Because it is so simple and convenient to send and receive money electronically between you and another person, Venmo has become increasingly popular, and for good reason.
You can quickly and simply send money to other Venmo users using it as a digital wallet that is connected to your bank account or debit card. Younger generations like the service since it makes it easy and social to split bills or reimburse pals for shared spending.
Additionally, Venmo has a social feed function that enables you to view and comment on the transactions of your friends, bringing a social component to the site. Both Android and iPhone devices can use it.
iPhone: 4.9 stars (at time of publishing)
Android: 4.2 stars (at time of publishing)
Venmo balances are not protected by the Federal Deposit Insurance Corp., unlike U.S. bank accounts, so with all that convenience comes a lot of scammers aiming to steal your money.
Venmo is an app that lets you pay from a linked bank account or debit card.
Is Venmo safe to use?
In order to protect your personal information, Venmo encrypts all transactions and uses multi-factor authentication to safeguard logins. Additionally, you may control your privacy and passcode settings, which adds another level of security to your Venmo account. Because of this, I’d say Venmo is widely regarded as a secure platform.
But rather than random people you’ve never met, it was intended to be used with people you know and trust, including your friends and family. Even as an additional security measure, Venmo will request the last four digits of the recipient’s phone number when you transact with them for the first time.
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However, despite these security precautions, Venmo scammers continue to con consumers. Phishing emails are a frequent con used by con artists. You may receive an email from a scammer posing as a Venmo representative asking you to send your personal information or click a dubious link to “update your password” or something similar in order to trick you into disclosing sensitive information, including passwords, credit card numbers, or other details. These emails frequently look like official correspondence.
These scams can also be carried out over the phone or by text messages, and unwary victims may unintentionally divulge their banking information or even their Social Security numbers.
Venmo is frequently requested as payment by con artists who are trying to sell you items online on sites like Craigslist or Facebook Marketplace. This is due to the fact that Venmo’s user agreement and terms of service specify that the app should only be used for transactions involving individuals who are acquainted personally or who already have a formal business relationship.
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Because they are aware that Venmo does not offer buyer safeguards or dispute resolution options, scammers may request money through this app. Because Venmo transactions are immediate and irreversible, it could be difficult or impossible to get your money back if you send it to a fraudster.
Requests for personal information: Venmo will never call, text, or email you asking for personal or sensitive information.
Offers for rental lease If the landlord of a rental property requests you to make an advance Venmo payment, don’t fall for it.
Random rewards: Scammers occasionally advertise fraudulent competitions with the promise of sending prize money via Venmo, but when it comes time to pay the money, they want the user’s Venmo login information. This is a typical con.
Scammers may overcharge you for a good or service and demand a refund for the difference. The con artist cancels the payment after you return the money, leaving you with no money and no product or service.
How can I avoid being part of a Venmo scam?
Check the email address: If an email purports to be from Venmo, pay particular attention to the sender’s address. If it’s a legitimate email address, it should immediately appear if you Google it. If it doesn’t, Venmo is not what it appears to be.
Beware of false accounts: Scammers frequently construct fake Venmo accounts in which they pose as real persons before requesting money from that people’s relatives and friends. Before sending someone money, get in touch with them personally.
Public actions: Be wary of making your Venmo transactions public because con artists may use this information to phish for your details or engage in other fraudulent behaviour.
What to do if you believe you have been scammed on Venmo
1) As soon as possible, get in touch with Venmo support and report the fraudulent transaction. They can offer direction and help in resolving the problem.
2) Next, notify the scam and dispute the charge to your bank or credit card company if you used your bank account or credit card to pay for the Venmo transaction.
Changing your Venmo password right away is the third measure to stop further fraudulent transactions.
4) You can also submit a complaint with the Federal Trade Commission (FTC) to report fraudulent behaviour if you think you have been defrauded.
5) One of the best things you can do to safeguard yourself against this kind of fraud is to sign up for an identity theft protection service if you believe your personal information has been taken and you want a service that will guide you through every step of the reporting and recovery process.
This programme will keep track of your Social Security Number (SSN), home address, phone number, and email address and notify you if it is being used to register an account or sold on the dark web.They can also help you freeze your bank and credit card accounts to stop crooks from using them improperly in the future. One of the best things about using such services is that they could come with white glove fraud resolution teams that assist you recover any losses and identity theft insurance up to $1 million to cover damages and legal costs.
6) Finally, always let the con artist know. Report it to Venmo and the authorities if you know anything about the con artist, such as their name, phone number, or email address.
