Whether splitting the check, paying a babysitter, or reimbursing a roommate for your portion of the rent or a concert ticket—Venmo can be a useful app for sending and receiving money.
Owned by PayPal, it's one of the most popular apps in the peer-to-peer or P2P payments space.
But because nothing connected to the internet is completely safe, you'll want to make sure you're following the best practices.
Venmo uses data encryption to protect users against unauthorized transactions, but determined hackers and scammers can bypass those.
Despite the potential dangers, users can protect themselves by taking the following safety steps:
- Never store large amounts of money in your Venmo balance. Always transfer your Venmo transactions to your bank account right away.
- Make sure you're only using Venmo to exchange money with people you actually know.
- Turn on push notifications—text messages AND email, or both that will help you keep track of any attempted logins, requests and payments received, and requests and payments sent.
If you end up losing your phone, or it's stolen, the first thing you need to do is revoke access to your account from that device. Just login to your Venmo account from a computer that you've used to do so. Note, you'll need to confirm your identity to sign in.
Second, contact Venmo from the email address associated with your Venmo account to let them know you can't sign in to your account with your phone.
Lastly, set up available security measures, like a PIN and Touch ID. It might be annoying to take that extra step to access your account, but in the long run it could save you.