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Why Does Venmo Need My SSN?

Why Does Venmo Need My SSN?

Venmo needs this information to verify the identity of the person sending or receiving money and to prevent theft. 

Jaleel M

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Does Venmo Need My SSN
Does Venmo Need My SSN

If you’re not familiar with Venmo, it’s a social payment app that lets people transfer money to each other. 

It’s super simple: If a friend owes you money for dinner, for example, all you need to do is send them a request, and they’ll be able to pay with their Venmo balance or bank account. The same goes for paying back any debts — whether it’s rent or just money borrowed from your roommate. 

But as convenient as Venmo is, some things about the app can be confusing — like why does Venmo need my SSN? And more importantly, should I trust giving my personal information to an app that has been hacked in the past?

Does Venmo Need My SSN
Does Venmo Need My SSN

Why does Venmo need my SSN?

Venmo needs your SSN to comply with federal law. The United States Treasury Department requires all financial institutions to collect, verify and maintain records for all transactions over a specific value. Venmo needs this information to verify the identity of the person sending or receiving money and to prevent theft. 

It is also done to verify that the funds are coming from a legitimate bank account. Even if you have linked your debit card to Venmo, they will still need some form of verification that it is indeed an account that belongs to you.

When does Venmo ask for my SSN?

Venmo asks for your SSN when 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.

Should I put my SSN in Venmo?

The answer is: yes! It’s safe.

If you’re worried about your personal information being compromised, don’t be. The app and its servers are encrypted and secure, so you can rest easy knowing that your sensitive data is safe with them.

Why is Venmo suddenly asking for my SSN?

Venmo is asking you for your Social Security number (SSN) because they want to verify your identity and prevent identity theft and fraud. 

It’s not just Venmo; other banks and payment apps require this info too.

It’s not just Venmo, and financial apps are required by federal law to ask for your SSN and other personal information.

This applies to all types of businesses, but it’s particularly relevant for payment apps because their business depends on them knowing who their customers are.

That includes making sure that when someone uses a credit card or another form of payment method with their app, they’re the genuine account holder and not an imposter trying to steal funds from them (or some other nefarious thing).

Final Thoughts

Venmo does ask for your SSN, but this isn’t because it wants to do something nefarious with it. It’s required by law to get this information from you. Venmo is owned by PayPal, which has a lengthy privacy policy that contains security measures (like the encryption software they use). 

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