Fraud has become a huge issue online, and Venmo isn’t immune to this. Especially since Venmo’s target audience is people in their 20s and early 30s, the generation running the show online. If you’ve ever been hacked on Venmo, you know how frustrating it is to try and get back your money. But there are steps you can take to ensure you won’t have this issue in the future. I’ll explain what to do if your Venmo account gets hacked, prevent it from happening, and recover stolen funds.
The following are common Venmo scams today
Whether through a phishing scam or a website breach, your Venmo account can easily be compromised if you’re not careful. For example, if someone has access to your email address or mobile phone number, they could easily reset and hijack your account. Protect yourself by being extra vigilant online. Below are the common scams on Venmo
● A Venmo phishing scam occurs when one receives a text similar to Venmo and asks you to send a follow a link to verify your account; hence, the scammer accesses your personal information.
● The hacked Venmo account scam- scammers, act as buyers but, in reality, have stolen the account. Upon the third party whose account was stolen reports, the seller will have lost the money given that Venmo reverses the money.
● Venmo scams offer an increase in money- the scammers ask you to send money with a promise of addition, such as sending $10 and being refunded $100 in days.
● Fake scale Venmo scam- scammers post products on sale on different marketplaces and convince buyers to deposit upfront, and upon paying, they block you; hence you lose your money.
● Bluetooth Venmo hacks which scammers use the Bluetooth connection to hack your phone, and once they hack your phone, they access your Venmo account and make transfers.
Steps to take when hacked
The scam starts when you get an email that says your Venmo account has been hacked. The email tells you to click on a link to resolve the issue immediately. This link is what many refer to as a phishing scam since it directs internet traffic somewhere other than the accurate Venmo site.
The first thing to do when your account is hacked is to immediately:Go to the login page and select the Forgot Password link, which will enable you to change your password. Your next step is to check the email address associated with your Venmo account for any suspicious emails or messages. If the hacker has changed your account’s password, you should be able to reset it from your email. Suppose you’re able to regain access to your account. In that case, Venmo recommends that you change your password, change the email address associated with your Venmo account, and enable two-factor authentication (individuals who use Venmo via a Facebook login should take additional steps). If you believe your Venmo account has been compromised, you should immediately report it by contacting Venmo support through their online form.
There are friendly ways of recovering from having your accounts hacked.
The following steps are necessary if you have linked your card number
When your account is hacked, you will want to freeze it immediately.
This involves contacting the organization that provides your card and changing your password as soon as possible.
You can also check with Bigcommerce or PayPal regarding freezing your account.
You can also check with your bank to obtain a new card if your identity has been stolen.
It’s important to alert all the proper organizations, or you could end up in a very sticky situation.
Contact Venmo customer care to report the incident.
The best way to prevent your account from being hacked is by logging into different devices, checking out on other websites, and making sure you’re always logged out after purchasing to keep your account safe to set up a strong password and keep an eye on any suspicious activity in your account. Still, it’s likely that at some point in your life, at least a few fraudulent charges will show up on your Venmo bill. With these precautions in place, you can be confident that you’ll have access to your money whenever you need it. Your Venmo account is just as important as your bank account or online payment system. So protect it!
