As online banking apps and money transfer services gain popularity worldwide, it’s becoming increasingly common to use apps like Venmo in your day-to-day life to send and receive money.
Currently, Venmo is one of the top money transfer apps in the US, with millions of users nationwide. However, you may wonder whether Venmo is a legit company that is safe to use. This article will tell you all you need to know, so keep reading!
Is Venmo Legit in 2023?
Venmo is safe to use and follows federal regulations for identity verification and fraud protection in order to keep the app secure for all users in 2023. Although Venmo uses data encryption to protect your information, being hacked is always a possibility. It’s smart to enable two-factor authentication so it’s more difficult for hackers to access your account.
There are many questions people have related to the safety and reliability of Venmo, so keep reading to learn all about this topic!
Is Venmo Really Safe?
Venmo is safe to use since it uses data-encryption to protect your information and has several security measures in place to catch and prevent fraud.
However, although it’s relatively safe to sign in to Venmo and link your bank account, you shouldn’t pay strangers on Venmo.
At this time, the app has very little scam protection or insurance for transactions between personal accounts.
In addition, you are safe to request money from others by sharing your username, but be sure you have a strong password.
Further, you can enable multifactor authentication to make your login process more secure.
Can Your Bank Account Be Hacked Through Venmo?
Venmo has several security measures in place to protect your bank account.
It uses bank-level encryption to protect your personal information, and never shows your payment method to others when you send them money.
Although Venmo is relatively safe, it’s not entirely foolproof. Most money transfer apps can potentially be hacked.
In addition, scammers often try to gain access to your Venmo account by pretending to be a Venmo employee and asking for your login information.
Also, Venmo will never ask for sensitive information to be sent through email, text, or over the phone.
So, if someone gains access to your Venmo account, they may be able to transfer money out of your bank account. However, they won’t have your bank password or username.
Why Does Venmo Need My SSN?
Venmo asks all users to verify their identity using their social security or taxpayer ID numbers.
According to federal law, verifying your identity this way allows you to store money in Venmo and send it directly from your balance.
Also, when you verify your identity on Venmo, you can send more money using Venmo and transfer more to your bank account each week.
However, be careful when receiving emails, as some may try to take advantage of this regulation and steal your information.
Venmo will never ask you to send information through email or text. Instead, verify your identity within your account settings in the Venmo app.
Why Is Venmo Asking for My Bank Password?
When you link your bank account to Venmo, you will be asked to complete either instant or manual verification to make sure your bank account is correct and working.
If you select instant verification, you will be asked for your bank credentials in order for Plaid to connect to your bank account.
Venmo uses Plaid for bank verification and uses it to periodically check your balance.
Is Venmo Safe to Use With Strangers?
Venmo is not safe to use with strangers. Rather, you should only use Venmo between friends and family and people you trust.
If you pay a stranger for goods or services and they don’t have an authorized business profile, there is very little Venmo can do for you if you get scammed or stolen from.
If you need to pay someone you don’t know, for example, if you’re buying an item on Facebook marketplace, it’s safer to use an app or service that has more purchase protection.
Why Is Venmo Asking for My Driver’s License?
When you go into the Venmo app to complete identity verification, sometimes Venmo requires additional documentation in order to verify your identity in accordance with the US Patriot Act.
Documents that will work for this purpose include your driver’s license, US passport, or other government-issued ID.
Can People Get Your Account Information From Venmo?
When you share your username or QR code with others in order for them to pay you on Venmo, they will be able to see your legal name and username.
This information won’t compromise your account, provided you have a strong password. A good way to protect your account is to enable multifactor authentication for signing in.
No one can see your banking information or other sensitive information when they view your profile on Venmo.
To know more, you can also read our posts on how to get a Venmo debit card, whether Venmo payments can be reversed, and whether you can Venmo yourself.
Venmo is a legit app and it’s relatively safe to use. It follows federal laws and has set protocols to keep users’ accounts safe and secure, including bank-level data encryption.
If Venmo asks you to verify your identity in order to have full use of the app’s features, be sure to do so only within the Venmo app. You can use your SSN or your taxpayer ID number.