Venmo has staggeringly altered the level of ease with which we’re able to quickly transfer money among friends. But there are unsurprisingly questions of security when it comes to connecting an app on a phone or computer to your sensitive bank information.
While almost any app or account that requires personal details can leave you vulnerable, many users opt in for some level of risk to experience the benefits that Venmo provides. For those that want to bolster the security of their Venmo experience, we’ve compiled tips below.
Use a Unique Password
The first step of any security how-to is to create a unique password. If you use the same password for all sites, anyone who gains access to one of your accounts can then get into all of them. Data attached to accounts is always sensitive, but financial apps can take that to an even greater level, with important monetary information at stake. As your first guard against unwanted visitors trying to access that informations, create a unique password you only use for Venmo.
Add A Pincode And Enable Touch ID
Venmo provides the ability to add extra layers of security to your log-in process. To do this, you should enable Touch ID and add a pincode. With these features enabled, you’ll have to enter a four-digit pin to gain full access to the application, or alternatively use a fingerprint.
To enable this, open the Venmo app on your phone. Then head to Settings, and scroll down to the Security section. You’ll see the line Touch ID & Pin. Toggle it to On and enter a unique pin.
Disconnect Venmo From Phone
The platform also has a built-in security measure for circumstances when your phone is no longer in safe hands (if it is lost or stolen). If in this situation, you can disconnect the phone app from your account.
To do this, head to Venmo.com, and click Settings. Then head to the Security tab. Under Sessions, you’ll see all the places from which you are currently logged in to Venmo. Find the session that is the logged in through your phone, and click Remove. You’ll be logged out of Venmo from the phone app.
Avoid Interactions With Strangers
Venmo advises against using the platform for monetary interactions with strangers, particularly tied to transactions. Venmo does not certify accuracy of independent users claiming to offer goods in exchange for payment. Make sure not to fall into a scam.
For the best use of the app, send money only to people you know in real life for confirmed exchanges.
Transfer Your Balance
Odds are, security protections for money held in your bank account are stronger than those for money held idle in your Venmo account. To keep your money protected, transfer your balance as frequently as possible to your bank account.
To do this, head to Venmo.com. Underneath your Avatar, you’ll see your balance. Next to that, there will be a link reading Transfer to bank. Click the link, then click Your Balance to select the full amount, and hit Transfer.
Make Interactions Private
Venmo is part payment app and part social media feed. But if you’d like to keep your Venmo interactions private, you can change your settings so that nobody can see money you’ve transferred or received.
To make your profile private, head to Settings and then click the privacy tab. You’ll see three options for your transaction privacy: Public, Friends and Private. Public means anyone can see your interactions, Friends is for those you’re connected with on the app, and Private means only you will see the transaction.