- If you have a Venmo account, you may have been asked recently to re-verify your identity on Venmo. The payment app asks users to do so as part of compliance with government regulations. Anyone who does not take part in the identity verification process will not be able to store money on the app. Instead, money will have to go to and from a bank account or credit card.
- While there is always a risk in providing sensitive information to a company, identity verification is necessary to reduce the number of identity crimes. Venmo also made changes to its privacy settings. Users can now select a “public,” “friends” or “private” setting for their friends list. They can also opt-out of being seen on the friends lists of other Venmo users.
- To learn more, or if you believe you were the victim of a payment app identity crime, contact the Identity Theft Resource Center toll-free by phone (888.400.5530) or live-chat. Just go to www.idtheftcenter.org to get started.
Have you recently received a message asking you to verify your identity on Venmo? Has the payment app asked you to verify information like your Social Security number (SSN), address and other personal information? If so, it’s not a scam. Venmo is in the middle of making some changes, including updating its privacy settings and doing identity verification with all of its users. The payment app is reaching out to users asking them to re-verify their identity as required by government regulations.
What the Changes Mean
If you are asked to verify your identity on Venmo, you have to do it, or else you will not be able to store money on the app. You can still use it, but money would have to go to and from a bank account or credit card, according to Venmo’s rules. While some are skeptical about the messages they are receiving, and about providing their personal information, the goal of identity verification is to avoid phishing attacks and other scams.
Venmo is also now giving people an option to select a “public,” “private” or “friends” setting for their friends list and to opt-out of being seen on the friends lists of other Venmo users.
The Rise in Cash App Scams
Cash app scams have seen a rise since COVID-19. Over the last year and a half, scammers have been out in full force targeting cash app users on social media, via email and through texts in hopes to steal user’s money and identities. Asking you and others to verify your identity on Venmo and offering more privacy settings could slow down the pace of cash app scams by limiting the use of fraudulent accounts, especially when more people are using payment apps.
Why You Should Verify Your Identity on Venmo
If a company stores sensitive information, the user is always at risk if the company is ever breached. However, as Identity Theft Resource Center (ITRC) president and CEO Eva Velasquez told Slate Magazine in a recent interview, identity authentication and verification is still a really important step that has to be taken to stem identity crimes. It is why the ITRC encourages people, if it is legitimate, to participate in the identity verification process. It is an important way for you to protect yourself and it creates more barriers criminals must try to successfully evade to commit payment app scams.
If you decide you want to verify your identity with Venmo, you can do so by going to your Venmo app, opening up your settings, and tapping “identity verification.” Prompts will then guide you throughout the process. You can only do this on the Venmo app and not the website.
How to Stay Safe on Venmo
While you are better protected if you verify your identity on Venmo, scams and identity crimes can still happen. Here are some tips to keep you safe:
- Enable all the security features like screen lock/biometric lock and Find my Phone to keep hackers from accessing your payment app and stealing login credentials or money.
- Use a strong and unique password to reduce the risk of hacking. The ITRC recommends a passphrase that is at least 12 characters long.
- Beware of phishing attacks and avoid unsolicited emails or text messagesthat ask you tosendmoney directly through Venmo. Never click on any links or attachments in messages you aren’t expecting.Criminals may sendpeoplean unsolicitedpayment request through amobileapp.
- Look for red flags like payments you did not make using Venmo. If you are victimized, you should report it to Venmo, change your account password and consider scanning your device with antivirus software.
- Consider other cyber-hygiene practices like multifactor authentication using an app on your phone. Also, consider taking advantage of Venmo’s new privacy settings and limit the number of people who can see your account by going to “Settings” and then “Privacy” in the Venmo app. Additional layers of protection will keep your account more secure.
Contact the ITRC
If you want to learn more about how to verify your identity on Venmo, have questions or concerns about the process, or believe you are the victim of a cash app identity crime, contact the ITRC. You can speak with an advisor toll-free by phone (888.400.5530) or live-chat. Just visit www.idtheftcenter.org to get started.
FAQs
Why is Venmo asking me for my personal information? Verifying your identity allows you to make payments using the money in your Venmo account and can enable you to send and transfer greater amounts of money on Venmo.
How do I finish identity verification on Venmo? ›
How can I complete identity verification on Venmo? To verify your identity, open the Venmo app, go to the “Me” tab, tap the Settings gear in the top right, and tap “Identity Verification.”
