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Does Venmo refund money if you’re scammed?

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  • 4 min read

Payment apps like Venmo have become popular because they are easy to use. However, the rise of online transactions has also brought concerns regarding security and fraudulent activities. People who use Venmo sometimes worry about how much these apps can protect them, especially if they get tricked by scammers.

In this article, we discussed whether Venmo refunds money if you get scammed and what you can do when you get scammed.

Also read: Does Venmo work internationally?

Does Venmo refund money if scammed?

The answer to this question is it depends. Refunds are not provided for peer-to-peer payments; payments exchanged between two individual accounts will not be reimbursed, even if the transaction is between unfamiliar parties.

Only payments categorised as purchases, such as for Goods & Services, are eligible for potential refunds. By labelling your payment as a purchase before sending, you might be eligible for Venmo’s Purchase Protection if you fall victim to a scam. According to Venmo’s user agreement, Purchase Protection only applies if:

  • You receive an item different from what you intended to buy.
  • An item arrives damaged due to shipping.
  • Parts are missing from the purchased item.
  • The item you bought never arrives.

It’s important to note that most Venmo scams don’t involve business accounts, which means such payments do not qualify for Purchase Protection.

What to do if you get scammed on Venmo?

If you become a victim of a scam on Venmo, it’s crucial to contact Venmo’s support team immediately. You can do this by using the Contact page on their official website.

The important thing is to give as many details about the transaction as possible. Collect and send any evidence that supports your case. This might involve sharing screenshots of conversations between you and the scammer, your transaction history, and any other relevant information that helps explain what happened.

What to do to avoid being scammed on Venmo?

Below we have explained some of the best practices you can do to avoid being scammed on Venmo.

  • Tag payments as Purchases: To protect yourself from scams on Venmo, always label your payments as purchases when sending money. Only payments marked as purchases are eligible for protection in case of a scam. Peer-to-peer payments won’t have this level of protection.
  • Be Cautious with Strangers: Be cautious When transacting with people you have met online, like on platforms such as Craigslist or Facebook Marketplace. Check the person and their offer before committing to the transaction. Even if someone asks you not to tag the payment as a purchase to avoid fees, it’s better to insist on tagging it as a purchase.
  • Strong Password: Ensure your Venmo account is secure by using a strong and unique password. If your mobile device supports it, use biometric security measures like facial recognition or fingerprint ID.
  • Add a PIN: Set up a PIN for your Venmo account. This extra layer of security means you’ll need to enter your PIN every time you open the app or send money. This helps safeguard your account if your phone is lost, or scammers gain access.
  • Protect Your Information: Never share personal details or your Venmo login credentials with anyone. Legitimate Venmo representatives will never ask for your password, bank details, or other sensitive information through calls, texts, or social media messages.
  • Verify Every Transaction: Double-check that you’re sending the correct amount of money to the correct account before confirming any transaction. Be cautious about typos in usernames, and avoid sending money to accounts that have similar names to your family members. Remember, Venmo transactions are irreversible.

By following these tips, you can better safeguard yourself while using Venmo and reduce the risks associated with online transactions and potential scams.

Also read: How to unfreeze Venmo account?

Akash Singh

Akash Singh

Akash is a law graduate who likes to go for bike rides on the weekends soul-searching for answers to his many existential questions. You can contact him here: