Some common Venmo business account scams include fake payment invoice scams, overpayment scams, fraudulent Venmo support, business impersonation scams and phishing scams. If you are unfamiliar with Venmo, it is a mobile app used to send and receive money, similar to PayPal, Zelle or Cash App. If you already have a personal profile on Venmo, you can create a business profile to keep track of your transactions and give you more payment methods, including the option to receive tips.