Why Does Venmo Need My SSN? Is That Safe?
Why is an online money service such as Venmo asking for your SSN? What is the Venmo mobile app going to do with your information?
We understand that there might be some concerns regarding identity authentication on the Venmo app, but providing your SSN is a fundamental part of this process.
Thus, if you truly want to use all Venmo’s services, then yes, it’s vital to verify your identity and provide your Social Security Number.
Do you have some doubts about giving out your financial data to this money transfer service?
- Why does Venmo need my SSN?;
- How to verify your identity and SSN on Venmo;
- Everything users need to know about Venmo’s security measures.
Identity Verification on the Venmo App
Venmo is a money transfer business regulated by the United States Treasury Department and owned by PayPal.
It allows you and other Venmo users to receive payments, withdraw a certain amount of money, receive money, link their bank account or debit card, request funds, and more.
But, if you or other users want to access all these features, it’s imperative to complete Venmo’s identity verification process.
The Venmo Identity Verification Process is a way to prevent identity crimes and fraud-protect all users.
The same happens when you need to confirm your credit card information or your bank account details for transactions - it’s imperative to keep all this info up-to-date.
Why Does Venmo Need My SSN?
So, why is Venmo asking for my SSN?
Venmo needs to comply with Federal Laws in order to keep your personal information in a government national database - as simple as that.
They also need your driver’s license, home address or work address, tax ID number, other documents, and sensitive information in order to prevent fraudulent accounts from being created on their platform.
This is a one-time security check that unlocks all major financial transactions that a user can make on the Venmo website and mobile app.
Pro Tip: In order to keep your account active and use your Venmo balance at your will, it’s necessary to complete this one-time security check.
Otherwise, your Venmo account might get frozen. Learn how to Unfreeze Venmo Account here.
How to Provide Your SSN to Venmo
It is not weird for payment apps to ask for the legal name, SSN, and other information of their users.
For instance, Cash App, PayPal, and Robinhood Need Your SSN for identity verification purposes.
Like it happens on Cash App and Robinhood, you must confirm your personal information in order to use all services and make transactions on your Venmo account - there’s no way around it.
But, how do you do it?
When Will Venmo Ask You for Your SSN?
There are Venmo limits per day that can only be removed if you verify your identity.
Thus, if you don’t use your Venmo balance on the app frequently, then the platform might not even request you to verify your SSN.
On the other hand, the following factors will trigger immediate on-screen prompts so you verify your identity as soon as possible:
- You have sent more than $300 during one week;
- Create a group account process;
- Have a transaction pattern of more than 200 transactions as a sole proprietor in a calendar year while having a business profile.
Step 1: Go to Settings on Your Venmo Account
So, if Venmo has asked you to verify your identity, first log in and go to settings.
Before proceeding, keep in mind that this can only be done from the Venmo app and not the website.
Since Venmo is a mobile-first platform, then you shouldn’t have major problems when trying to log in using your phone.
Step 2: Complete Identity Verification
In the settings menu, look for the option to complete your verification process.
There, the platform will request the SSN linked to your Venmo account.
Keep in mind that this isn’t a random process.
If Venmo has selected your account for SSN verification purposes, then it’s imperative to complete it once you have a chance.
Likewise, the platform will most likely ask you to update other information if needed.
Hence, even if you have already completed verification, this will be necessary once again so you can use your money efficiently.
Is It Safe to Give Venmo Your SSN?
Venmo is a trustable platform for managing your money and making all kinds of transactions, so yes, it is safe.
However, it’s necessary to beware of fake emails asking for your personal data. Venmo will never ask you to confirm your identity via email - this process can only be done from the mobile app.
That being said, try to avoid scams and fraudulent messages at all costs.
Remember that your money and data are at stake, so it’s better to complete processes like this one while you are fully aware of everything.
That’s all for today!
Venmo needs your SSN for a good reason, so worry not - your personal finances are in good hands.
Venmo SSN FAQ
Do I Have to Give Venmo My Social Security Number?
If you want to continue all Venmo’s features without limitations or problems, then yes, you must do it.
On the other hand, if you just don’t feel like giving up your info, then go to another platform.
Either way, they will probably ask you to confirm your SSN as well, so it depends on you.
Can I Delete My Venmo to Bank Account Transaction History?
You can’t entirely Delete Venmo History from the platform, but you can deactivate your account if you want.
Learn more about this topic by checking the previously mentioned link.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.