Should I get a Venmo account?

I’ve heard about too many mobile bank apps that people lost their life savings !

https://www.wpbf.com/article/hackers-use-venmo-app-to-drain-retired-couples-bank-account/38070752

I use Venmo a lot. It is part of PayPal. The only thing you give the app is your debit card number. It somehow gets your bank account number by communicating with your bank. I never actually entered my bank account number, but I just checked the app, and it’s in there.

I use it to pay friends when they pay for meals using their credit card. I do a little business on the side, and clients can easily pay me using it. My neighbor often picks up items for me at the store, and I pay her through Venmo.

With anything, there is risk. It’s your personal decision how much risk you’re willing to live with. It’s part of PayPal, which I’ve been using more than 10 years. To my knowledge, PayPal has never had a data breach. I’ve never had my data stolen from PayPal.

I just realized I’ve been using PayPal for probably 20 years without a problem.

You can use a Venmo account but if you are worried about a security breach then do these things. 1 get Malewarebytes and Bitdefender. These soft wheres together can prevent the computer viruses and hackers. 2. Make sure you can use a VPN so it is harder to get hacked. 3. Make sure to update Malwarebytes and Bitdefender as often as you can so they stay updated and can protect you better. If you want to use the software I listed then feel free to do so. If your friends owe you money and want to pay it back through Venmo then let them do that. I don’t have Venmo but I usually don’t need it to begain with.

If you are uncomfortable using Venmo and don’t want to use it then tell that to your friends. If they say they are only paying through Venmo, get on to them and make them pay upfront. If they come up with an excuse then tell them that they got the money to pay them online so they have enough to pay you in person. They may also not be able to pay you back so take that into consideration.

I hope you can resolve this with your friends.

@KRD Venmo is cellphone app.

I don’t know what VPNs work on cellphones.

I have used Venmo for a number of years with no problem, although not a frequent user. My daughter uses it regularly, it is how she and her friends will split a check when they go out for dinner or drinks.

I feel it is secure as @Hawaii_Jake pointed out.

@zenvelo @Hawaii_Jake So what does Venmo do that Paypal doesn’t?

Venmo is extremely simple to use. I can send money or request money with just a few click. The interface is very simple. PayPal seems more cumbersome.

Also, PayPal is meant for business. It’s not meant to be used to pass money between friends. That’s specifically what Venmo is made for. It’s more casual.

And the money goes into whatever bank account your debit card is tied to?

Yes, that’s correct.

I use it to pay rent and also to send my sons birthday or Christmas money. I like how easy it is to use. You can add people as friends and all you have to do is click on their name, choose if you want to ask for money or send, and then enter the amount of money and add a note for what it’s for. Then press send.

I hate Venmo. I would love it, but then I realized what they are really like.
They flagged my transaction as suspicious, with no way to resolve. No way to contact customer service. They wanted to email me a security code for me to enter. They never emailed it. After dozens of times me requesting it.
I hate post-millenial companies. So many of them are like this. I want them burnt to the ground. Paypal works way better. (Both services are owned by the same people, but Paypal is a pre-millenial company, which means they have humans actually working there).

I use it all the time. It came out of PayPal and a rebranding method of exchange.
It is safe, just set your activity to “Private” otherwise everyone can see your exchanges and notes.

If you do not want to pay service fees, Venmo is tied to your debit card which is tied to your bank account.
I personally do not want to take on the added small risk. It is just one more thing. One more vulnerability, one more data breach, one more bit of data tracking. Who needs it?
I use cash between friends.
I still avoid using credit cards if the bill is under $20, fully realizing I’m losing some “cash back.” But, for me, it’s worth it.

I am with @LuckyGuy on this one. I don’t have a Venmo account for the reason that it’s one more thing to keep track of and one more “small risk” as he puts it.

I don’t use a debit card either.

I will use my credit cards for small purchases, not because of getting cash back but if I don’t happen to have a lot of cash in my wallet, and if it’s not convenient to go to the ATM. I only use ATMs from my bank, not ATMs in delis and stores and otehr banks where I may have to pay a fee.

NY Times had an article recently about Venmo and banks not backing up their customers who lose everything. I told the story to a relative who uses Venmo and she said “yes, for those who are stupid enough to give their information to scammers.” I guess if you’re careful, it’s fine for the majority of people, but I am not into gambling so I try not to take chances, if I can avoid it.

If I go out with friends, we pay each other by using cash, or one person puts it on their card and the other hands over cash to the cardholder. Times I’ve been on vacation with friends, we split the costs by alternating who pays for hotel rooms or meals, and if we’re good friends, it kind of evens out in the end, and it doesn’t have to be split down to the penny.

Since it’s only come up twice, I think I’m not going to sign up for up and just use the cash to pay people back or in a restaurant, split it on a few cards. I do use my debit card quite a bit and credit card sometimes – both more than cash – but not sure I need something else to keep track of. I have a PayPal account but use it rarely and it is linked to my credit card, not my bank account.

Just a note. There’s nothing extra to keep track of because it’s linked to your bank account. The only thing you need to check is your bank account. All the information is right there.

I would be checking my bank account to make sure nobody drained it, @Jonsblond. That’s what I’d be keeping track of.

@jca2 My sons and their friends have been using it for years with no problems. Same for me, but I understand your concern.