Peer-to-peer payments are quick and convenient, but scammers often exploit that speed to pressure people into sending money, sharing account details, or handing over their phone. The safest response is to slow down: use the Venmo app or Venmo’s Help Center to check anything unexpected and never share a password or one-time MFA code.
Venmo safety brief
- Venmo can be convenient for sending money to people you know, but it cannot protect you from an unexpected request, a fake listing, or an impersonator.
- Treat an urgent payment request, refund request, account-warning message, or support call as something to verify independently.
- Keep transactions private where appropriate, review account security and privacy settings, and double check the identity of the recipient before you send money.
- If you think you have been scammed, report it promptly, secure your accounts, keep records, and watch out for follow-up “recovery” scams.
For time-pressed consumers, the burgeoning market for peer-to-peer payments is a godsend. But where there’s a critical mass of users and easy money to be made, scammers will never be far behind.
With that in mind, the most effective antidote to the growing range of Venmo scams circulating online is to get clued in to how they work.
What is Venmo?
Venmo is one of a new breed of mobile payment applications that allow users to seamlessly send and receive money via their devices. Founded back in 2009 as an SMS-based tool, it’s now owned by PayPal. Consumers are attracted by its ease of use: Venmo allows users to send and receive funds quickly, easily, and free of charge via linked bank accounts or cards.
Is Venmo safe to use?
Venmo has security measures in place, but no payment app can protect someone who has been persuaded to send money to a scammer or to share their access details. The practical question is not whether the app is secure; it is whether the person, request, and transaction are genuine.
Only use Venmo with people and businesses you have verified. Do not let a text, email, phone call, marketplace message, or a rushed in-person conversation with a stranger put pressure on you. If an unexpected message claims there is a problem with your account, close the message and check it through the app or Venmo’s Help Center instead of using any link or phone number connected to the message.
Common Venmo scams to watch for
Stay safer online by familiarizing yourself with these common Venmo scams:
1) Accidental payment scams
A stranger sends a payment to you, then gets in touch to say that it was a mistake and asks for a refund via a new payment. However, the original payment was most likely made from a stolen card. When Venmo is alerted to the fraud by the real cardholder, they’ll take the original amount from your account, leaving you out of pocket.
The scam is so prevalent that the attorney general in the US state of Michigan considered it necessary to warn local residents about falling for it.
How to avoid it: Do not create a new payment to “refund” an unexpected sender. Report the unexpected payment through Venmo and follow its current instructions.
2) Phishing scams
Sometimes scammers use the Venmo brand in a bid to part users with their personal information or logins. These classic phishing-type threats can arrive via email or text message and feature realistic-seeming Venmo branding in order to trick you.
A common version will claim that there’s something wrong with your account, requiring you to log in to rectify it. However, the link in the message will take you to a fake Venmo login page designed to harvest your passwords so that the scammer can hijack your account and drain it of funds. If you have multifactor authentication (MFA) switched on, the scammer may send a follow-up text with a link to the phishing site. They may even call, pretending to be a Venmo employee, and request the one-time MFA passcode.
How to avoid it: Do not use a link, number, or reply route supplied in an unexpected message. Open the app or use a known official destination yourself. You can also use ESET Link Checker to assess a suspicious link before opening it. Never share a password or a one-time MFA code.
3) In-person phone scams
Your phone is a valuable asset, enabling you to access personal information and finances at the touch of a button. Scammers know this and may try to con you into handing them your device so they can rapidly transfer funds from your Venmo account to theirs.
In one much-publicized case, former Miss New York Briana Siaca, was tricked by two teenagers into donating to their fundraising effort. After they offered to enter their account details directly into her phone, she handed it over, only to find they had sent themselves $2,000. Although that particular scam was carried out on Zelle, the same trick may be possible on Venmo.
How to avoid it: Keep physical control of your phone. If you want to donate or pay, enter the details yourself and review every payment screen before confirming.
4) Fake charity or fundraiser scams
Scammers are always looking to take advantage of the goodwill of their victims. Sometimes they’ll do this by impersonating a charity or fundraising effort, using phishing messages in emails, texts, or social media to reach their victims, as well as in-person attacks like the one described above. Alternatively, they could create a completely fictitious charity.
Scammers (will) often use a notable event like a recent natural disaster in order to get a victims´ attention. This happened in 2022 when scammers set up a fake charity to collect funds intended to support a Long Island family affected by a tragic house fire.
How to avoid it: Research the organization independently before donating. Use a resource such as Charity Navigator to research a charity, and do not use the payment details in an unsolicited appeal simply because its story feels urgent.
5) Overpayment scams
Venmo scams on Facebook Marketplace and other classifieds platforms are also popular. For example, a buyer might overpay you for an item with a stolen card and then ask for a refund of the difference. As per example 1), when the original cardholder finds out, they will demand the payment be cancelled or reversed, leaving you out of pocket.