Why is Venmo not verifying me? ›
If your bank is eligible for instant verification, you'll be prompted to add your online banking username and password (or other identifying information) after selecting your bank. If you're having trouble with instant bank verification, the best thing to do is contact your bank.
Why can't my identity be verified? ›
You may have answered security questions incorrectly. Your credit report may be locked or frozen. Your credit profile may contain erroneous information.
How much can you receive on Venmo without verifying? ›
If you have not yet completed identity verification, you can send up to $999.99 to your bank per week (depending on security checks at Venmo) If you've confirmed your identity, you can transfer up to $19,999.99 to your bank per week. There's a $5,000 per transfer limit.
Should I verify my bank account on Venmo? ›
Once you add a bank account to Venmo, we strongly recommend that you verify it before initiating any transfers. Venmo is not responsible for lost bank transfers as a result of incorrect bank credentials. Learn more about verifying your bank account on Venmo.
How long does Venmo take to verify accounts? ›
Verify Bank Account.
You can verify instantly by entering your banking login/password. Or verify by Micro-transfers (takes 1-3 business days). Venmo will make two small withdrawals followed by two small deposits. To verify, visit www.venmo.com/verifybank and enter the amounts Venmo asks for.
Does Venmo ask for email to verify? ›
You'll need to have your friend verify their phone number or email address, or they can add the email address you used to their Venmo account by visiting this link: https://venmo.com/identity/verify_email_addresses. You can also take back the payment. For more information, visit this article.
Why won t Venmo let me send money? ›
As discussed above, common reasons for declined payments may be insufficient funds, improper bank account linking, network glitches, account blocks, suspicious transaction volume, and suspicion of fraud.
Why is Venmo giving me an error message? ›
This error message means Venmo is or was experiencing technical issues, like an outage. If you tried to make a payment or bank transfer, check your transaction history in the app to determine if it was successful. If it failed, please try again later.
How to verify your identity
- Your State-Issued ID. You can upload a photo of your ID by phone or by computer. Don't have a state issued ID?
- Social Security number.
- Your phone number. If we can't verify your phone number, you can verify by mail instead which takes approximately 3-7 business days.
Confirm your identity using your Android device
- On your phone, go to Settings. Google.
- Tap Manage your Google Account. ...
- If needed, enter your phone password and pick the account.
- A 10-digit code generates on your phone.
- Enter the code on the device you want to sign in on and tap Continue.
What is this? Inside the Internet Options (Internet Properties) window, go to the Security tab and click on the Trusted sites icon. Then, click on the Sites button. In the Trusted sites window, type the website address in the box under Add this website to the zone, then click the Add button.
What's the max you can send on Venmo per day? ›
The Venmo daily limit for sending and receiving money depends on whether your account is verified or unverified. For unverified accounts, the daily limit is $299.99, while for verified accounts, the daily limit is $4,999.99.
What is the max amount you can receive on Venmo? ›
Venmo limits for personal accounts include a $4,999.99 weekly limit on sending and receiving money. There is also a $999.99 transaction limit, which means you cannot send or receive more than $999.99 in a single transaction.
What is the Venmo limit per day? ›
Venmo Transfer Limit
You can send more once you verify your account. However, you will only be able to transfer $5,000 per transaction. If you wish to transfer $10,000 via Venmo, there are two ways to do this. There is no limit to how much Venmo can send on a given day.
Can someone get your bank info from Venmo? ›
Venmo scams are schemes that trick Venmo users into sending scammers money or personal information, such as bank account details or Social Security numbers (SSN). While Venmo is mostly safe to use (if you follow certain precautions), Venmo users have become attractive targets for scammers for a few reasons.
Is it safe to give bank account number to Venmo? ›
If you decide to link a bank account, you have to give Venmo your account number. But do not, do not, do not agree to verify your bank account by giving Venmo your bank account log-in credentials -- your username and password. Nothing against Venmo.
Is it safe to put your bank account number on Venmo? ›
6. Don't Link To Your Bank Account. Three methods are available in Venmo for sending money: your bank balance, a debit card, or a credit card. While the latter will cost you a 3 percent fee on each transaction, it's also the most secure.
Why is Venmo not letting me verify my bank? ›
If your bank account is marked “Invalid” on Venmo, please reach out to your bank to confirm the following: You have the correct account number and routing number. There are no restrictions on electronic or ACH transactions for your bank account.
It means your account hasn't completed linking yet. Here's how to verify your account: From the Home screen, tap the purple button for View Linked Accounts. Select the Unverified external account, then enter the bank's routing number and your account number, and we'll send two small deposits to the bank account.
Why is someone asking for my email and Venmo? ›
Venmo scams can take the form of phishing emails or smishing (SMS phishing) texts. Scammers create texts or fraud emails with Venmo designs to appear authentic. They ask you to click a link or enter personal information, like your social security number, bank account details, or credit card information.
Will Venmo refund money if scammed? ›
Will Venmo Refund Money If You've Been Scammed? In most cases, the answer is no. There is no way to cancel a Venmo payment once it's been sent. Venmo also typically doesn't get involved in financial disputes between users (instead, you're better off contacting your bank).
Should I link my bank account or debit card to Venmo? ›
To send money on Venmo, you need to link the app to a U.S. bank account, debit card, prepaid debit card or credit card. If you receive money and want to transfer it from Venmo, you'll need to link a bank account. Link a checking, not a savings, account.
Can I send money from Venmo to cash App? ›
Before the transfer is complete, you'll need to confirm the amount and recipient information. Once you've done this, the money will be sent from your Venmo account to the recipient's Cash App account. It's important to note that there may be fees associated with transferring money from Venmo to Cash App.
How do I withdraw money from Venmo without a bank account? ›
The best way to withdraw money with Venmo without a bank account is via the Venmo debit card. Venmo debit cards perform the same functions as other debit cards that are issued by credit unions and banks.
What are Venmo security flags? ›
Automatic Flags: Before completing a payment, Venmo automatically flags a user if we think they might be sending money to the wrong person. We look at information such as if they're sending money to a person they've never paid before and whether they share any friends on Venmo.
Why does my payment keep declining? ›
Your card may be declined for a number of reasons: the card has expired; you're over your credit limit; the card issuer sees suspicious activity that could be a sign of fraud; or a hotel, rental car company, or other business placed a block (or hold) on your card for its estimated total of your bill.
How do I contact Venmo customer service? ›
Other Ways to Connect
- Send us an email by filling out the form above.
- For the fastest service, chat with us in our mobile app (M-S, 8:00am–10:00pm CT, seven days a week).
- Call us at (855) 812-4430 (8:00am–8:00pm CT, seven days a week)
Venmo scams can take the form of phishing emails or smishing (SMS phishing) texts. Scammers create texts or fraud emails with Venmo designs to appear authentic. They ask you to click a link or enter personal information, like your social security number, bank account details, or credit card information.
You'll need to have your friend verify their phone number or email address, or they can add the email address you used to their Venmo account by visiting this link: https://venmo.com/identity/verify_email_addresses.
Does Venmo need email to verify identity? ›
Verify Identity on Venmo: Phone and Email Verification
During the sign-up process, whether a personal or business account, Venmo will require you to verify your phone number and email address.
How do you know if you're getting scammed on Venmo? ›
If you receive an email from Venmo about a payment, check first to see if the email address that sent the email is an official Venmo address. You can also check your Venmo app to see if the funds appear in your account. Another similar Venmo scam happens when cybercriminals pretend to accidentally send you money.
Is Venmo safe to link to bank account? ›
Is Venmo Safe to Use? Even if it seems reckless to send real money through an app, Venmo is relatively safe to use. That's because it uses data encryption technology to protect your account information, which means no one else can access your credit card or bank account.
Is Zelle safer than Venmo? ›
Unlike Zelle, Funds Stored in Venmo Are Not FDIC-Insured
Zelle transfers money directly to and from FDIC-insured bank accounts, so you know the funds you send or receive are protected up to $250,000 per account.
What info does someone need to send me Venmo? ›
Give your Venmo user name or the email or phone number associated with your Venmo account to the sender. Or supply them with your Venmo scan code in person or via text, email or AirDrop (iOS only) The money will land in your Venmo balance.
Is PayPal safer than Venmo? ›
PayPal offers similar security protections as Venmo, but it also provides a more robust set of security features for businesses.
Do I have to use my real name on Venmo? ›
We understand that you may not use your legal name or not want others to see it on your profile, so you'll also be able to use a display name of your choosing on Venmo. Learn more about identity verification here.
How long does it take to verify a Venmo account? ›
You can verify instantly by entering your banking login/password. Or verify by Micro-transfers (takes 1-3 business days). Venmo will make two small withdrawals followed by two small deposits. To verify, visit www.venmo.com/verifybank and enter the amounts Venmo asks for.
