Should I give Venmo my SSN? This is a pressing question we shall be addressing in this article. Have you ever had an online money transfer service ask you for your personal details? Well, if it is not your first time, it is okay and we understand that it is always weird when you see that notification where you are being asked to provide some sort of personal details.
The Venmo payment mobile app is known for having a lot of technicalities, and a breach of these technicalities could lead to the online payment system asking you to provide some of your details.
In this article, I will be telling you why Venmo is asking for your SSN and also, answer your question, “should I give Venmo my SSN“. So, without further ado, let us proceed.
Why Is Venmo Asking For Your Asking SSN?
Venmo usually asks for your SSN only when you have gone ahead to do what ought not to be done, especially with the tier 1 account. Venmo usually ask for the SSN when ever you have done any if the following;
- Your account has sent more than $300 during the last one week
- You have a transaction pattern with more than a volume of 200 transactions as a sole proprietor in a calendar year while just having a business profile
- Created a group account process
Later on in this guide, I will be telling what your SSN is for on Venmo and from there, you decide if indeed you should give Venmo your SSN.
What Does My SSN Do On Venmo?
Like many other online payment networks operating in the United States such as Paypal and Cash App, Venmo will most likely ask you to provide your SSN.
The SSN is requested as a complication with Federal Laws in order to have your information kept in the government national database. They are most often required as a form of verification for the Venmo account.
It helps to provide more security to your Venmo account and helps ensure that one person does not create multiple accounts on the online payment network.
How Does Venmo Safeguard My SSN And Other Details Submitted During Verification
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As I had said earlier, Venmo actually ensures that your Social Security number, also known as your SSN is actually protected. That is, they try all their possible best to ensure that it stays safeguarded.Â
However, one might have to how exactly does Venmo safeguard the social security number and who exactly they safeguard it from.Â
Well, let us reiterate once again that according to the US Financial Crimes Enforcement Network (FinCEN), Venmo, a money transfer network, has to ensure that all their users are verified and that their privacy is protected.
Since Venmo actually stores all their users data on their database, it is important that they protect this database and ensure that it is safe from hackers. Via this method, they prevent issues such as vishing, phishing, and smishing and other security breaches.
Everyday, the online payment network companies actually have their firewall tested by white hat hackers or ethical hackers, a set of ethical hackers who are employed or hired by an organization to help check security breaches. These ethical hackers help check breaches and report to the Venmo technical team who then have this issue fixed.
Should I Give Venmo My SSN?
As I had said earlier, it is not weird or abnormal for an online payment network such as Venmo to ask for your SSN. And it is okay that you give them as this will help them to serve you better.
It is highly recommended that you give Venmo your SSN as recommended by the Federal laws. Aside from this, this will also take off some limits which are placed on your Venmo account and could limit the transactions that you make on the online payment network.Â
How To Give Your SSN To VenmoÂ
Having known the importance of giving your SSN to Venmo, you might be curious regarding how to provide Venmo with your SSN. Below are steps on how to give your SSN to Venmo –
- Open the Venmo mobile app on your device
- Log in to your Venmo account
- On your Venmo dashboard, click on Setting
- Click on your profile
- Click on Complete Identity Verification
- Enter your personal details, this will include your SSN
- Recheck for mistakes
- Click on submitÂ
How To Verify Your Identity On Venmo Without SSN
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Apart from your Social Security Number (SSN), you can also use your Individual Taxpayer Identification Number also known as an ITIN to verify your Venmo account.
Below are steps on how to verify Venmo using an Individual Taxpayer Identification Number (ITIN) –
- Open the Venmo mobile app on your device
- Log in to your Venmo account
- On your Venmo dashboard, click on Setting
- Click on your profile
- Click on Complete Identity Verification
- Enter your personal details, this will include your Individual Taxpayer Identification Number (ITIN)
- Recheck for mistakes
- Click on submitÂ
FAQ’s
Can I trust Venmo with my SSN?
Yes, using your SSN, also known as Social security Number on your Venmo account is a very good option and definitely worth it. With it, you will get access to a lot of services on the Venmo online payment network and will be able to help them to serve you better.
Can I Verify My Identity On Venmo Without Using SSN?
Yes, there are other methods available that you can use to verify your identity on Venmo without using your social security number.Â
These other methods involve submitting other proof of identity documents such as your drivers license or any other Government issued ID.
Do I Have To Give Venmo My SSN?
It is not really compulsory for you to give Venmo your SSN. The SSN is only used for verification of a Venmo account.
And if you are using another method of verification, then you do not need to give Venmo your SSN.
Is It Safe To Give Venmo Your SSN?
Yes, it is completely safe to give Venmo your SSN. They will not spy on you or sell off your data. But rather, just store it on their database.
Is It Safe To Verify My Identity On Venmo?
Yes, it is very safe to verify your identity on Venmo.
Your details are also safe and there is a high chance that your details will not be stolen, because Venmo works with top and expert ethical hackers and security personal whose job is to protect your social security number and other details which were asked during your verification from being stolen by any third party.
How Many Times Should I Give Venmo My Social Security Number?
You can only give Venmo your SSN once and that is when you are verifying your Venmo account. Apart from this, you will not be asked to provide your SSN.
Should I Give Venmo My SSN When They Ask For It A Second Time?
Before giving Venmo your social security number for the second time, you need to ensure that the website that you are giving it to, is the official Venmo website and that it is not a fake.
Most times, technical issues like a poor internet connection could arise and Venmo was not able to get the social security number at the first trial. In this circumstance, you can give them again.
How To Contact Venmo Customer Service
Can I Contact Venmo Customer Care If I Have A Problem Submitting My Social Security Number?
Yes, you can simply contact the Venmo customer care by calling their phone number at (855) 812-4430 if you have issues as regards submitting your social security number.
