How to avoid mistakes and fraud when using Venmo

You may have been taking advantage of all the benefits Venmo offers for sending money, splitting bills, and paying for services in your daily life for some time now. While using the app is very easy and doesn't involve any major risks, it's worth keeping in mind some things. Tips to avoid mistakes and fraud when using VenmoThat's right, a simple transaction error can make things very complicated, not to mention how stressful it is to be caught up in a scam.

How to avoid mistakes and fraud when using Venmo

When it comes to sending money and paying for services online, it's always better double-check everythingThis is true even with payment platforms as simple and secure as Venmo. On the one hand, there's a constant risk of making a mistake during the transaction; on the other, scam attempts are increasingly subtle and continue to claim victims. So, let's review some effective tips to avoid mistakes and fraud when using Venmo.

Venmo: Common Mistakes and How to Avoid Them

If you're new to Venmo, you're probably excited to think about all the things you can do with this app. But be careful: too much excitement can lead you to make some of the most common mistakes Venmo users make. Some can be easily reversed, but others might be generate considerable losses of money and even problems with the platformThese are the most common mistakes and how to avoid them:

Sending money to the wrong user

To avoid errors and fraud when using Venmo, it's very important to carefully check each transaction. One of the most common mistakes is sending money to the wrong contact, perhaps because getting confused when selecting it or by writing down the name and other information incorrectlyIt's fine if it's a trusted friend or family member, but what if it's a stranger?

• Since sending money from Venmo is quick and easy, it's no wonder so many mistakes occur when choosing a recipient.
• To avoid making a mistake, take the time to check the user's name, photo, and other profile details.
• To be sure, ask the recipient for confirmation before sending the money.
• And, whenever possible, Use the Venmo QR code to make sure the money goes to the right person.

Avoiding errors and fraud when using Venmo: Not setting privacy options

Venmo is like a combination of a payment app and a social network. By default, the platform displays transactions made in a public feed with information such as the date, amount, description, and participants. This isn't inherently bad, but it could be unnecessarily exposing your private informationThe mistake lies in not being aware of this fact and including sensitive details in the payment notes.

So, one of the first things you should do after signing up for Venmo is set up your privacy settings. In the app, Go to Settings – Privacy and change your transactions to Private if you don't want your friends or contacts to see them. And you can disable your activity history if you prefer greater discretion.

Using Venmo for business without being registered as a seller

Another common mistake: using Venmo for business without being registered as a seller. The problem is that Venmo prohibits commercial transactions to personal accounts. Therefore, using a personal account for this purpose may result in its suspension or closure.

So, to avoid problems with the platform, it is best to create a Venmo Business Profile account If you sell products or services, and before making recurring payments, review Venmo's usage policy to make sure you don't violate it.

Do not activate two-factor authentication (2FA)

An essential step to avoid errors and fraud when using Venmo is to enable two-factor authentication. Failure to do so leaves you vulnerable to criminals if they obtain your password. Therefore, activate 2FA from the Security section of the app as soon as possible. If you're still unsure how this technology works, check out our article. This is how Two-Step Authentication works, which you should activate now to improve your security..

The most common Venmo scams: don't fall for them

Let's now talk about how to avoid mistakes and fraud when using Venmo by being very alert to scam attempts. Because Venmo is a fast transfer method, it has become an ideal target for fraud, so you have to be very careful. In addition to the investment or cryptocurrency scams (which you should always be wary of) these are the most common fraud attempts:

The scammer asks for money by mistake

How does this strategy work? Like this: A person asks you for money "by mistake" and then asks you to return it. Later, the platform cancels the original transaction, either because it detects stolen funds, a fake card, etc. The problem is that You lose the real money you had already refunded.

To avoid falling into this trap, don't rush to return money directly at the request of a third party. First, asks that they try to solve the problem from the platform. Afterwards, you can report the incident to technical support before transferring real money to a stranger. This is a key rule if you want to avoid mistakes and fraud when using Venmo.

Fake sellers

 

A very effective scam technique: the scammer posts products in some buying and selling group and He insists you pay him via Venmo, but never ships the product.Since personal Venmo accounts don't offer buyer protection measures, there's no way to file a claim. You're screwed!

So never use Venmo to buy from strangers. It's better to use other platforms, such as PayPal Goods & Services, which do offer buyer protection. And If a seller insists you pay via Venmo, be wary.; you should always ask for proof of shipping or a receipt before paying.

Friend in Trouble: Avoiding Mistakes and Fraud When Using Venmo

Classic: A supposed "friend" or "family member" asks you for urgent money, but in reality, it's an attacker who has hacked your account. Once again: To avoid errors and fraud on Venmo, always double-check everything. Call or contact the person by other means before sending money, and review the profile details to confirm that it is really your contact.

The indispensable phishing or fake Venmo emails

Last but not least, there's the inevitable phishing scam: emails or messages that look like they're from Venmo (but are fake) asking you to enter your information or click on a link. Don't fall for it! Never click on suspicious links in emails or SMS. And if you need to correct or address a request, always access it from the app or official websiteHeeding these warnings will help you avoid mistakes or fraud when using Venmo.