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Verify: Yes, Venmo is giving away $100,000 today on Instagram and Twitter

The peer-to-peer payment company confirmed to 3News that it's a valid promotion

CLEVELAND — Editor's note: The video above is from a story about the rise in use of contactless payment platforms, which aired in May 2020.

It may seem hard to believe, but the posts circulating on Twitter and Instagram today promising a chance at a piece of a $100,000 payout from Venmo are verified.

While the posts share many of the features that make them look suspiciously like common scams meant to gain followers, a spokesperson for Venmo confirmed to 3News that this is a sanctioned promotion.

The offers appear on both Venmo's verified Twitter and Instagram accounts, dangling the opportunity for one of 200 payments of $500, in exchange for a follow and a repost.

When asked what the motivation might be for Venmo to share such a generous offer, the Venmo representative told 3News:

"We often do various giveaways and promotions for our Venmo community, as a way to surprise and delight our customers. Promotions or giveaways that are shared on our verified Twitter and Instagram accounts are legitimate."

This is part of an initiative called '#VenmoMe' and users are being asked to share their Venmo usernames in hopes of scoring a deposit into their accounts.

Users have to be at least 18 years of age at the time of entry, and have to follow Venmo's account on either Instagram or Twitter, repost the announcement of the drawing, and comment on the post with their Venmo handles by 11:59 PM Pacific to be eligible.

Good luck to those who choose to enter the drawing!


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