How to Keep Your Venmo Account Safe and Secure
Your bank account and/or credit card accounts are connect to your Venmo account for it to function.
This makes it possible for you to send and receive money from friends, family members, and other app users.
The Venmo platform processes transactions between users who are sending and receiving money through an application programming interface (API).
The company’s website states that to safeguard and protect its customers’ personal and financial data, Venmo employs encryption technologies.
The firm formerly referr to its security procedures as “bank-grade,” but that language has since been take off the website.
According to Venmo, user data is keep on servers in safe places.
Thus, it would seem like Venmo is secure at first sight. It’s not perfect, however.
If you haven’t enabled multifactor authentication and someone were to get your PIN or account login information, they could be able to use the app to illegally withdraw money from your bank account.
Here’s what we recommend in order to keep your Venmo account safe and secure.
Password-generating software
Isla Sibanda, a cyber security expert recommends using password-generating software.
She states: “Using a secure password is the first and most apparent line of defense for Venmo security. You can create strong passwords with a convenient password organizer like 1Password or LastPass.
In addition to having built-in password generators, these free programs also let you customize the difficulty of your password.
Even better, you don’t have to learn your passwords since they save them for you. The password manager automatically enters the password for you when you need it.”
Make Two-Factor Authentication available
Two-factor authentication (2FA) is generally recommend and should be use wherever offer.
Therefore, it’s a no-brainer when your funds are involve.
For those of you who are unfamiliar. 2FA is an additional security measure that requires you to verify your identity before you can access your accounts.
By entering a digital code that has been supply to you through SMS or by using an authentication software that has been download to your phone. You may verify your identity.
Surprisingly, Venmo didn’t provide 2FA as a login option when it originally debuted. Venmo deserves kudos for making the adjustment in 2015 and making the option default on all accounts.
Venmo will require you to prove your identity whenever you login in from an unidentified device. Despite not being the most secure kind of 2FA, Venmo employs SMS 2FA since it is an improvement over nothing.
You may avoid using 2FA on your devices each time you log in to your Venmo account by adding remembered devices to your account using the 2FA settings in Venmo.
Deal Only With Reliable Payers and Receivers
Carl Jensen, the owner of Compare Banks shares: “Venmo instructs users to only send and receive money from friends and family they know and trust, even if this should go without saying.
Transactions that involve receiving or giving money to someone you don’t know might be significantly hazardous.
The Wall Street Journal said that false payment transactions handled via the Venmo app cost the firm $40 million in the first three months of 2018.
The Newspaper received and studied internal papers from PayPal, the parent company of Venmo. You may reverse payments made to new Venmo users who don’t yet have active accounts if you’re concerned about fraud.”
Protect your phone (in addition to your Venmo account)
Rhett Stubbendeck, CEO of LeverageRx shares: “Making it as difficult as you can for someone to access your phone’s data in the first place is the greatest method to keep it all secure.
To unlock your smartphone, set up a passphrase that is at least six characters long. Even if face ID work well for iPhones, your traditional passcode may still be access by just turning your phone on and off. So, make a sensible choice.”
Connect your account to a credit card rather than a bank or debit card
It’s preferable for thieves to have access to your credit card rather than your bank account if the worst happens and your account is compromise.
First off, hardly seldom do credit card users have any accountability for fraud.
Second, if someone drains your bank account, you may truly be in trouble since the consequences would be more severe than, say, a $1,000 credit card charge that you can dispute and for which you’ll never be responsible for more than $50.
Good tip: Just detach it from your bank account as soon as it’s finish if you need to connect to transfer money from your Venmo balance to it.
Check your account activity often, and utilize alerts
Sam Willis, writer at Raincatcher recommends the following: “Regularly check your account to ensure there are no strange transactions taking place that you were unaware of.
Increasing the number of alerts you get anytime there is activity relate to your account would also be wise so that you are inform as soon as anything suspicious occurs.”
Restrict Access and End Sessions
If you’ve add your phone to your trust devices list and it is lost or stolen, you may instantly cancel access to your account on that device.
That means you can prevent someone from accessing your Venmo account if they manage to bypass your phone’s security and you haven’t set up a PIN on the app.
Go to Settings > Security after logging into your Venmo account in a browser.
All open browser sessions and any devices that have been previously remember are shown here.
You may log out of sessions you’re not familiar with and delete devices from your list of recently used devices.
You should change your Venmo password as an extra precaution if you see any unusual behavior.
