This article was reviewed by Alex Kwan and by How.com.vn staff writer, Janice Tieperman. Alex Kwan is a Certified Public Accountant (CPA) and the CEO of Flex Tax and Consulting Group in the San Francisco Bay Area. He has also served as a Vice President for one of the top five Private Equity Firms. With over a decade of experience practicing public accounting, he specializes in client-centered accounting and consulting, R&D tax services, and the small business sector.
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Venmo is a popular payment transfer service that allows people to easily send money to one another. While the platform itself is secure, Venmo has its fair share of scammers, which can put you at financial risk if you aren’t careful. In this guide, we’ll discuss if Venmo is safe, some common Venmo scams and safety concerns, and what you can do if you get scammed on the platform (including how to stay safe in the future). We’ll even compare Venmo to some popular payment transfer services like Zelle and Cash App, so you can get the full picture.
Is Venmo Safe to Use?
Venmo is a safe and secure platform for transferring money as long as you only send money to people you know and trust. Scammers use a variety of cons and tricks to manipulate users into sending them money, so it helps to recognize common scams and use good internet safety practices whenever you’re on Venmo.
Steps
What to Do if You’re Scammed
- Reach out to Venmo Support. Open your Venmo app and head to the “Get Help” section of your settings. Tap “Contact Us” followed by “Email Us” or “Chat with Us.” You can also call the Venmo support number at 812-4430, or fill out a contact form on their website.
- Go into as much detail as possible about how you were scammed.
- Remove sensitive info from your account and change your password. If someone compromised your account, changing your password is the best way to protect your account from other intruders. While Venmo (and your bank) tackle the scam, it’s also a good idea to disconnect your bank details from your profile.
- Get in touch with your bank. Go into detail about how you were scammed and ask if you can get your money back. While you’re at it, see if your bank can keep an eye on your account for any fraudulent activity. Let them know which debit cards and account numbers were linked with your Venmo, too—in some cases, your bank might temporarily shut them down.[13]
- Report the scam to the proper authorities. If you’re a victim of fraud, report the crime here; if the scammer is attempting to steal your identity, visit this site. If your credit card was compromised in a Venmo scam, alert Equifax, Experian, and TransUnion about it.
- While touching base with these 3 credit bureaus, ask if they can freeze your credit report while the scam gets sorted out.[14]
Expert Q&A
Tips
- While Venmo may have to ask you for your Social Security Number, you’ll be able to provide it the app. If you get a random text or email (from a [email protected] domain), assume that it’s a scam.Thanks
References
- ↑ https://help.venmo.com/hc/en-us/articles/360035844973-About-Venmo-Security
- ↑ https://www.fdic.gov/resources/consumers/consumer-news/2022-08.html
- ↑ https://www.consumerreports.org/money/digital-payments/peer-to-peer-payment-apps-comparison-a5999129619/
- ↑ https://mass.gov/news/venmo-scams
- ↑ https://help.venmo.com/hc/en-us/articles/217532397-Login-Security
- ↑ https://help.venmo.com/hc/en-us/articles/360048404533-Common-Scams-on-Venmo
- ↑ https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-scams-and-crimes/romance-scams
- ↑ https://help.venmo.com/hc/en-us/articles/360048404533-Common-Scams-on-Venmo#h_01G3C49JAABTJW96NZ10RDZV1J
- ↑ https://help.venmo.com/hc/en-us/articles/360048404533-Common-Scams-on-Venmo#h_01G3C47F0SQYCBDTD8M53X0ECS
- ↑ https://help.venmo.com/hc/en-us/articles/360048404533-Common-Scams-on-Venmo#h_01G3C4818F20MM7SZCMDSHPHDC
- ↑ https://help.venmo.com/hc/en-us/articles/360048404533-Common-Scams-on-Venmo#h_01G3C48R4V3V61P4NZ5CQ2XZDP
- ↑ https://help.venmo.com/hc/en-us/articles/4404097206547-Buying-from-Personal-Profiles
- ↑ https://consumer.ftc.gov/articles/what-do-if-you-were-scammed
- ↑ https://www.usa.gov/credit-freeze
- ↑ mass.gov/news/venmo-scams
- ↑ https://www.cmu.edu/iso/news/2019/how-to-create-strong-passwords.html
- ↑ https://www.consumerreports.org/money/digital-payments/peer-to-peer-payment-apps-comparison-a5999129619/
- ↑ https://www.nerdwallet.com/article/credit-cards/credit-card-vs-debit-card-safer-online-purchases
- ↑ https://www.mass.gov/news/venmo-scams
- ↑ https://www.mass.gov/news/venmo-scams
- ↑ https://help.venmo.com/hc/en-us/articles/210413717-Payment-Activity-Privacy
- ↑ https://www.justice.gov/usao-ndga/protecting-yourself-while-using-internet
- ↑ https://www.consumerreports.org/money/digital-payments/peer-to-peer-payment-apps-comparison-a5999129619/
- ↑ https://www.consumerreports.org/money/digital-payments/peer-to-peer-payment-apps-comparison-a5999129619/
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