Venmo scams are getting incredibly widespread and sophisticated even tech-savvy users can become victims.
Falling for one can mean everything from financial loss to identity theft.
Theyll also send notifications about fake payments that theyll request you return.
Many scammers will even imitate a victims family member to build trust.
In any case, I recommend using an antivirus like Norton360.
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How Do Venmo Scams Work?
The majority of Venmo scams use social engineering to entrap victims.
Under this model, cybercriminals dont use technical skills like hacking to execute their schemes.
Instead, criminals rely on psychological tricks to gain trust and manipulate people into providing personal information or money.
These attacks work based on 2 foundations.
One is that youll willingly divulge sensitive information to a trusted third party (such as your bank).
For example, its common for scammers to offer promises of wealth to entice innocent Venmo users.
Venmo scammers also prey on their victims trusting nature to make you send them money or divulge sensitive information.
All that said, there are things you might do to stay safe.
Beyond familiarizing yourself with how scams work, there areconcrete steps you could taketo protect yourself.
While new scams might emerge, they are usually variations of these.
That said, you could still do some things to avoid further harm.
Here are the steps to take:
Frequently Asked Questions
Does Venmo have scam protection?
Venmo doesnt offer a dedicated scam protection service.
However, it educates users about scams via its help center and allows you toreport scams via dedicated channels.
It also enables features like Purchase Protection to keep sellers safe from wrong chargebacks.
Can Venmo scam you?
While Venmo itself is a legitimate company, the platform is also used by lots of scammers.
These cybercriminals use avariety of methodsto trick victims into giving up personal information and cash.
What are the psychological tactics used by Venmo scammers?
For example, scammers often promise wild financial gains to entrap victims.
On the other side, theyll suggest that your accounts have been compromised to trigger a sense of urgency.
What can I do if I fall for a Venmo scam?
If you fall for a Venmo scam, you need totake a few stepsto minimize the damage.
This involves changing your passwords and potentially canceling credit cards.
You should also report the scammers to Venmo and anti-fraud regulators.
