How to Avoid Venmo Scams

Venmo is a terrific tool when used securely. You can split rent with your roommate, pay someone back for dinner, send money to a relative on their birthday, or even pay someone for goods and services. 

However, a number of Venmo scams can trick you out of your cash if you’re not careful, from phishing schemes to fake payments with stolen credit cards. Below, we’ll review what these common Venmo scams look like—and how to avoid them.

15 Venmo scams to watch out for

Venmo scams might involve stolen credit cards, phishing attacks, or classic bait-and-switch tactics. Keep your guard up when using Venmo and any personal finance apps, and make sure you’re staying up to date on current Venmo scams, including these:

Scam name	Type of scam
Fake Venmo payment scams	Scam when selling through Venmo
Overpayment scams	Scam when selling through Venmo
Fake shipping scams	Scam when buying through Venmo
Paper check scams	Stolen credit card or fraudulent payment
Venmo text scams	Phishing scam
Venmo call scams	Phishing scam
Fake prize scams	Phishing scams
Tech support scams	Tricked into payment scam
Mistake Venmo payment scams	Stolen credit card or fraudulent payment
Impersonation scams	Tricked into payment scam
Fake employment scams	Tricked into payment scam
Fake landlord scams	Tricked into payment scam
Phone borrowing scams	Unauthorized payment scam
Get rich quick schemes	Tricked into payment scam
Romance scams	Tricked into payment scam

1. Fake Venmo payments scams

Payment apps, easy shipping, and online marketplaces make it easy to buy and sell items with strangers you’ll never meet. That means people, as both buyers and sellers, are subject to a number of Facebook Marketplace Venmo scams, Craigslist Venmo scams, and scams involving other marketplaces.

As a seller, be on the lookout for fake Venmo payment scams. A buyer may purchase your item with a stolen credit card; the money can be taken from your Venmo account when the charge is disputed.

Some savvy buyers may try to convince you they’ve submitted a payment through Venmo (with persuasive screenshots) that won’t go through to your account until you’ve confirmed you’ve shipped an item. However, this is not a real feature Venmo offers.

2. Overpayment scams

Buyers on Venmo may also overpay you for an item, typically with a stolen credit card, and then request that you refund them the overpaid amount. Before you refund the overpayment, however, they’ll switch their payment method to their actual bank account.

Then if the person whose card was stolen reports the fraudulent transaction, the money might be taken from your Venmo account.

3. Fake shipping scams Venmo

Buying from strangers via Venmo can also be risky. A seller could persuade you to pay before they’ve shipped the item and then not ship it. They may also provide fake shipping confirmations to convince you the item is on its way when it’s not.

Sellers may also ask you not to mark the transaction as a purchase in the Venmo app. If you follow this direction, your payment doesn’t qualify for Purchase Protection.

4. Paper check scams

Scammers sometimes offer to pay extra for an item you’re selling by writing you a check, hoping you’ll send the overpayment back to their Venmo account, because they need money in their Venmo account. In these scenarios, it’s possible the scammer has written you a bad check that will bounce.

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5. Venmo text scams

A common Venmo phishing scam involves a text message impersonating Venmo. The goal is to get you to click a link to a fake site, where you’re prompted to enter your Venmo password or other personal information.

6. Venmo call scams

Fraudsters may impersonate Venmo over the phone. For instance, they might try to sign in to your account but discover you have multi-factor authentication enabled, which results in a text message sent to your device. They’ll then call you pretending to be Venmo and ask you for that code to access your account.

Note that Venmo will never call and ask for that code.

7. Fake prize scams

Scammers may text you that you’ve won a prize or money from Venmo with a link to a fake sign-in page. This is a front for them to get your account details.

8. Tech support scams

Scammers often create fake customer support websites for popular brands. If you find one of these online and call the contact number for tech support, they may ask you to send a Venmo payment before they can help.

9. Mistake Venmo payment scams

If you receive an unexpected payment from a stranger, followed by a request to reverse it because they sent it by accident, don’t send the money back. Often, scammers send the payment with a stolen credit card and then switch their payment method to their personal account before you refund them.

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10. Impersonation scams

Scammers may create an account using your friend’s name and photo and then send you a request indicating they’re in a bind and could use cash to get out of it. They typically promise to repay you—but of course, they do not.

11. Fake employment scams

If you’ve accepted a new job but the company requests payment upfront for onboarding, the job likely does not exist. A real company offering legitimate employment should pay for any necessary training.

12. Fake landlord scams

Scammers may put up fake ads for properties they don’t own and request a rent deposit before you sign any paperwork.

