Venmo is an app that provides quick, easy, and safe payments for people. The app was designed to be used without the limitations of cash transactions like those with PayPal or credit cards; it can be used in many online transactions as well as through email or text messaging. Scammers are easily able to prey on Venmo users because of the trust inherent in social media platforms. Last year alone, over $8 million was lost due to fraudulent activities. Venmo doesn’t want you to think of its service as insecure, but it’s still important to be aware of common scams. The following article will list some of the most common scambaiting methods and scams you should watch out for while using Venmo’s services.
One of the key differences with the Coffee Scam is that payment (usually to Starbucks) is usually made in person. They will use Venmo to pay for their share of the coffee and ask you for money back through Venmo. Thieves hope that you won’t notice it’s a scam until they take your money, or think about it too long before realizing what happened.
The most reliable way to avoid this scam is obviously not sending money till after you know who the other party really is; which may be difficult since thieves will usually try and pressure them into sending funds quickly because they want time while thinking as an excuse when trying to fool someone.
The reward scam typically happens in person. The thief will ask you to buy a share of the reward and use Venmo, then they’ll ask you to send them back what you owe through Venmo in hopes that people won’t realize it’s a scam before handing over money. It is recommended to only use Venmo for transactions with friends or family as there is no buyer or seller protection on this app.
The Circle Game is a social media scam that tricks you into not only revealing your username and (possibly) password to hackers but also asking for entry fees to play the game. The admin may have gathered hundreds of people wanting a chance to win a prize on a “money wheel” when in reality, the odds of you winning are pretty low.
The best way to avoid it is by not clicking links to any telegram groups or any messages from people you don’t know. It can be difficult to detect if someone has tricked you into playing the Circle pool game when other players are so eager to win more money.
Thieving scammers pretend to post a fake apartment for rent and ask you to send them money through Venmo if you want to view it. They are hoping that you won’t notice the messages are different from how a professional would normally message you, so they may be slightly different. The only way to avoid this scam is by ignoring all incoming messages from people you don’t know asking for money about things that shouldn’t require a deposit first.
You may have been told about The Venmo Security Check scam, which is when somebody sends you a message through Venmo that tells you to transfer money into their account because they’ve been locked out of theirs. The best way to avoid the scam is by remembering that only the person who registered the account can reset its password and that no one from customer service will contact you asking for any payments. All there’s left then, in order to avoid this scam, is ignoring all incoming messages from people unknown or unfamiliar with your username asking for money transfers.
Last but not least, and the easiest one is the fake payment scam. This common scam happens when someone creates an email address that seems like someone you know and requests that you pay them with your Venmo balance or through a debit/credit card. To avoid this, do not click on any links or open attachments from people who are unknown to you. The email may come in the form of a DM instead of an actual request for payment – so be wary of clicking on messages from users whose identities are unfamiliar to you.