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Crooks are targeting this easy money app on your phone

Venmo has grown in popularity, and for a good reason, because it is so easy and convenient to send and receive money electronically between you and another person. 

It operates as a digital wallet linked to your bank account or debit card, which enables you to make payments quickly and easily to other Venmo users. The service is popular among younger generations as it provides a simple and social way to split bills or pay back friends for shared expenses.

Additionally, Venmo offers a social feed feature that allows you to see and comment on your friends’ transactions, adding an element of social interaction to the platform. It is available for both iPhone and Android devices.

iPhone: 4.9 stars (at time of publishing)

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Venmo advertisement for money app

Venmo is an app that lets you pay from a linked bank account or debit card. (CyberGuy.com)

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Is Venmo safe to use?

Venmo uses multi-factor authentication to secure logins and encrypts all transactions to ensure the safety of your personal information. Also, you have the ability to manage your privacy and passcode settings, adding another layer of protection to your Venmo account. As a result, I would say Venmo is generally considered a safe platform to use.

These kinds of scams can occur via text message or phone call as well, and unsuspecting victims may accidentally give out their banking information or even their Social Security numbers.

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Screenshot of a Venmo scam.

Scammers are using phishing emails to trick you into giving away your information. Here’s what to know.items (CyberGuy.com)

Scammers who are trying to sell you things online, such as on websites like Craigslist or Facebook Marketplace, will also often ask for people to pay them through Venmo. This is because Venmo’s user agreement and terms of service state that the app is meant to be used for transactions between people who know each other personally or have an established business relationship.

How can I avoid being part of a Venmo scam?

  • Look at the email address: Look closely at the address of the sender if they claim to be from Venmo. If you Google it and it’s an official email address, then it should come up right away. If it doesn’t, then it’s not really Venmo.
  • Watch out for fake accounts: Scammers commonly create fake Venmo accounts claiming to be real people and will then ask family and friends of that person for money. Reach out to a person directly before sending them money.
  • Public transactions: Be cautious about making your transactions public on Venmo, as scammers can use this information to target you with phishing scams or other fraudulent activities.

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What to do if you believe you have been scammed on Venmo

1) The first thing you should do is contact Venmo support immediately and report the fraudulent transaction. They can provide guidance and assistance in resolving the issue.

2) Second, if you used your bank account or credit card to fund the Venmo transaction, contact your bank or credit card issuer to report the fraud and dispute the charge.

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This service will monitor personal information like your Home title, Social Security Number (SSN), phone number, and email address and alert you if it is being sold on the dark web or being used to open an account. They can also assist you in freezing your bank and credit card accounts to prevent further unauthorized use by criminals. One of the best parts of using some services is that they might include identity theft insurance of up to 1 million dollars to cover losses and legal fees and a white glove fraud resolution team where a U.S.-based case manager helps you recover any losses.

See my tips and best picks on how to protect yourself from identity theft by visiting CyberGuy.com/IdentityTheft.

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Do you feel protected against the growing number of scams? What are your tools and tips? Let us know so we can alert others by writing us at Cyberguy.com/Contact.

For more of my tips, subscribe to my free CyberGuy Report Newsletter by heading to CyberGuy.com/Newsletter.

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