Is the Venmo App safe?

[AdamZ]

Does anyone have any experience with an app called Venmo? My daughter a college student purchased an item from an upper classman and I gave her the cash to pay the person. When my daughter said she had the money for the person The upper classman just said " pay me with Venmo" apparently that is done a decent amount between college kids.

The website www.venmo.com bills the app as a safe, encrypted way to transfer money between friends and people who know each other. its not for buying things off Craig's list where you don't know the seller and can get scammed.

She already has the item that the upper classman left for her and I know it works so I'm not concerned about that but it does link to a bank account so I do have some concerns about hacking or access. As an attorney I'm generally a skeptical guy but I also recognize that different generations use technology differently. So just looking for some advice on the app. Thanks

 

[Mistake Not...]

Never heard of it, so I looked at their website.

I'd never link a bank account to anything, so... but it does take credit cards. I use credit cards as buffers between my bank accounts and the rest of the world. Register a card, pay with the card, pay the card off. Yeah, it might cost you their 3% fee if yours isn't one of the free ones, but probably worth it.

Or she could just pay cash.

 

[jesse]

Does anyone have any experience with an app called Venmo? My daughter a college student purchased an item from an upper classman and I gave her the cash to pay the person. When my daughter said she had the money for the person The upper classman just said " pay me with Venmo" apparently that is done a decent amount between college kids.

The website www.venmo.com bills the app as a safe, encrypted way to transfer money between friends and people who know each other. its not for buying things off Craig's list where you don't know the seller and can get scammed.

She already has the item that the upper classman left for her and I know it works so I'm not concerned about that but it does link to a bank account so I do have some concerns about hacking or access. As an attorney I'm generally a skeptical guy but I also recognize that different generations use technology differently. So just looking for some advice on the app. Thanks

Yes it is perfectly safe and I wouldn't hesitate to use them. Certainly safer than a lot of other places (restaurants / bars) that you give credit card numbers to.

Venmo was bought by Braintree, I've met many of their people, and they're great. Braintree was bought by Paypal about two years ago. So, PayPal owns Venmo and Braintree now.

 

[asgcpa]

I have used it. My son who is into network security/it and I use it.