Everyone uses Venmo these days. But should you?
This digital-age app allows you to transfer or receive money almost instantly from the comfort of your phone. All you have to do is link a credit card, debit card, or checking account, tap a few buttons, and boom. Money transfers without the inconvenient cash or checks.
But as you know, nothing linked to the Internet is completely safe. Cyberattacks happen every day—taking down networks, stealing user information, and even stealing payment information. But as far as security measures go, Venmo does a pretty good job.
Using bank-level security and data encryption to protect you, Venmo is a relatively safe app to use. Venmo takes several precautions to protect user data, one being the ability to log out of the account remotely from a computer. This is particularly useful if your phone has been lost or stolen.
Venmo also offers the in-app-setup of multi-factor authentication. You have the option to enter a passcode and enable Touch ID, so every time the app is opened, either Touch ID or a passcode must be used to access the account. This prevents other people from accessing your account.
But, of course, there’s always a chance that your account can still be hacked. So, what do you do then? Well, as long as you contact Venmo within two days, you’re only liable for $50 worth of losses.
The verdict? Venmo is fine to use, just be sure you’re doing these few things:
- Enable Touch ID and use a passcode for maximum security
- Only send money to people you trust
- Never transfer money on un-secure or public WiFi (networks unknown to you)
- Use a strong password, and make sure all your connected accounts have strong and unique passwords, too
- Keep an eye on your bank account just in case, and notify your bank and Venmo of any suspicious activity
As always, contact us if you have any questions. And always pay your friends back!