Venmo: Why Privacy IS Security
Venmo (owned by PayPal) is a social payment app. By default, it broadcasts your transactions to a public feed. While this might seem harmless, it is a goldmine for attackers. By seeing who you pay and how often, an attacker can craft a highly convincing "Spear Phishing" message (e.g., impersonating a roommate or a frequent contractor) to trick you into sending money.
1. Hardening Your Venmo Account
Privacy Settings: Closing the Window
The first step to securing Venmo is making your transactions private. Action: Go to "Settings" > "Privacy" and set your "Default Privacy Setting" to Private. Then, select "Past Transactions" and change them all to private as well. This ensures that only you and the recipient can see the transaction details.
Biometric Lock
Like Cash App, you should never rely on your phone's general lock screen to protect your wallet. Action: Enable Face ID & Passcode within the Venmo app settings. This adds a mandatory "layer" of authentication that an attacker must bypass before they can even see your balance.
MFA via Authenticator App
Venmo supports two-factor authentication. While many users use SMS, an Authenticator App is significantly more secure. Action: Enable 2FA and link it to an app like Raivo or Google Authenticator. This protects you from SIM swapping attacks.
2. Failsafe Recovery Preparation
Verified Identity & Documentation
Venmo is a regulated financial institution. If you lose access to your account, they will require proof of identity. Action: Ensure your legal name and a verified phone number are on the account. If you use a "business profile," ensure you have the appropriate tax documentation (EIN/SSN) ready for recovery.
Linked Bank Account Awareness
If you have a bank account linked via Plaid or manual entry, remember that an attacker with access to your Venmo can "Pull" money from that bank. The Strategy: Only link a "Spending" or "Buffer" account to Venmo. Never link your primary savings or retirement account to a P2P app.
3. The "Urgent Request" Scam
A common scam involves an attacker compromising a friend's Venmo and then messaging you with an urgent request for money (e.g., "I'm stranded and need $50 for a tow"). The Rule: If a request is unexpected or urgent, call your friend on their actual phone number to verify the request. Never send money based solely on an app-based message.
For more information on the underlying principles, see our articles on MFA Fundamentals and Password Security.
Why This Matters
The Importance of MFA
Multi-Factor Authentication (MFA) is your strongest defense against account takeover. Even if a physical or digital attacker obtains your password, MFA provides a critical second layer of defense that is much harder to bypass. Learn more about MFA best practices.
Unique, Strong Passwords
Never reuse passwords across different services. If one service is breached, every other account using that same password becomes vulnerable to "credential stuffing" attacks. Every online service should have its own unique, long, and complex password managed by a reputable password manager. Learn why unique passwords are critical.