13. Phone borrowing scam 

Be cautious if a stranger asks to use your phone for an emergency. Not only could they run away with your phone, but they could also log into your Venmo to send themselves money.

14. Get rich quick scams

A scammer—a stranger or even an acquaintance on social media—may ask for a small investment (say, $50) and promise you’ll get $500 at the end of the week. Of course, they would just take your money, and you’d get nothing.

15. Romance scams

Online dating has made it easy for people to use fake profile pictures and make strangers fall in love with their fictitious persona. Once the target is convinced they’re in love, they’ll request money via Venmo as a gift or for help in an emergency.

How to avoid Venmo scams

Venmo scams happen daily—and you might be the target one day. It’s important to stay on top of trending scams on Venmo and other payment apps so you know what to do if you suspect a scam is happening.

Our expert’s advice

Crystal Rau

CFP®

Knowing what platforms, banks, and custodians will and won’t do makes it easier to spot when something is out of place. You should always be extra cautious with your money and approach every scenario like it could be a scam when it comes to moving funds or updating your credentials (such as a password). Stay educated about common types of scams and how to protect yourself from websites such as the Consumer Financial Protection Bureau (CFPB). Every month, bad actors devise new ways to defraud people for their money.

Here are our tips for avoiding Venmo scams:

Be cautious when buying and selling goods and services

Venmo has clear terms and conditions for using the app to buy and sell goods and services. Always ensure you operate within those guidelines and use common sense when transacting with strangers.

Ideally, don’t use Venmo to buy goods unless you can see the goods in person. That way, you know you’re walking away with the merchandise and that it’s high quality. If you use Venmo to purchase goods, always mark it as a purchase to get Purchase Protection.

And if you’re selling items, do your best to transact in person. Ideally, only sell to people you know and trust to avoid fraudulent payment methods.

If you provide services as a side gig and collect payments on Venmo, ensure the client you’re working with is trustworthy.

Don’t refund accidental or overpayments

If a stranger accidentally sends you money—or someone sends you more money than they were supposed to—and requests that money back, don’t send it. Instead, contact Venmo; it can help you through the resolution process.

Question all unexpected payment requests

If you receive an unexpected payment request, even from a friend, don’t pay it. If you know the person, call them and ask them to explain the request. It’s possible it’s a fake account made to look like someone you know.

If you take a new job, you should never have to Venmo your employer for onboarding. And if you’re trying to rent a property or buy a car, you’ll need official paperwork that confirms the person has the authority to rent or sell—and that the transaction is legitimate, before you pay.

Don’t click suspicious links

If you get a questionable text or email claiming to be from Venmo, be cautious about clicking the link. And don’t enter information on a website if it is not an official Venmo page (check the URL).

Don’t input or give away sensitive information

Don’t give away your Venmo password online or via email. If you get a code from Venmo as part of the multi-factor authentication process, keep that to yourself. Venmo will never call or text to ask you for that code.

Be wary when things seem too good to be true

If you’re promised a prize or an amazing investment scheme, keep your guard up and look for signs of a scam. If you fall in love with someone online who says all the right things, never send money to them, especially if you haven’t met them in person.

Get a product with credit monitoring

Venmo scams are only one way fraudsters try to get your money. Consider signing up for a credit monitoring service, finding a bank or credit card provider that offers credit monitoring, or getting a credit builder loan with built-in credit monitoring so you can keep an eye on things and get alerts immediately if someone has stolen your information and opened a fraudulent account in your name.

FAQ

Does Venmo protect against scams?

Venmo has measures in place to protect users against scams, such as encryption and transaction monitoring, but it is not specifically designed to handle scams. Venmo transactions are considered similar to cash transactions, meaning they are generally irreversible. This makes it crucial to only send money to people you know and trust.

Does Venmo cover scams?

Venmo does not typically cover scams. Venmo is unlikely to reimburse you if you send money to a scammer because its policy treats these transactions as authorized by the user. Venmo advises users to be cautious and avoid transactions with unknown parties.

Does Venmo reimburse for scams?

Venmo usually does not reimburse for scams. Because Venmo transactions are treated as final, the platform does not offer a protection program like credit cards might. Therefore, getting your money back through Venmo is unlikely if you fall victim to a scam.

How to report Venmo scams

If you believe you’ve encountered a scam on Venmo, you should report it immediately. To do this, go to the transaction in question, click “…” for more options, and select “Report” to notify Venmo. 

To provide scam details, you can contact Venmo’s support through the app or website. It’s also wise to inform your bank and monitor your financial accounts for any unusual activity.