicious intent.

Stolen Bank Cards and Buying Goods

The Internet has made the sales process as easy as possible. Today, users have many ways to pay for goods. Scammers have learned how to use the mentioned payment system to steal your items. The essence of the fake sale scam is very simple:

  • You put something for sale and wait for people to start responding.
  • The scammer responds to the ad. He demonstrates interest in your product. They tell you they are going to pay you via Venmo.
  • They transfer the money. You ship the item. But that’s not the end of it.
  • It turns out that the scammer used a stolen bank card to pay for the goods.

You end up in an unpleasant situation. If you withdraw the money you received from your account, you’ll have to pay it back. If you haven’t removed the money yet, the system will write it off your balance by itself.

Venmo Scam Email: Phishing

Venmo Scam Email

Phishing is an old scam scheme to fool naive users into stealing their account information. Phishing used to be spread via email only. Today, social engineering techniques have been applied to Venmo.

How to scam a Venmo user? The scammer uses a variety of tricks. He prepares the email in such a way that the naive user opens it. Then the user clicks the link and supposedly confirms the account. This is how the scammer steals your data.

In-person Scam

A separate category of scammers has become so bold as to steal money from you directly. While you’re walking around town or sitting on a bench, a person will come up to you and ask for your cell phone. They will tell you that their smartphone was stolen or that it broke.

The scammer pretends to make the call. While no one answers, he asks to send a message using your phone. Scammers know how to gain trust. If you think it’s an honest person, you’re probably wrong. Instead of submitting a message, the scammer will open the app and transfer money using the details.

Misunderstood Transfers in Venmo

It’s a Venmo texting scam. It would help if you were very vigilant when you don’t understand where your money is coming from. A Venmo scam makes a transfer from a stolen bank card to your account. He will then tell you that he made a mistake and ask you to transfer the money back. But he will ask to transfer money to another account.

There is no need to make any transfers. If you don’t understand where the money came from, contact your bank. When the victim goes to the bank and tells them their bank card was stolen, Venmo will take all the money from you. And it doesn’t matter that you sent the money.

Write to customer service and explain the whole situation before transferring money to anyone.

Precautions

Is Venmo a scam

The main goal of a scammer is to gain the trust of a naive user. It would help if you remained vigilant and did not trust anyone. For complete safety and protection of personal data, always check your bank card statements. You should know the history of all transactions on your accounts. Follow a simple guideline for extra protection:

  • Use multifactor authentication. Before you sign in, you’ll have to enter a unique code each time. The security system will send it to you via SMS.
  • Don’t trust your smartphone with anyone. If someone asks you on the street for help, do everything in person. Tell the person to tell you what to do, where to text, who to call.
  • Venmo is not a sales app. Only sell to people you know personally and are 100% confident in.
  • Never fulfill any requests if you don’t understand where the money is coming from. Tell them you will contact customer service, they will cancel the transaction, and the money will return safely. Do not give in to any tricks and do not believe any arguments.
  • Don’t leave your personal information anywhere when you click on a link.

What to Do If Уou Fall Victim to Scammers

Be prepared for the possibility that you may not get your money back. Venmo does not guarantee buyer or seller protection. The company is positioning its product for transfers between people close to you. If your account has been hacked, you stand a chance of losing your money. But you can try to contact support. Is Venmo a scam because people are being scammed? No. Use the application as intended, and you will never have problems.

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Author of article

Caleb-Joshua Mashrooman

Interests: finance, legal advice, golf, economics

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