Gen Z relies on Venmo for quick payments, but scams are rising. This article outlines common Venmo scams like phishing, fake profiles, and overpayment tricks, offering practical tips to stay safe. Learn to verify recipients, enable security features, and spot red flags to protect your money and identity while using the app.
Protecting Your Money: Staying Safe from Venmo Scams
Venmo’s ease of use has made it a go-to for Gen Z, with over 83 million U.S. users in 2023, but its popularity has also attracted scammers. The Federal Trade Commission reported 90,571 payment app fraud complaints in 2024, with losses totaling $391 million. As a Gen Z user, you’re likely splitting bills, paying for secondhand goods, or sending money to friends, but staying vigilant is key to avoiding financial loss or identity theft. Here are the most common Venmo scams targeting young users and how to protect yourself.
Fake Profile Scams
Scammers create accounts mimicking friends or trusted contacts, using stolen profile pictures and similar usernames (e.g., “janedoe1050” vs. “janedoee1050”). They send urgent payment requests, claiming emergencies like being stranded without cash. In 2023, such impersonation scams cost users millions. To avoid this, always verify the sender’s identity outside Venmo—call or text them directly. Check the account’s transaction history by tapping their profile to ensure it matches your friend’s activity. Set your transactions to private in Venmo’s settings to limit what scammers can see.
Phishing and Smishing Scams
Phishing emails or smishing (SMS phishing) texts often pose as Venmo, urging you to click links to “verify” your account or resolve issues. These links lead to fake websites that steal login credentials or financial details. A 2021 Chicago case saw a woman lose $4,000 after clicking a phishing link. Never click links in unsolicited messages. Log into Venmo directly via the app or venmo.com. Legitimate Venmo emails come from
@venmo
.com—check the sender’s address for misspellings or odd domains.
Overpayment and Accidental Transfer Scams
Scammers send you money “by mistake” using stolen credit cards, then ask you to refund it to another account. When the original payment is reversed, you’re left out of pocket. A 2022 case in Greensboro saw a user lose $750 to this trick. If you receive unexpected funds, don’t send money back—contact Venmo support to reverse the transaction. Block the sender and report the incident to prevent further attempts.
Romance and Emotional Manipulation Scams
Romance scams target young users on dating apps, where fraudsters build trust before requesting money for “emergencies” like travel costs. A Massachusetts woman lost $8,000 in 2022 to a fake U.S. Army sergeant. Never send money to someone you haven’t met in person. If a request feels urgent or emotional, verify their identity through a video call or trusted contact method before acting.
Fake Seller and Job Scams
Scammers pose as sellers on platforms like Craigslist, offering rare items like concert tickets or gaming consoles, then provide fake payment confirmations. Alternatively, fake job offers require upfront Venmo payments for “training” or “equipment.” Always verify sellers through reviews and confirm payments are in your account before shipping goods. Legitimate employers don’t ask for payments via personal accounts—research the company first.
Security Tips for Gen Z Users
Enable two-factor authentication (2FA) to add a verification code for logins on new devices. Use a strong, unique password with at least 12 characters, including numbers and symbols, and store it in a password manager. Avoid sharing your phone with strangers, as they could access your Venmo app. Set transactions to private in Settings > Privacy to hide your activity from public feeds. If you suspect a scam, report it to Venmo’s support team immediately and notify your bank to freeze linked accounts. The FTC and FBI’s Internet Crime Complaint Center can also assist with fraud reports.
Using Venmo’s Features Wisely
Venmo’s Purchase Protection can refund eligible purchases if items don’t arrive or are damaged, but only if you mark the transaction as a purchase, not a personal payment. Be cautious with strangers, as Venmo is designed for trusted contacts. Regularly check your bank statements and credit reports for unauthorized activity. Services like Aura or LifeLock can monitor your finances for added protection, though they don’t directly prevent Venmo scams.
By staying cautious, verifying recipients, and leveraging Venmo’s security features, Gen Z users can enjoy the app’s convenience while minimizing risks. Always double-check before sending money, and trust your instincts if something feels off.
Disclaimer: This article provides educational information on Venmo scams and safety tips based on reports from the Federal Trade Commission, cybersecurity experts, and reputable sources like Surfshark, Aura, and Norton. Always verify information through official channels and consult financial professionals for personalized advice.
