Protecting yourself from crypto scams
If you think someone is trying to scam you or you may have been scammed by someone claiming to be from Venmo, contact our Support team. We’ll never ask for your password or security code. We won’t ask for money, to send your crypto to an external wallet, for remote access to your account, or to install software.
As crypto continues to grow and innovate, so do the scams. While some of these schemes like impersonation aren’t new, there’s also a whole new world of crypto-specific cons. It’s a good idea to familiarize yourself with some of the common ways to protect yourself against fraud.
Double-check links, phone numbers, and emails. If something seems fishy, it probably is. Remember, scammers can also set up a phony website, caller ID, or email to seem legitimate, so, proceed with caution and be careful with links. If you get a call or text that you’re unsure of, paste the phone number in a search engine and check if it matches the caller ID. As always, with any questionable emails, don’t click any links.
Investigate suspicious messages that look like they’re from Venmo. Scammers may call, text, or email you and pretend to be from Venmo. This can range from notification messages about a crypto transaction that you’re unfamiliar with to someone aggressively demanding payment for a crypto purchase. If you received a suspicious email that looks like it’s from Venmo, forward it to firstname.lastname@example.org and delete it from your inbox.
Protect your privacy. Don’t share banking details, personally identifying information, your financial status, or your private crypto keys with anyone online or on a website you’re not sure about. If someone asks you to install remote access software, don’t do it. This type of software can give a person complete access to your device and could allow them to steal your sensitive information.
Use caution with strangers. Some scammers will pretend to be celebrities, social media influencers, employees of legitimate companies or even romantic interests to steal your crypto. Be very cautious when sending money or crypto to people you’ve only talked to online, as they could be impersonating someone else.
Do your research. Does it seem too good to be true? If someone contacts you about an investment opportunity, there’s a social media giveaway, or tells you to act fast—it could very likely be a scheme. If you’re curious about a new crypto project, do some internet sleuthing on the team, look at their marketing, review their white papers and check their social media presence. Keep in mind that some of these scammers are extremely good at making themselves appear legitimate and gaining a following.
Be sure you send crypto to the right person. Confirm you have the right crypto address of a trusted recipient before you send it. Using copy and paste or a QR code can help decrease the risk of typos.
Much like the changing landscape of technology, there will always continue to be new scams. Staying vigilant and safeguarding your information can help keep you safe from crypto-related scams. You can read more about common scams on Venmo and report scams on the government’s official website.