![]() ![]() Depending on how long they have the device, scammers can also steal other personal information, allowing them to access other accounts or even steal your identity. Once your device is in their possession, in-person scammers will open your Venmo app and transfer money into their own accounts. These scammers can also be someone feigning romantic interest, who will then ask for your phone to enter their phone number. In-person scammers will often pose as someone in need, asking potential victims if they can use their phone to make a quick call or send a text. These have invoice systems and other documentation procedures that make scams much harder to perpetrate.īecause all of your Venmo information is on your phone, the only thing between you and an in-person scam is your lock screen. If you are a seller, it's always best to find a payment service designed specifically for businesses. If you do, try to only use it for businesses that you have seen in person, like small pop-up restaurants or merchant stands. What You Can Do to Prevent This: If possible, avoid dealing with vendors that only use Venmo for payment. A scammer can then contact Venmo and request that the payment is reversed, causing the vendor to lose both the money and the product. Conversely, a legitimate seller may send products soon after a payment is received. Because these smaller businesses are difficult to verify, it's possible that they don’t intend to deliver a product at all. While Venmo isn’t designed to be used to conduct business, many smaller vendors will accept Venmo payments as a convenient way to receive money for their goods or services. If you believe there is a real issue with your account, contact a Venmo customer service representative, and don’t provide any personal information until you are 100% certain the person you are speaking to works for Venmo. What You Can Do to Prevent This: Whether it's phishing or smishing, never click on a link you don’t trust. The fake website you are directed to will then ask for more sensitive information like your bank account number and social security number. ![]() This form of phishing, more commonly known as smishing, steals your login credentials as soon as you enter them. This “employee” will tell you there has been an issue with your account, and you will be charged a significant fine if you don’t log in immediately. Here are three common Venmo scams to watch out for:Ī Venmo scams text can seem like a completely legitimate message, usually appearing like it's coming from an official representative. ![]() Whether you are using the app from home, paying for goods in a business, or just meeting new friends, Venmo scams have a habit of popping up when you least expect them. Much like scams with other forms of technology, a Venmo scam can occur almost anywhere. These scams vary in their methods, with some masquerading as legitimate business people, while others use age-old hacking techniques like phishing. Because Venmo is directly connected to your bank, scammers can find out all sorts of information, including your: What is a Venmo Scam?Ī Venmo scam is any cybercrime associated with the P2P app, usually designed to either take money from your bank account or steal personal information. While these Venmo scams can be devastating to your bank account, they are easy to avoid once you know what to look for. With all that money moving around, it's no surprise that a number of scams have popped up around the service. Venmo allows you to conveniently transfer money to friends, businesses, or charity groups, all from their easy-to-use app. With nearly $160 billion in total payment volume for 2020, Venmo is quickly growing into one of the most popular peer-to-peer, or P2P, payment systems on the market. ![]()
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