Nothing is more important to keep secure than your financial accounts. PayPal’s mobile payment service Venmo has come under fire several times, most recently for its default public feed where all public transactions can be seen by anyone.
In addition to shutting that setting off, there are plenty of other things you can do to secure your Venmo account and keep your financial information private.
1. Use a Password GeneratorThe first and most obvious line of defense when it comes to securing your accounts is to use a strong password. You can generate complex passwords using a password manager You Need to Start Using a Password Manager Right Now You Need to Start Using a Password Manager Right Now By now, everyone should be using a password manager. In fact, not using a password manager puts you at greater risk of being hacked! Read More like 1Password or LastPass .
These free tools not only have password generators built-in and allow you to choose the level of complexity of your password, but also stores them so you don’t have to memorize them yourself. When you need it, the password manager automatically inputs the password for you.
2. Turn Off Default Public SettingsThe Venmo feed is divided into three tabs: your transactions, your friends’ transactions, and public transactions. Depending on your privacy settings, your sent and received Venmo payments could be showing up in all feeds.
If your phone number, email address, or any other contact information you use in Venmo is in someone else’s contact list, they’ll see your Venmo transactions. This means you don’t actually explicitly grant your friends access to your transaction history.
The public feed is exactly what it sounds like: anyone who uses Venmo and has their privacy settings turned off will show up in this feed.
A surprising number of people don’t appear to realize transaction information on Venmo is public by default. According to Berlin-based researcher Hang Do Thi Duc, over 200 million Venmo transactions in 2017 were completely public. Worse yet, a bot recently tweeted each time an apparent drug payment showed up in the public feed before its developer ended the experiment.
By leaving your transaction information public, this also means that marketers can keep tabs on your spending habits and target you accordingly. In fact, public transactions are accessible using the Venmo API, meaning developers can access your data without even using the app.
So how do you fix it? To change your privacy settings, do the following:
Tap the Menu (hamburger) button Tap Settings > Privacy Under Default Privacy Settings select Private . This means your transactions can only be viewed by you and your recipient
You can also change the privacy settings of past transactions:
Under More tap Past Transactions Tap Change All to PrivateAccording to Venmo, if your friends opt for a more public setting for their transactions, your privacy setting will override their choice to keep their payments public.
3. Enable Two-Factor AuthenticationBy now, using two-factor authentication What Is Two-Factor Authentication, And Why You Should Use It What Is Two-Factor Authentication, And Why You Should Use It Two-factor authentication (2FA) is a security method that requires two different ways of proving your identity. It is commonly used in everyday life. For example paying with a credit card not only requires the card,... Read More (2FA) wherever it’s available is a wise choice. And of course where your finances are in play, it’s a no-brainer.
If you’re not familiar with 2FA, it’s an added layer of security on your accounts that allows you to confirm your identity before you can access your accounts. You can confirm your identity either by entering a digital code that is either sent to you via SMS, or using an authentication app installed on your phone.
When Venmo first launched, it surprisingly didn’t include 2FA in its login options. This changed in 2015, and to Venmo’s credit, the setting is enabled by default on all accounts. Venmo uses SMS 2FA, which isn’t the most secure kind of 2FA It's Time to Stop UsingSMS and 2FA Apps forTwo-Factor Authentication It's Time to Stop UsingSMS and 2FA Apps forTwo-Factor Authentication While two-factor authentication is generally a good thing, you may be shocked to know that SMS and 2FA apps are both insecure. Here's what you should use instead. Read More , but it’s better than nothing.
With Venmo’s 2FA settings, you can add ‘recognized devices’ to your account so you don’t have to use 2FA on your devices every time you log in to your Venmo account, but the added inconvenience is worth keeping your account secure.
4. Add a PIN Code to the AppAside from 2FA, Venmo has a few more security settings you should turn on. You can enable PIN code or fingerprint access to your account on your phone.
You can enable just a PIN code, or both a PIN code and fingerprint access, if your phone supports the feature.
This means that if someone somehow gains access to your phone, they would need to know your PIN code to access your Venmo account.
To enable these features, do the following:
Tap the Menu (hamburger) button Tap Settings > PIN Code & Fingerprint Toggle Enable PIN c