How to avoid it: Do not send a separate payment to refund an overpayment. Confirm the transaction in your own account and keep records of the sale.
6) Rental deposit scams
Venmo scams on Facebook Marketplace can take many forms. Another popular one involves fake listings for big-ticket items, event tickets, and even rentals. In the case of the latter, the scammer may scrape photos and information on properties from the web to make their listing look legitimate. They’ll advertise the rental below the market rate to attract your attention. However, if you make a deposit without asking to view the property first, they’ll disappear into thin air, along with your money.
How to avoid it: Do not send a rental deposit before viewing the property and checking that the person offering it is legitimate. For items and tickets, verify the seller and listing independently before paying.
7) Fake customer support scams
Venmo scams increasingly take place over the phone via so-called “vishing” (voice-based phishing) techniques. One of the most popular involves fraudsters posing as Venmo customer support agents. They will create a pretense to ask you for sensitive information such as MFA codes (used to hijack your Venmo account) or sensitive personal and financial information (for use in follow-up identity fraud).
How to avoid it: End the call. Find support through the app or Venmo’s Help Center rather than through an unsolicited caller. Report fake or suspicious messages and emails to Venmo.
8) Romance scams
A person you meet online may build trust over time and then ask for money through Venmo, often for an emergency, travel, or a promise to meet. The relationship is used to make a payment request feel personal and urgent.
How to avoid it: Do not send money to someone you have not independently verified. Be especially cautious when an online-only relationship introduces a financial emergency.
9) Job-offer scams
A scammer may pose as an employer and use an attractive job offer to ask for money, personal details, or a payment connected to equipment, training, background checks, or an unexpected overpayment. The opportunity may appear on a legitimate-looking job or social platform.
How to avoid it: Independently verify the employer and job before sharing personal details or making a payment. A genuine opportunity should not require you to send money to unlock work or correct an unexpected payment.
10) Purchase-protection scams
A seller or buyer may claim that you need to make a particular type of payment to unlock protection, release funds, or complete a sale. Claims about protection do not make an unfamiliar transaction safe.
How to avoid it: Read the current Venmo purchase-program terms directly before you rely on them. Do not let the other party define the rules or rush you into a payment.
11) Seller and third-party-pickup scams
Marketplace sellers may encounter buyers who overpay, ask for a refund, or arrange for a third party to collect an item. A payment confirmation alone may not prove that a transaction is safe.
How to avoid it: Confirm the recipient, transaction and collection arrangement independently before handing over goods or sending any refund. Keep the discussion and records of the sale.
12) Privacy-enabled impersonation
Information that is visible in a transaction feed or public profile can help a scammer make a message feel convincing. They may use names, relationships and the context of a purchase to imitate a friend, buyer, or support agent.
How to avoid it: Review Venmo’s current privacy options and use the most restrictive setting that fits your needs. Share only the information needed for a transaction and verify unusual requests through a separate channel.
13) Recovery scams
After a loss, the same or another criminal may contact you and claim they can recover your money for a fee. They may appear especially credible if you have posted publicly about the scam.
How to avoid it: Do not pay an unsolicited “recovery” service or share more financial details. Use official reporting channels and keep records for your bank, Venmo, and the authorities.
How to protect yourself from Venmo scams
Fortunately, there’s plenty you can do to reduce the chances of losing money to scammers. To cover the basics of general digital security, it pays to:
- Use strong, unique passwords (stored in a password manager), and never share them online or over the phone.
- Switch on MFA for added account security.
- Regularly review your Venmo/bank account details and recent transactions to monitor for anything suspicious.
- Use an identity protection service from a trusted provider, one which will help protect your personal, credit, and financial information.
- Keep your device updated, and consider a reputable security product such as ESET HOME Security Ultimate as an additional layer of protection that can help detect scams, block fake websites, protect your identity, and defend against malware. However, it is not a substitute for verifying a payment request and cannot guarantee that an authorized payment will be recovered.
GET ESET HOME SECURITY ULTIMATE
Unfortunately, best practices will not necessarily protect you from every scam because AI can help criminals to make scams more convincing and when paired with social engineering, is very much designed to rush people into a decision.
In a BBB Marketplace Trust survey, 14.3% of respondents who paid through Venmo said they were able to get money back through the payment-processing company. That is survey data, not a guarantee of an outcome in an individual case.
Spotting the red flags
- Be cautious when receiving unsolicited payments from strangers or overpayment for items you’ve listed for sale online.
- Avoid interactions with users who pressure you to act immediately. This is a classic social engineering tactic designed to rush you into making the wrong decision.
- Never provide personal or financial information (including logins) in response to suspicious/unsolicited emails, texts, or phone calls, even if they purport to come from Venmo or a legitimate authority.
- Never hand your device to a stranger.
- Never share a password, MFA code, login, card information, or other personally identifiable information with an unexpected contact.
- Be wary of any request to pay upfront to release money, a job, a rental, or purchase protection.
- Never use contact details supplied in an unexpected call, email, or text; check the request independently instead.
Best practices for transactions
- Transact only with trusted individuals.
- Double-check the recipient’s username before sending money.
- Limit Venmo use to small, casual transactions rather than large purchases.
- Never pay a deposit for a property rental without viewing it first and confirming the renter’s legitimacy.
- Review Venmo’s security guidance and both their current privacy and account-security settings. Choose the setting that reveals the least information necessary for the way you use the app.
Seller’s safety checklist
If you sell through Facebook Marketplace, Craigslist, or other classified service:
- Verify the buyer and the collection arrangement before you release the item.
- Do not refund an unexpected overpayment with a separate payment.
- Do not rely on a screenshot or a payment confirmation alone; check the transaction in your own account.
- Keep records of the listing, messages, recipient, and collection details.
- Walk away from a buyer who tries to rush you, change the arrangement, or introduce a third-party pickup without a clear, independently verified reason.
What to do if you fall victim to a Venmo scam
Venmo scams are so prevalent and the fraudsters behind them so persistent that, even with the best intentions, some of us will get caught out. If that happens, don’t panic and work through the following steps:
In the immediate aftermath:
- Report any unauthorized transactions to Venmo support.
- Change your Venmo password and secure your financial accounts.
- Monitor bank statements and credit reports for unusual activity.
- Report any fake/suspicious communications to Venmo.
- Save transaction details, usernames, messages, screenshots, phone numbers, listing information, and dates. Do not alter the evidence.
- Ignore anyone who contacts you unexpectedly and promises to recover your money for a fee.
Contacting authorities:
- File a complaint with the Federal Trade Commission (FTC).
- Report fraud to local law enforcement if necessary.
- If any personally identifiable information may have been exposed, consider whether a credit freeze is appropriate and follow the current process for the relevant credit bureau.
Safer transactions and purchase protection
Venmo provides security guidance, but you should read the current purchase-program terms directly before relying on any protection. Do not let a buyer or seller define the rules or rush you into a payment.
Always exercise caution and honesty when using Venmo. Reporting suspicious activity isn’t just important for your own protection; it also helps to safeguard the entire community.
Expert tips and insights
“Mobile banking is equally, if not more, secure than classical internet banking. The reason is that the user does not have to manually input any card, account information, or credentials, reducing the risk of errors and/or data interception. Contactless payments through mobile or smartwatches are among the safest, as the owner is always prompted to confirm the payment with a PIN code or biometric data. Of course, nothing is bulletproof, and even mobile devices can be attacked by banking malware or through known and unknown vulnerabilities. Therefore, they need to be kept updated and, if possible, protected by security software.”
- Lukáš Štefanko, ESET Senior Malware Researcher
Frequently asked questions
What are the most common Venmo scams?
Common examples include accidental-payment and overpayment scams, phishing messages, fake customer support calls, fake charities, fraudulent marketplace listings, rental-deposit scams, romance scams, job-offer scams, and recovery scams. The pattern is often the same: a stranger uses urgency, trust, or a convincing story to get you to send money or disclose account details.
Is Venmo safe to use?
Venmo can be convenient, it has in-built security, but safe use depends on more than the app. Verify the person and the request before you send money, keep account and privacy settings under review, and do not share passwords or one-time MFA codes.
What should I do if I receive an unexpected payment?
Do not send a new payment back to the sender. An unexpected payment can be part of an accidental-payment scam. Report it through Venmo and follow the current instructions.
How can I tell whether a Venmo email, text, or call is legitimate?
Do not make that decision from the display name, logo, or caller’s claim alone. Do not use its link, number, or reply route. Instead, open Venmo yourself and check the account or support information through Venmo’s Help Center. Report fake or suspicious messages to Venmo. Never give a password or MFA code to an unexpected contact.
Does Venmo require an SSN?
The supplied research identifies this as a common question, but no source was supplied for Venmo’s current SSN requirements or identity-verification process. Identity verification on the Venmo platform is necessary to perform certain activities like paying larger sums of money. If you don’t provide social security number (SSN) or individual taxpayer identification number (ITIN) you won’t be able to complete identity verification. However, if you are asked for an SSN or other identity information, do not provide it in response to an unsolicited email, text, or call. Check the request inside the app or through Venmo’s Help Center before proceeding.
Can Venmo transactions be reversed if I have been scammed?
Protections can be limited, particularly when a user has authorized a payment. Read the Venmo purchase-program terms, report the incident promptly, and ask Venmo and your financial provider what options apply. Do not pay anyone who approaches you with an unsolicited promise to recover the money.
Are Venmo business accounts safer?
A business account does not remove the need for careful verification. Sellers should check the buyer, transaction, and collection arrangement before releasing goods, and should not use a separate payment to refund an overpayment.
What should I do after I report a Venmo scam?
Secure your accounts, preserve the evidence, monitor financial and credit activity, report the fraud to the FTC and local law enforcement when appropriate, and stay alert for recovery scammers.
