Is the Venmo Debit Card Safe? Venmo’s Security Measures Explained
In recent years, Venmo has reached an all-time high since its launch in 2009, surpassing 80 million users. One of the biggest reasons behind Venmo’s success is that it makes sending and receiving money simple.
However, as is the case with any service handling a sensitive matter such as finances, users are concerned about Venmo’s security and reliability. The concern may be exacerbated by the fact that Venmo has received criticism in the past for some of its customer service and security practices.
If you are conflicted about using Venmo, this article will help you make an informed decision by answering questions such as:
- How does Venmo work?
- How does Venmo protect its users?
- Is the Venmo Debit Card safe?
- How do you use Venmo safely?
How Does Venmo Work?
Venmo, now a subsidiary of PayPal, is a payment service that was conceptualized as a peer-to-peer (P2P) payment app. It has since expanded its service, and today, Venmo also supports retail purchases, partnering with millions of merchants, including Amazon, Home Depot, Hulu, Uber Eats, and Shein.
You can start using Venmo by downloading the app, creating an account, and linking a:
Once you sign up, you will have an account balance, which you can fund with your bank or Venmo Debit Card. You can send or request money by entering the other party's email address, phone number, or username. The service is mostly free unless the payment goes through a credit card account.
Recently, Venmo has also started issuing debit cards, which give you access to your Venmo balance. Debit cards can be used at stores that accept Mastercard®, including well-known marketplaces such as eBay and AliExpress, and at participating MoneyPass® ATMs.
Is Venmo Safe? Venmo’s Security Practices
Venmo employs many measures to safeguard its users from hacking and fraud. The following table discusses some of them: