MacPaw, a leading provider of Mac + iOS apps with over 30 million installations worldwide, has partnered with Freelancers Union to offer their members 30 days of free unlimited access to CleanMyMacX and Setapp. As experts in cybersecurity, MacPaw’s division Moonlock has delved into the world of Venmo scams to help you protect yourself from falling victim to these clever schemes.
Venmo scams come in various forms, but the ultimate goal is always the same: to deceive you into giving away your money. Scammers employ tactics such as phishing emails, fake texts, spoofed calls, and even paper checks to create believable scenarios. Let’s explore the most common scams and how they catch unsuspecting individuals off guard.
Venmo Upgrade Account Scam
One prevalent scam involves receiving an email claiming that your Venmo activity will be limited unless you pay a one-time fee to “upgrade” your account. Although it may appear official, this is pure fiction. Scammers will gladly take your money, typically around $250, and vanish without a trace.
Venmo x Facebook Marketplace Scam
Scammers also lurk on Facebook Marketplace, a popular platform for secondhand items. They post fake listings and insist on upfront payment via Venmo. However, once you send the money, the promised item never arrives, and you won’t receive a refund either.
Venmo Support Scam
Exercise caution when someone claiming to be from Venmo contacts you via call or text. Scammers spoof phone numbers to make them appear legitimate and then ask for your login credentials or account details. Once they have this information, they can quickly drain your account.
Accidental Transfer Fraud
In this scam, a fraudster uses a stolen credit card to send you money and then claims it was an accidental transfer. They request that you refund the excess amount via Venmo. However, when the stolen card is flagged, the original payment is reversed, leaving you without the money you “refunded.”
Phishing Scams
Phishing scams involve urgent emails that claim there is an issue with your Venmo account that requires immediate attention. These emails typically contain a link to a fake website designed to steal your login credentials or infect your device with malware.
Fake Prizes
Scammers may inform you that you’ve won an incredible prize and only need to pay a small fee via Venmo for shipping. However, there is no prize, and the scammers pocket your shipping fee.
Overpayment Scam
In this scheme, scammers send you a paper check, usually for a purchase or service, but the amount is higher than what you requested. They then demand that you refund the difference via Venmo. Once you comply, the original payment is reversed, and the scammers keep your refund.
Does Venmo Have Built-in Protection?
Unfortunately, Venmo doesn’t offer much recourse if you fall victim to a scam. Once the money is sent, it’s challenging to recover unless the recipient willingly refunds it. While you can report scams through Venmo’s Help Center, the chances of getting your money back are slim.
To enhance your security, it’s advisable to enable features like Face ID, PIN codes, and two-factor authentication to prevent unauthorized access to your Venmo account. Additionally, consider turning on private mode to limit the visibility of your account to only friends and connections, reducing the personal information available to scammers.
Signs of Venmo Fraud
While scammers can be crafty, they often follow predictable patterns. Here are some red flags to watch out for:
A Stranger Contacts You
If someone you don’t know reaches out via email, call, or message, claiming to be from Venmo, exercise caution. Venmo rarely initiates contact and never asks for personal information.
A Sense of Urgency
Scammers thrive on creating panic. Their messages are designed to make you act quickly without thinking by emphasizing urgency or danger.
Spelling and Grammar Mistakes
Legitimate companies typically send messages without typos or awkward phrasing. Sloppy writing often indicates a scam.
Requests for Personal Information or Money
Scammers have a purpose, usually centered around stealing personal information or money. If someone asks for either, consider it a significant red flag.
Final Thoughts
Scams can be unsettling, but by exercising caution and staying vigilant, you can protect yourself. Be wary of suspicious messages, links, and calls, and always double-check before sending money or sharing personal information. Take proactive measures to enhance your security, such as enabling two-factor authentication, avoiding sending money to strangers, and maximizing your privacy and security settings on Venmo.
