Will Venmo Refund Money if Scammed?

 

Financial applications, such as the Venmo app, are here to make our lives easier.

We can send money, receive money, manage our budget, and more within just a few taps.

But the Internet is full of bad people looking to scam unsuspecting victims without further notice.

Originally, the Venmo payment app was built as a way to transfer money to people that we know, so what happens if we get scammed?

In today’s guide, we will talk about:

• Will Venmo refund money if scammed?;
• What to know about Venmo refunds;
• How to protect yourself from common scams on Venmo.

Will Venmo Refund Money if Scammed?

Venmo holds no responsibility in disputes involving scams, so the chances of getting your money transfer back are low.

According to the Venmo website, they cannot cancel Venmo payments at your request.

This applies to all Venmo accounts, including yours and other customers.

Of course, Venmo has buyer protection that applies only in business transactions.

You can report fraudulent activity and open a dispute only if the original victim contacts Venmo support with enough proof.

Likewise, remember that there’s a Venmo KYC verification process that allows no random person to use the app, so fraudulent activities can fall into the hands of the law if needed.

Therefore, don’t expect that Venmo reverses the transactions if you were a victim of a normal scam. Learn more about Venmo Buying Protection here.

How Does Venmo Refund Process Work?

If you were a victim of a Venmo scam, your options are frankly limited. Only you can try to get your money back, but this doesn’t guarantee that it will always work.

It is all written on Venmo’s user agreement, so everyone who uses this app should be quite aware of it.

Anyhow, this is what you can do if you want your Venmo money back.

Method 1: Request Money to the Person

This is a long shot, but it might as well work. If the scammers are scared of being caught, then you can request your money back.

1. Open Venmo and look for the username of the person who scammed you;
2. Select “Pay or Request” and enter the scammed amount with a message;
3. Select “Request” again, and send the request.

Don’t forget to send them constant reminders.

If you have been scammed by a fake account, then the chances of this method working are fairly low.

Method 2: Cancel Pending Payment

You can only cancel a pending payment if, after sending money, the other person hasn’t accepted it yet.

Also, if you sent money to a non-existing Venmo account, then you can do this:

1. Go to Venmo and open the Payment screen;
2. Select the Payment that you have sent to the wrong person, scammer, or wrong account;
3. On this screen, select the option that says “Take Back.” After a while, the money will appear on your Venmo balance.

Method 3: Contact Venmo Support

At last, if you bought a product under Venmo’s Buyer Protection, then you can send a message to Venmo support, and explain your case to them.

Remember that they will ask you for proof, and the process will not be short whatsoever.

Either way, there are several conditions for goods and services purchases to be refunded, so check their official site for more info.

5 Most Common Venmo Scams to Be Aware Of

Since getting your money refunded is so difficult, we encourage you to know the most common scams on this cell phone financial app.

1. Money mysteriously appears on your account: mysterious money is a really bad sign. It was probably taken from the money linked to a stolen credit card or bank account number. The scammer will ask you for a refund from this stolen credit card, so try to avoid it at all costs;
2. Offers to make money fast: also known as Money Circle or Cash Wheel, these offers should be avoided at all costs;
3. Link to a fraudulent site: fraudulent sites look to steal user’s account information in order to gain access to your account. They use emails and messages with the company’s fonts, so beware. These are called phishing scams;
4. In-person scams: avoid people asking you to Venmo them because they have their cell phone dying or car breaking;
5. Fake messages: fake messages from a “family member” or “friend” asking you to send quick Venmos are almost always a scam.

How to Avoid Scams on Your Venmo Account

There are three tips we give you to avoid Venmo scams:

1. Include multi-factor authentication on your Venmo account. This way, you will be more protected when your receive or send money;
2. Double-check all the transactions you make. Remember that Venmo will always eventually discover account scams;
3. Never click on links that you find on fake emails, messages, or weird sites.

If you follow this guide, we assure you that you will be protected from scammers! Get more Venmo info here, at GrowFollowing.

FAQ

Will Venmo Refunds be Credited to My Bank Account?

If Venmo happens to issue a refund for you (whether you bought something through Buyer Protection and won the case), the funds will be credited to the same payment method you sent them in the first place.

About the author

Steve

Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.