Venmo has become a reputed online payment App due to its usability and security features. It has a user-friendly interface, where users can easily send or receive money. All functions and tabs are easy to navigate, which makes it a popular money transfer App. After all, it is a software program, which runs on the internet. When we walk about software programs and the internet, there are bugs, scams, viruses, malware attacks, spamming and different types of online frauds.
Venmo is not left out from online frauds like any other app. There are weekly Cash giveaway campaigns on the Venmo, which attracts more people as well as fraudsters. Users have to complete different tasks on social mediate platforms like replying to posts, re-tweeting, and commenting to post using Venmo $Cashtag to earn weekly cash points.
The recent reports by the Federal Trade Commission on online frauds conclude that wire transfer frauds are grown rapidly. Venmo Scams 2023 report suggests that the scammers are using Venmo user’s $Cashtag on social media platforms like Twitter, Instagram, and YouTube for targeting them. Here you can find crucial information about Venmo Scams on Facebook, Twitter and how one can stay away from such fraud attempts. A clear understanding of online frauds or scams will help you to safeguard your hard-earned money.
What if you get scammed on Venmo?
What to do if you are the victim of a scam on Venmo? First of all, you should change all your passwords and report the matter immediately to the Venmo Support team and Federal Trade Commission (FTC). Sometimes, people are afraid to report such frauds due to the impression that money is already lost, now nothing will happen. This is the reason, which motivates the Scammer and fraudsters to do more fraud activity.
After getting scammed, you should report the matter to the Venmo support team and FTC. Also, contact your bank and request to replace the debit or credit card for security purposes. It is recommended to keep changing your Venmo password from time to time.
Top Venmo Scams and How They Work:-
The Venmo users must be aware of the common frauds or scams which taking place nowadays. Information about common scams will help you escape from such online frauds. Check some of the common Venmo frauds below:
Venmo Flipping
The scammers monitor the Venmo users’ online activity. They examine the comment threads of the users. The scammers directly send luring messages to the users to convince them as they are the master in Venmo flippers and can turn a small amount of money into a larger sum of money. Sometimes, people believe their words and face consequences later. Once they steal your hard-earned money, you cannot find them again.
Fake Referral Bonuses
Sometimes, scammers promise referral bonuses to the Venmo users and request for signing up for services from companies like Waldo and Dosh Cash. They offer a $5 per person incentive but never pay the referral bonus as promised.
Gift Card Scams
This is another fraud where scammers target the Venmo balance of the users. Here they try to convince users and request them to purchase a prepaid gift card from the popular websites or retailers on their behalf and promise to pay Venmo giveaway money. Once users share Card details with them, they steal the money without paying Venmo giveaway money.
Venmo Impersonation and Phishing Scams
Venmo warns its users to be aware of Venmo phishing scams emails. The scammers reach out to the users on their email, phone, text, or social media as a Venmo representative. Sometimes, users get trapped in their plan and lost money. Some scammers also direct users to fake websites as part of their phishing scams.
How to get money back from scammer Venmo?
Usually, it is not easy to get a refund if scammed. However, you can raise a dispute with Venmo as per the following instructions:
· Open your Venmo account.
· Visit the activity tab and locate the transactions.
· Select the particular transaction which you want to dispute.
· Find the three dots at the right corner of the screen.
· Now, select Need Help & Venmo Support.
· Then Select dispute this transaction.
How to Avoid Venmo Scams?
The Venmo users can escape from being trapped by the scammers if they follow the tips mentioned below:
· Never ever respond to the direct message of strangers especially when they are offering a reward or a cash prize.
· If you receive an e-mail where you have been announced a lucky winner, never open such links.
· Be careful while using social media platforms and never share your details online.
· Never send money to an unknown person even after great promises like huge payment rewards.
· Keep your login credential safely and do not share your PIN with anyone.
· No one from the Venmo will ask you for a Sign In Code, OTP, or PIN on social media or over the phone. Hence, never share your confidential details.
· You should change your passwords from time to time to escape online fraud.
· Always use the updated Venmo version as the old version is always vulnerable to malware and virus.