Over 83 million people use Venmo to transfer money directly from their bank accounts to merchants and loved ones. While a Venmo account offers convenience, they also have security risks because it acts as a finance app as well as a social media app. As a user, you can become a target of hackers and cybercriminals looking to drain your financial accounts.
Fortunately, there are several ways for you to secure your Venmo account and protect your financial information. Below is a comprehensive guide to Venmo safety to learn all of the best tips.
Use a Password Generator for Venmo Safety
To start, you need to create a strong password for your Venmo account. The password needs to be unique and hard to guess. You can generate such passwords using a password manager like LastPass, Bitwarden, or 1Password.
These free tools not only generate strong and secure passwords but also let you choose the level of complexity of your desired password. They can also store your passwords, so you don’t have to worry about memorizing them. When you need to use your Venmo, the password manager can also auto-fill the password for you.
Turn the Default Public Settings to Private
When you create a Venmo account, all your transactions are public by default. This means anyone who uses the app can see your transactions. To prevent scammers from getting access to your account, you should make your Venmo transactions private.
First, open the Venmo app, and tap the menu button. Tap Settings > Privacy, and under Default Privacy Setting, choose Private. As a result, your future transactions will only be visible to you and the recipient.
You can also adjust the privacy settings of previous transactions. On the Privacy tab, under “More,” tap Past Transactions. Select the Venmo account option of Change All to Private.
Allow Two-Factor Authentication
Two-factor authentication is a solid way to add another layer of Venmo account safety. It’s a security feature that lets you confirm your identity by entering a digital code sent via SMS or using an authentication app on your phone before you can access your account.
To enable the 2FA on Venmo, head to the menu button. Tap Settings > Remembered devices. You’ll see a list of devices you’ve used to access your account. To remove any of the devices, long press on them and then tap the trash can icon.
The next time you try to log in to your Venmo account on any of the deleted devices, you will need to verify your identity. This makes the app much safer to use.
Set Up a Pin Code or Face ID
Aside from 2FA, you can enable your pin code and Face ID for added security as you open the app and make transactions. On some devices, you can even opt for a fingerprint scan.
To get started, tap the menu. Select Settings > PIN code, Face ID, & biometric unlock. Choose the toggle to enable PIN, biometric unlock or Face ID.
If you use an iPhone, the app will prompt you to use your Face ID to unlock your Venmo account. Select OK. For Android users, you may need to use a PIN code or biometric unlock.
Don’t Link To Your Bank Account or Debit Card
While you can add a savings or checking account to Venmo, it’s more secure to link your app to a credit card. Although it will cost you a 3% fee on each transaction, credit cards have much stronger fraud and theft protection compared to a traditional bank account.
You can change your payment settings by selecting the menu. Go to Settings > Payment methods. Then, tap Card and enter your credit card information. Also, avoid using a debit card as it is more prone to Venmo scam attacks.
Turn On Venmo Notifications
Venmo offers several types of notifications that you should enable. This way, you can get alerted to any unauthorized transactions as they happen.
Go to Settings > Notifications. You will find three options to select from—email, text, and push notifications. Choose your preferred notification method. Text and push notifications are a great choice if you want instant updates.
Once you make the selection, Venmo will present you with several notification options like payment sent or payment received that you can turn on or off.
Avoid Using Venmo on Public Wi-Fi
When you log into Venmo on any public Wi-Fi network such as at the airport or coffee shop, you give malicious persons a chance to break into your account. The suspicious activity and fraudulent transactions may lead to Venmo declining payments.
Ensure you use a safe and reliable network for Venmo account safety. If you really need to access your account on public Wi-Fi, use a VPN to hide your activity from spying eyes.
Don’t Venmo Strangers
Avoid sending money to people you don’t know and trust through Venmo. It’s important to only use the account with family and friends since it’s part of Venmo’s User Agreement.
The agreement states that personal accounts can’t be used for business transactions. This means if you receive or send money to someone for a purchase, there’s no Venmo buyer protection to protect you.
For instance, you pay someone for a product and it isn’t delivered. Venmo can’t refund you without that person’s permission. If you plan to use Venmo for business-related transactions, apply for a business account.
Revoke Access to Your Venmo Account
If your phone is stolen or lost, you can immediately revoke access to your Venmo account on that device only if you’ve added it as a trusted device. This means you can stop anyone from using your account.
To revoke access, log in to your Venmo account through a browser and tap on Settings > Security. Log out of sessions you aren’t aware of and delete all devices that you’ve used to access your Venmo account. You can also change your Venmo password as an added safety measure.
Must-Know Venmo Safety Tips: Share With Our Friends & Family
Your Venmo account is only as safe as you make it. It’s best to take the time to look over the aforementioned Venmo safety to ensure the proper security of your transactions. If you found this article helpful, share it with your friends and family using Venmo.
