Is Venmo Safe? How to Avoid Common Scams & Stay Safe

Owned by PayPal since 2013, Venmo has become one of the most popular peer-to-peer (P2P) platforms for requesting money and making payments. As of 2023, there are tens of millions of individual Venmo users, as well as more than two million Venmo business profiles in operation.

With so many people embracing the service for their everyday payments, incorporating the Venmo platform into your digital wallet may seem like an easy call. But there’s always the lingering question of whether Venmo is truly safe to use. With that in mind, join us as we cover everything you need to know about common Venmo scams and how to keep your personal information safe while using the Venmo app.

What Is Venmo, and How Does It Work?

In simplest terms, Venmo is a mobile payment app that you can add to your digital wallet, either to use as an electronic payment method or to request money from others. Venmo is used mainly by friends and family to send or receive money, but it’s also a great tool for small business owners. You can transfer money to contractors or accept Venmo payments from customers.

When creating your Venmo account, you’ll be prompted to link the app to your bank account. If you intend to offload your Venmo balance, you can transfer funds from the app to that linked…