Have you suddenly begun experiencing Venmo requesting your Social Security Number (SSN), and you are wondering how safe it is in providing your SSN to Venmo?
Therefore, in this article, I will be explaining everything you need to know regarding Venmo requesting your SSN, and what action triggered such a request.
Venmo is a popular money transfer mobile app available, housing millions of users, and it provides quite a fast transfer system.
It is a payment system that is regulated by the United States Treasury Department, and therefore, it is required by Venmo to collect certain information regarding its users.
So times when you are wondering if it is safe to disclose your SSN to Venmo, well, your information is completely safe, and Venmo won’t take the risk to share your SSN with third parties.
Whenever you experience Venmo requesting your SSN, this could be a result of your actions. These actions are what triggered Venmo to request your SSN.
Therefore, just have it in mind that your SSN is completely safe.
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Why Is Venmo Asking for My SSN?
In compliance with government regulations, Venmo is a money transfer app, and it is required by big regulatory bodies in collecting information about its users.
Therefore in knowing why your SSN is been requested by Venmo. Venmo does this to get your identification, Note: Venmo won’t randomly request your SSN, but certain actions you engage on Venmo can trigger the request for your SSN.
These rules and regulations are stipulated by the United States Treasury, in compliance with the FDIC.
Therefore, in Obedience to these rules and regulations, Venmo requests certain information from you, by asking you for your SSN.
Once you have engaged in an activity that triggers Venmo requesting your SSN, your operations on Venmo will be disrupted until you have provided your SSN.
You should not be afraid of what Venmo might use your SSN for, Venmo tries to maintain a fair and transparent view when handling its user’s identity.
Venmo does state things that are likely to trigger them requesting your SSN, therefore whenever you do any of the following, your SSN will be required of you.
- Send $300 or more in one week (rolling 7-day period)
- Transfer $1000 or more to your bank in one week
- Create a group account
- Process more than 200 transactions in a calendar year as a sole proprietor with a business profile
Now, take a look at this, whenever you engage in any of this, there is a tendency that Venmo will ask you for your SSN.
As a user of Venmo, you must be conscious of to who you are giving your SSN, as I mentioned, Venmo will never give any unauthorized person your SSN.
Your SSN can be used by criminals to get confidential information about you, creating a cause to be conscious of who you are sending your SSN.
Confirm the sender requesting your SSN, if it isn’t directly from Venmo, then you shouldn’t provide your SSN, all SSN requests on Venmo are done through the Venmo Mobile app.
Therefore, in summary, you shouldn’t be afraid about giving out your SSN on Venmo, it is primarily used to verify your identity, this action is regulated by the United States Treasury, and must strictly be adhered to by Venmo.
Do You Have to Give Venmo Your Social Security Number?
Venmo doesn’t randomly ask you for your social security number, but rather certain reasons trigger this request, and If your SSN isn’t provided, you may not be able to make use of features that require your SSN.
Therefore, if your action does officially require your SSN, then you just have to provide your SSN. This is done to verify your identity in Venmo.
Take a look at things that trigger Venmo asking of your SSN:
- Send $300 or more in one week (rolling 7-day period)
- Transfer $1000 or more to your bank in one week
- Create a group account
- Process more than 200 transactions in a calendar year as a sole proprietor with a business profile
If you can’t provide your SSN on Venmo, you won’t be able to send up to $300 or more in more than a week, likewise the other actions too.
Therefore, if you want to be able to transfer more than $1000 to your bank, you need to provide your SSN to get things done as expected.
Can I Trust Venmo with My SSN?
Yes, you can trust Venmo with your SSN, Venmo employs all forms of third-party centers in the US. This is possible by storing your information using Several mediums such as physical, electronic, and computer safeguards and firewalls.
Therefore, Venmo takes part in securing your personal information, through the use of a non-compromised system, in ensuring that your data isn’t breached, altered, or falsified.
On the other hand, Venmo does quite express the need for its users to be conscious of who and how they share their personal information.
Why Is Venmo Now Asking for My SSN?
Venmo requesting your SSN is directed by the Regulatory bodies in collecting information about their users, therefore, Venmo will oftentimes request your SSN to verify your identity.
You shouldn’t be afraid that your information might be breached or compromised, Venmo ensures total security, by employing all forms of physical, electronic, and computer safeguards and firewalls in ensuring the safety of your information.
Can You Use the Venmo App Without SSN?
If you are skeptical about using Venmo without SSN, then Yes, you can use the Venmo app even without adding your SSN. However, there are certain actions you might want to do that will be required of your SSN.
Venmo without an SSN, you can still be able to send money to your friends, pay for your online purchases, and so on, but you won’t be able to send more than $1000 to your bank, else you will be required of your SSN.
Some other actions that require your SSN will end up unsuccessful if you don’t provide your SSN to Venmo.
How to Provide My SSN on Venmo?
Haven understood the reasons why your SSN is requested by Venmo, you don’t necessarily need to wait before your transaction is disrupted through the request of your SSN.
You can add your SSN to your Venmo account easily, by following the steps below:
- Step 1: Open the Venmo Mobile App,
- Step 2: Tap the Me Section to go to the menu of the Venmo app.
- Step 3: Tap on Settings and then, Identity Verification, follow the screen instructions to where you will provide your SSN.
And that is all,
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Conclusion
In summary, you shouldn’t be afraid while providing your SSN on Venmo, it is completely safe, and it is triggered whenever you try making certain Transactions or actions that quite require your SSN.
You should also be conscious of who and how you share your SSN, criminals, and fraudsters make profitable use of your SSN.
Venmo on the other hand claims to safeguard your personal information, by using several security systems that are seemingly not compromised.