(ABC 6 News) – Remember back when splitting a cab or restaurant tab required friends to do the math and exchange cash? It wasn’t that long ago.

These days, people just say, “Venmo me.”

Venmo has become the go-to app for splitting bills, paying friends back, and making quick cash
transfers. With around 90 million users, it’s undeniably popular.

But is it safe? The answer is yes, but with a few caveats. While Venmo uses bank-level security
and encryption, there are steps you can take to make your transactions even safer and protect
your personal information.

When you first signed up for a Venmo account you may have skipped right past a step that
makes it possible for anyone to see your spending and receiving activity. Anytime you open the
app you see transactions between friends. But how did Venmo get those contacts?

It asked when you first created the account to add everyone in your phone’s contact list to a
Venmo friends list. That’s why you might see your friend Stephanie pay someone you don’t
know for a yard sale find.

Venmo has a social aspect that can be fun but also poses privacy risks. By default, your
transactions may be visible to your friends, and even their friends. This means your spending
habits could be exposed to a wider audience than you’d like.

For example, go look for a friend in your Venmo feed. By tapping their name you can see their
list of Venmo contacts and who they’ve paid and for what. Tapping their name you can see their
friends, and so on.

Here’s how to lock down your privacy:

• Change Your Privacy Settings: Go to Settings > Privacy and set your transactions to “Private.” This ensures that only the sender and recipient can see your activity.
• Hide Your Friends List: In Settings > Privacy, make your friends list private as well. You can also toggle off the option to appear in other users’ friends lists.
• Limit Your Visible Information: Consider carefully what personal information you display on your profile. Do you really need to show your full name and profile picture to everyone?

Enable Face ID or Touch ID

Adding an extra layer of security with Face ID or Touch ID can prevent unauthorized access to
your account. This is especially important if your phone is ever lost or stolen.

Don’t Keep a Lot of Money in Your Venmo Wallet

Treat your Venmo balance like cash. Don’t store large amounts of money in your Venmo
account. Transfer funds to your bank account regularly.

Consider a Separate Bank Account

For an even higher level of security, you might want to open a separate checking account
exclusively for Venmo transactions. This can help protect your primary bank account in case of
a security breach.

Remember: Venmo is generally safe to use, but taking these precautions can give you extra
peace of mind. By being mindful of your privacy settings, enabling additional security features,
and managing your Venmo balance wisely, you can enjoy the convenience of this popular app
while minimizing risks.