There Are Villains on Venmo Trying to Steal Your MoneyDid you know that peer-to-peer payment apps like Venmo, Cash App, and Zelle have fraud rates three to four times higher than credit cards? [*] Show
Unfortunately, most victims of Venmo scams only find out about the risks after they’ve been scammed. Take Erika Sargent-Grasso, for example. After she agreed to sell a $30 mirror online, the buyer sent her a $900 Venmo transfer “by accident.” But it was only after Erika returned the extra $870 that her bank discovered the buyer was really a scammer using a stolen credit card — leaving Erika responsible for the missing funds. According to the 2021 Better Business Bureau (BBB) Online Purchase Scam Report, victims of Venmo scams lost an average of $700 [*] — the second highest in losses of all payment services. Thankfully, you can protect yourself from Venmo scams by knowing what to look out for. In this guide, we’ll review the most common Venmo scams, how they work, and how you can protect yourself. What Are Venmo Scams?Venmo scams are schemes that trick Venmo users into sending scammers money or personal information, such as bank accounts or Social Security numbers (SSN). Why do scammers target Venmo users? First, Venmo transfers appear almost instantly — but aren’t normally verified for a few days. This makes it harder for banks to catch scammers who are using stolen credit cards or bank accounts. If the real user files a credit card or fraud claim, the money sent to the scammer cannot be recovered. Second, Venmo is also more anonymous than other money transfer apps. Scammers can create fraudulent accounts or pose as legitimate users and request money. (That’s why Venmo suggests that you only use it for sending money to people you know.) While there are many types of Venmo scams, they typically follow one of these patterns:
Don’t Get Scammed! How To Protect Yourself From Venmo ScamsThe unfortunate truth is that Venmo transfers are like cash. If you send a scammer money over Venmo or provide them with any personal information, you could be at risk of identity theft and other types of financial fraud. Here’s what you can do to protect yourself from Venmo scams:
Can You Get Your Money Back After Being Scammed on Venmo?If you send money to a stranger or get scammed on Venmo, you’re unlikely to get your money back. Unlike credit or debit cards that have fraud protection and chargeback systems in place, Venmo treats your money more like cash. Source: Better Business Bureau Online Purchase Scams ReportIn fact, you’re more likely to recover stolen funds if you use a payment service like PayPal instead of Venmo. However, this doesn’t mean you’re completely out of luck if you get scammed. If you send a Venmo transfer to an authorized business, or mark a payment to a personal profile as a purchase, you may be covered by purchase protection [*]. As with most online scams, prevention is always better than recovery. So, what Venmo scams should you be on the lookout for? Related: Zelle Scams and How Thieves Are Siphoning Away Your Money → The 11 Latest Venmo Scams To Know
Venmo scammers are always adapting their schemes. But if you see the warning signs of any of these Venmo scams, be careful. 1. “Mistake” money transfersThe “mistake” money transfer looks harmless on the surface. A scammer sends you money on Venmo, then sends you a message claiming it was a “mistake” and asks for a refund. What’s really happening is that scammers sent you money with a stolen credit card. Then, before you refund them, they update their Venmo account with their own banking details. As a result, you refund them — not the stolen credit card. When the real credit card owner reverses the charge, Venmo takes the money from your account, as Venmo doesn’t offer any built-in fraud protections. Don’t fall for this scam. Do this instead:
See the scam in action: After paying their rent over Venmo, one Reddit user reported that their landlord received a Venmo refund request from a fake account with the same name, claiming to have paid with the “wrong card.” 2. Fake friends requesting helpCon artists have introduced some classic impersonator scams to Venmo. In this one, fraudsters change their profile picture and information to impersonate someone you know. Then, they message you requesting money for an “urgent” matter — such as paying for medical treatment, lawyer fees, or something similar. Source: VenmoScammers can find out enough about you to convince you to send them money just by looking at your social media profiles, public Venmo transactions, and online footprint. In some cases, scammers may even hack your friend’s phone or account and use that real profile to request money. But instead of the money going to a friend, it goes to the scammer. Don’t fall for this scam. Do this instead:
✅ Take action: If you accidentally give Venmo scammers your personal data, they could take out loans in your name or empty your bank account. Try an identity theft protection service to monitor your finances and alert you to fraud. 3. Scammers selling hard-to-find itemsFinding hard-to-get items like popular gaming consoles or concert tickets can be frustrating. You might be tempted to buy directly from a stranger instead of buying from an official online store or retailer. Unfortunately Venmo doesn’t offer you any type of fraud protection if these transactions go wrong — and scammers know it. In these Venmo scams, fraudsters post in-demand products on platforms like Facebook Marketplace. When you reach out, they’ll insist that you use Venmo to make the purchase so they won’t have to pay a fee. But once you send them the money, the “seller” disappears along with the product that you thought you’d purchased. In another version of this scam, a buyer will send you an email that looks like it’s showing an official Venmo payment. These emails will often claim that Venmo is holding the money until you upload the item’s shipping information. But this isn’t a feature that Venmo offers, and the whole email is part of the scam. Be aware that these scams can also happen when you sell items online. A fraudster will fund their Venmo account using a stolen credit card to pay for your item. But once you ship it out, the fraud will be discovered and you’ll be required to pay back the stolen money — leaving you robbed of cash and the item you wanted to sell. Don’t fall for this scam. Do this instead:
4. Overpayment for online purchasesOverpayment scams are similar to mistaken money transfers. In this scam, fraudsters “accidentally” overpay for an item you have for sale. Unfortunately, after you refund the “extra” amount, you discover that the initial payment was fake. So, now you’ve lost the money you sent because you never actually received the overpayment. Furthermore, the initial payment was likely made with a stolen credit card, which leaves you responsible for the lost money. Don’t fall for this scam. Do this instead:
Pro tip: Sign up for a credit and transaction monitoring service. Aura monitors your bank and credit card accounts for signs of fraud and suspicious activity. This way, you can shut down scammers before they do too much damage. Source: Aura's transaction and credit monitoring5. Fake emails and texts claiming to be from Venmo (Phishing attacks)In a phishing attack, you’re sent emails from scammers claiming to be from legitimate businesses, including Venmo. The scammers replicate as many details of an actual Venmo email as they can, such as Venmo’s colors, logo, and even a similar domain name (i.e. instead of , they might use joe@venma.com). Source: Verified.orgThe email will request that you click on a link and verify your personal and financial information (which the scammers can use for identity theft or fraud). Scammers will also use social engineering tactics to pressure you into acting quickly. For example, one scam message may claim that your Venmo accounts will be charged if you don’t click on the link in the text. A “smishing” attack is similar, except that you receive a fake text message instead of an email. The text message will appear legitimate, using cues to make you think it’s from Venmo. Don’t fall for this scam. Do this instead:
6. Strangers who ask to use your phoneIn this scam, fraudsters will approach you in public and ask to use your phone for an emergency. They’ll try calling someone and then claim the person they’re calling isn’t picking up, so they ask to send a text from your phone. But instead, they open your Venmo account and send transfers to themselves. This exact scam happened to a Florida woman when a young boy claimed to be lost and asked to use her phone to call his parents [*]. Even though the boy was just a few feet away from her, the woman didn’t see him open her Venmo app. But a few days later, she received a notification that two Venmo charges were approved — one for $1,800 and one for $2,000. Don’t fall for this scam. Do this instead:
7. “Money circle” investment scamsScammers use common “get rich quick” schemes on Venmo to try and steal your money. In this scam, a fraudster — either a stranger or someone you know — asks you to send them a small amount of money on Venmo in return for a larger amount later (usually after you bring more people into the “circle”). Unfortunately, the money never appears and you’re out your initial investment. Another version of this money circle scam occurs with gift cards. You send the scammer a small amount of money for a gift card. Then, the scammer promises to send you a much larger gift card. Only you never receive it. Don’t fall for this scam. Do this instead:
