New updates are being added at the bottom of this story…….

Original story (published on July 10, 2023) follows:

Here’s the crux of the article in video form:

Venmo, a popular peer-to-peer payment app, has revolutionized the way people send and receive money. With its convenient features and widespread usage, it has become an integral part of several people’s lives.

However, like many online payment platforms, it is not immune to scams and fraudulent activities.

Venmo ‘Sign-in Detected’ text scam

Reports of the ‘Sign-in Detected’ text scam targeting Venmo users have been on the rise, and it’s crucial to understand the intricacies of this phishing message to protect yourself from falling victim to it.

This text scam operates by exploiting users’ concerns about the security of their Venmo accounts. The scam begins when a user receives a text message appearing to be from Venmo.

Venmo Sign-in Detected text scam
Source (Click/tap to view)

The message typically states that a sign-in attempt has been detected from an unfamiliar device or location. This alarming information is intended to create a sense of urgency and prompt the user to take immediate action.

To address the security breach, the scammer includes a code and a link in the text message. The user is urged to enter the code or tap the link to either verify their identity or secure their account.

However, these codes and links are cleverly designed traps. They are entirely fake and have been crafted with the sole purpose of tricking users into revealing their login credentials and other sensitive information.

#VenmoScam s are still going strong. Mine just came from +1 (531) 232-6863 claiming to be from Thousand Oaks. #PSA
Source

If users fall into the trap and enter the code or click on the provided link, they are redirected to a counterfeit Venmo website that closely mimics the genuine one.

This fake website is skillfully designed to deceive users, replicating the layout, graphics, and even the URL to make it appear legitimate.

Unsuspecting users are then prompted to enter their username, password, phone number, email address, bank account details, or other sensitive information.

If a user supplies this information, the scammer gains unauthorized access to their Venmo account, leaving them vulnerable to financial theft and identity fraud.

How do they get your information

One of the techniques scammers employ is gathering users’ phone numbers from various sources, such as previous data breaches or public information on social media platforms.

Armed with this information, they use spoofing techniques to make the text message appear legitimate, disguising it as if it genuinely came from Venmo.

This tactic can make it challenging for users to differentiate between a genuine communication from Venmo and a scam.

How to beware of such scams

To protect yourself from falling victim to the Venmo ‘Sign-in Detected’ text scam or others, it is crucial to adopt a cautious and vigilant approach when dealing with text messages from unknown or suspicious sources.

Here are some detailed guidelines to help you stay safe:

1. Verify the authenticity of the communication: Venmo will never ask you for your password, PIN, or access codes via text message, email, phone call, or any other means.

2. Stick to official channels: Whenever you need to enter your Venmo password or PIN, ensure that you do so only on the official Venmo website (venmo.com) or within the official Venmo mobile app.

3. Keep access codes confidential: One crucial aspect of safeguarding your Venmo account is to never share your access codes with anyone.

Scammers may pose as Venmo representatives, but legitimate Venmo support will never ask for your access codes. Protect your personal information and keep it confidential at all times.

4. Contact Venmo directly: If you receive a suspicious text message and have doubts about its authenticity, take the initiative to contact Venmo directly through their official channels.

By diligently adhering to these precautions and staying informed about the latest scams, you can significantly reduce the risk of falling victim to such scams or any other phishing attempts.

When it comes to protecting your online accounts, it is always better to be safe than sorry.

Update 1 (July 21, 2023)

10:54 am (IST): An alarming finding has surfaced, indicating that this year, 68 percent of Venmo users have either fallen victim to scams or attempted scams, a significant increase from the 42 percent reported two years ago.

Update 2 (July 26, 2023)

11:35 am (IST): A user tried to contact Venmo to tell them about the sign-in detected scam where customer service then asked them to share some details related to their account.

However, users were further anguished by the thought of another scam rather than feeling reassured.

venmo-scam-2
(Source)

Note: There is more coverage like this in our dedicated Apps section so make sure you’re following them as well.

PiunikaWeb started as purely an investigative tech journalism website with main focus on ‘breaking’ or ‘exclusive’ news. In no time, our stories got picked up by the likes of Forbes, Foxnews, Gizmodo, TechCrunch, Engadget, The Verge, Macrumors, and many others. Want to know more about us? Head here.

Karanjot Sidhu
1003 Posts

A computer science engineer who loves tech and won't stop talking about it. Here at Piunikaweb, I mostly cover Google Pixel deals and how-tos, though you may find me covering Pixel news as well sometimes. Apart from being a nerd, i love gaming and watching movies in my free time.

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