Venmo is a peer-to-peer payment app that allows users to directly transfer money to one another. Funding sources can be your Venmo balance if someone transferred money to you first, a credit or debit card that you link to your Venmo account or your U.S. bank account that you attach to the app.

What are the risks of using Venmo?

The biggest risk of using Venmo is falling victim to scams. Avoid these by only transferring money to and from people you know and staying up-to-date with the scams listed on the Venmo website.

Will Venmo refund my money if I'm scammed?

Venmo doesn't offer any refund guarantee, but the company will investigate transactions if you believe you've been scammed. After the investigation, Venmo will decide whether or not to refund you.

Is it safe to use Venmo with strangers?

It is best to use Venmo as a means to transfer money only between friends and family. When you use the app to move money to or from strangers, you open the door to scams.

Is Venmo safe to link to a bank account?

Yes, Venmo is safe to link to a bank account. When you send money using your linked account, it will keep your external account information anonymous. All the recipient will see is a payment labeled as Venmo.

Why shouldn't you use Venmo?

While Venmo offers a very convenient, safe service, some people may stray away from it because of the fees it charges for some services, like instant money transfers and out-of-network ATM withdrawals.

Can your bank account get hacked through Venmo?

Yes, there are occasions when scammers might convincingly act like a Venmo representative and contact you through email or text. They might ask you to click a link or provide your personal information. If you do, your bank account may be hacked. If you ever get a text or email and want to verify its legitimacy, you can reach out to Venmo’s customer service.

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Is Venmo Safe? What You Need To Know

August 3, 2023

7 min Read

Written by Joshua Rodriguez

Edited by Elizabeth Constantineau

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Venmo is a popular payment app that makes it easy for friends and family to send money to each other. The app makes splitting everyday expenses such as restaurant bills or movie tickets quick and accessible.

Users sent $244 billion in payments through Venmo in 2022, so there’s no question that the app is popular. But is Venmo safe?

Is Venmo Safe?

Venmo is an extremely secure platform, especially when you use it as intended. While Venmo ensures user security with data encryption and PIN codes for its mobile app, it’s advised to transact only with trusted individuals due to potential scam risks.

Here is a closer look at how safe Venmo is.

Payment Limits

Venmo imposes spending and sending limits. If you haven’t verified your account, you can only spend up to $299.99 per week. You can increase this limit to $60,000 weekly once you verify your account, strengthening security.

Account Monitoring and Encryption

Venmo secures your linked bank account and all other data using encryption. Moreover, the company stores all data on servers in secure locations. The company also actively monitors your account to identify unauthorized use.

Multifactor Authentication

If you turn on multifactor authentication, Venmo will email, call or text you a six-digit code so you can log in. If someone else attempts to use the account, they won’t be able to log in without the code.

Remote Security Management

If you lose your phone, you can log in to your Venmo account from a computer and disconnect access to your Venmo account. Here are the steps you would need to follow:

Log in and click “Settings.”
Click “Security.”
Click “Forget” to revoke access to any open sessions.

Is Venmo Safer Than PayPal?

The purpose of Venmo is to move money to or from people you know and trust. The purpose of PayPal is to send and receive payments to or from anyone, anywhere. As such, when used as intended, Venmo is the safer option.

7 Ways To Protect Yourself on Venmo

Although Venmo protects your account in several ways, there are things you can do to further secure your money and personal information. Here’s a look at seven ways to protect yourself from Venmo-related scams.

1. Add a PIN and Set Up Touch ID

You can tap on your picture or initials in the app to set up a PIN code and biometrics locks on your Venmo account. This way, if someone accesses your other account data, they still won’t be able to log in to your account.

2. Choose a Good Password

The stronger the password, the more protected your account is. Keep these tips in mind when coming up with yours:

Never use the same password for multiple websites.
Longer passwords are more secure than complex, short passwords.
Avoid single-word passwords.
Let a password manager choose a secure password for you.

3. Use Multifactor Authentication

With multifactor authentication, you’ll need to use a unique code every time you sign in. Although this may seem like an inconvenience, it prevents anyone else from accessing your Venmo account unless they can access your phone or email.

4. Only Use Venmo With People You Know

The answer to the question “How safe is Venmo?” depends on the people you send and receive money to and from. The best way to ensure that Venmo is secure is by sending and receiving cash only to and from people you know and trust.

5. Make Your Venmo Transactions Private

On the Venmo app, all of your transactions are public by default. That means anyone can see the transactions you make and who you are sending them to. The more information you make available, the more of a chance it can be used against you.

To make your Venmo transactions private, simply sign in to Venmo, click “Settings,” click “Privacy” and click “Private.”

6. Don’t Use Public Wi-Fi

Public Wi-Fi is a convenience that many establishments offer. But that convenience may cost you. When you log in to a public Wi-Fi hotspot, you may be giving hackers access to your data. So, steer clear of public internet and opt to use your mobile network instead.

7. Keep Up With Common Scams

Con artists come up with new ways to scam people often. Venmo keeps tabs on the most common scams to help you protect yourself, so use the Venmo website to stay up-to-date on recent scams. If you’re aware of the scams, you’re better equipped to avoid them.

What To Do If You Get Scammed on Venmo

Can you be scammed on Venmo? If you follow all of the precautions mentioned above, it’s unlikely you’ll fall victim to a scam. Nonetheless, if you believe you’ve been scammed, contact Venmo immediately. Here’s how:

Use Venmo’s online contact form to send a message.
Call Venmo at (855) 812-4430 any time between 8:00 a.m. and 8:00 p.m. CT.
Use the chat service on the Venmo app any time between 8:00 a.m. and 10:00 p.m. CT.

Final Take

If you use Venmo as intended and take precautions to protect yourself, you can use the app with confidence to split bills with your friends and family.

FAQ

Here are the answers to some of the most frequently asked questions about Venmo and how safe the service is.

What is Venmo?
- Venmo is a peer-to-peer payment app that allows users to directly transfer money to one another. Funding sources can be your Venmo balance if someone transferred money to you first, a credit or debit card that you link to your Venmo account or your U.S. bank account that you attach to the app.
What are the risks of using Venmo?
- The biggest risk of using Venmo is falling victim to scams. Avoid these by only transferring money to and from people you know and staying up-to-date with the scams listed on the Venmo website.
Will Venmo refund my money if I'm scammed?
- Venmo doesn't offer any refund guarantee, but the company will investigate transactions if you believe you've been scammed. After the investigation, Venmo will decide whether or not to refund you.
Is it safe to use Venmo with strangers?
- It is best to use Venmo as a means to transfer money only between friends and family. When you use the app to move money to or from strangers, you open the door to scams.
Is Venmo safe to link to a bank account?
- Yes, Venmo is safe to link to a bank account. When you send money using your linked account, it will keep your external account information anonymous. All the recipient will see is a payment labeled as Venmo.
Why shouldn't you use Venmo?
- While Venmo offers a very convenient, safe service, some people may stray away from it because of the fees it charges for some services, like instant money transfers and out-of-network ATM withdrawals.
Can your bank account get hacked through Venmo?
- Yes, there are occasions when scammers might convincingly act like a Venmo representative and contact you through email or text. They might ask you to click a link or provide your personal information. If you do, your bank account may be hacked.
- If you ever get a text or email and want to verify its legitimacy, you can reach out to Venmo’s customer service.

Cynthia Measom and Cynthia Bowman contributed to the reporting for this article.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

The article above was refined via automated technology and then fine-tuned and verified for accuracy by a member of our editorial team.

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