Related: The 14 Cash App Scams You Didn't Know About (Until Now) → 8. Fake prizes and rewardsIn this common Venmo scam, you receive an email or text claiming that you’ve won “free money” on Venmo. To receive it, all you have to do is click on a link and sign into your Venmo account. But the link is fraudulent; and instead, you’ll be sent to a phishing site that steals your Venmo account and password. Another version of this scam involves receiving an email or text that claims you’ll get a Venmo gift card for completing a survey. Source: VenmoWhile sometimes businesses will offer you a gift card for answering survey questions, legitimate companies wouldn’t use Venmo to do this, as it doesn’t comply with their user agreement. Don’t fall for this scam. Do this instead:
Related: 10 Text Message Scams You Didn't Know About (Until Now) → 9. Venmo tech support scamsThere are two variations of the Venmo tech support scam that you need to be aware of. First, scammers may contact you and pretend to be from Venmo’s customer support team. They’ll claim there are “unauthorized” transactions on your account, and that you need to “verify” your account to keep it safe. In reality, fraudsters are trying to steal your login information (password and 2FA code) to gain access to your account. In another version of this scam, you call an unofficial number for a company’s technical support, but end up on the line with scammers instead. They’ll tell you that there are issues with your device or account and that you need to pay to upgrade to “premium” support. They’ll ask you to use Venmo to pay them before they can help you. Don’t fall for this scam. Do this instead:
Related: The 7 Latest Geek Squad Scams (and How To Avoid Them) → 10. Job scams on VenmoJob scams all follow the same steps:
Sometimes, they might ask you to help transfer another employee’s money using your Venmo account, and you become an “accidental money mule.” Regardless of the exact scenario, any of these cases will end with you still jobless — and with less money in your wallet. Don’t fall for this scam. Do this instead:
✅ Take action: Protect yourself from the risks of identity theft and fraud with Aura’s $1,000,000 in identity theft insurance. Try Aura free for 14 days to see if it’s right for you. 11. Fake check scamsVenmo scammers will sometimes reach out to you about an item you’re selling, and ask if they can send you a check. The check will often be for more than the asking price, and they’ll ask you to refund the “extra” money to their Venmo account. When you first cash the check, it likely will clear your bank. But then later, it will bounce. You’ll end up having to pay your bank in addition to losing the money that you “refunded” the scammer. Don’t fall for this scam. Do this instead:
Help! I Was Scammed on Venmo. What Should I Do?While Venmo makes it simple and convenient to send money to family and friends, it can leave you vulnerable to identity theft and fraud if you don’t take the proper precautions. If you believe you have been scammed, stop all contact with the scammer. Then, follow these steps for the best chance of minimizing the damage and getting your money back:
How To Protect Yourself From Venmo ScamsThe best way to protect yourself from Venmo scams is to only exchange payments with people you trust and know personally. But if you need to use Venmo in other situations, you can still do so safely by following these tips:
The Bottom Line: Stay Safe on VenmoVenmo can be a convenient way of sending money to people you know. But when you use it for other purposes — like buying and selling items online — you put yourself at risk of scams. Protect yourself and your money from Venmo scammers by being vigilant, double-checking every transfer, and never sending money to people you don’t know. And to keep your account and identity safe, sign up for Aura. Keep your money safe from scammers — try Aura free for 14 days.Can I receive money from Venmo without an account?A recipient doesn't necessarily need a bank account to get funds through Venmo. For instance, that person can order a Venmo card that functions much like a prepaid debit card to load up Venmo funds.
What happens if you send Venmo to someone who doesn't have an account?When a payment is sent to an email address or phone number that isn't associated with an active Venmo account, the payment may show as “Pending” in your feed. (This will also happen if the email address or phone number hasn't been verified by the recipient.)
How do I get Venmo money that was sent to me?Tap Request $(Amount) from (Payer).
Once the funds are in your Venmo account, you can transfer them to your bank, if you wish.
Do both parties need a Venmo account to send money?How does Venmo work? Like Zelle, Venmo allows users to send and receive money using an individual's phone number or email. Both users must have a Venmo account. If a recipient doesn't have an account, they'll have to create one.
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