Venmo is a mobile payment service that has been offered by PayPal. It works on peer-to-peer technology to send and receive money. Venmo also uses bank-level encryption technology to provide the safety and security to your data that you provide to Venmo. Along with this, you can add multi-factor authentication to provide a strong layer of protection to your Venmo account. So, we can say that Venmo is safe. However, many users are in doubt that is Venmo safe or not.
In some cases, hackers and cybercriminals have been successful to access the Venmo account and they have also transferred money from your Venmo account to a new bank account. Hackers may have access to your Venmo account by approaching several tactics. Being a Venmo account user your first need is to strengthen the security and safety of your account. So, with no further delay, let’s move on to discuss the precautionary measures to combat hacking:
Precautionary measures to combat hacking for Venmo accounts
- You should avoid storing large amounts of money in your Venmo account as hackers usually attack those accounts that have large amounts of money on it.
- If you have money in your Venmo accounts then transfer it immediately to your linked bank accounts.
- Try to exchange Venmo funds only with those people which are familiar with you.
- Navigate to your Venmo account and update the settings to “private” to hide the transaction histories of your Venmo account. Venmo’s default new account setting is set to the public that allows it to show your transaction in the public feed.
- If you have not changed the password for your Venmo account recently then you should approach the right steps to update a new password for your account. Do not forget to strengthen the password by including special and alphanumeric characters in it.
- Try to keep your Venmo mobile application up-to-date. This action may help you to protect your Venmo account from hackers.
- You should turn on the multi-factor-authentication feature on your Venmo login account as it can help you to safeguard the Venmo sign-in account. The Venmo identity verification is safe as Venmo verifies your identity using this method. You need to enter the code in the verification field to verify your identity.
- Whenever you are asked to verify or enter the PIN code of your Venmo account to receive a payment on it on a call, always deny entering the passcode or any other Venmo credentials as it may be a fraudster who is asking to enter the PIN code.
- You should avoid sharing the Venmo account credentials with any unknown person as this information can be used to access your Venmo account and once the hackers get access to your account it becomes easy to transfer money from your Venmo account to a new bank account.
Note: After approaching the precautionary measures that are mentioned above, you will be able to provide an extra level of security to your Venmo account. If you have still any doubt regarding is Venmo safe or not then contact the Venmo customer service or visit the https://venmo.com/about/security/ link to get some additional information similar to this post.
To sum up, Venmo is owned by PayPal and it uses bank-level encryption technology thus we can say that Venmo is safe. If you have any doubt about the safety and security of your Venmo account then you should approach the points that we have mentioned in this post. In this post, we have provided information on is Venmo safe. Hopefully, you have found your answer on the Venmo account safety referring to this post.