Why Does Venmo Need Your SSN in 2023?

Many people already provide their bank account number, debit card number, and credit card information to Venmo, so it doesn’t ask them for their Social Security Number (SSN).

For the purpose of confirming your identity, Venmo collects your Social Security Number. It is necessary for your transactions and will give you a better and more secure customer experience. 

Whenever you make a suspicious transaction or one that doesn’t match your pattern, Venmo asks for your Social Security Number.

Suspicious transactions can be detected using the following methods: 

• 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.

Follow the steps below to verify your Venmo account by yourself using a one-time security check. 

• Grab your phone and open it. 
• Launch Venmo. 
• Scroll at the bottom of the setting page. 
• At the bottom, you will find the ‘identity verification’ option. 
• Make sure you follow the steps.

Why Does Venmo Ask for my SSN?

It’s common for Venmo to ask for your SSN for a number of reasons, but most of the time it’s to prevent fraud and misconduct. 

Venmo will analyze your history of transactions to determine whether or not you’re legit. Verify your legitimacy using the source request. 

When transitioning from anonymous or untraceable mail, Venmo will take action, which could lead to fraudulent requests. Transaction requests from fraudulent mail accounts should not be accepted. 

There is a risk of the breach through Venmo and PayPal’s terms and conditions. 

Before using Venmo and PayPal, it is recommended that you read all of the pros and cons of each service. Your account must also comply with some terms in order to remain active.

Can I Use Venmo Without My SSN?

Your individual taxpayer identification number (ITIN) can be used if you don’t want to give Venmo your Social Security number but still want to use the app.

Venmo can still be used without verifying your identity if you don’t want to provide either of those. The federal government requires that many features be locked out in this limited version.

Verifying Using ITIN

For some users, giving out their ITIN is more convenient than giving out their Social Security Number. ITINs are available to foreign residents and undocumented immigrants who lack a Social Security number.

Individual Taxpayer Identification Numbers, also known as ITINs, are tax processing numbers available to certain nonresidents and resident aliens, their spouses, and dependent children who cannot get a Social Security Number initially.

Follow these steps to verify your Venmo account with your ITIN:

1. On your mobile phone, open the Venmo app. The verification process is only available on mobile devices and not on desktop computers
2. On the top-left corner, click the hamburger icon (three horizontal lines)
3. On the dropdown menu, select “Settings”
4. Tap “Identity Verification” in the Security section
5. Click “Next” to continue
6. The last four digits of your ITIN, your legal name, and your date of birth should be entered
7. Follow the instructions by tapping “Next”

Is It Safe to Give Venmo Your SSN?

Using Venmo to manage your money and make transactions is safe, because it is a trusted platform.

You should, however, be wary of fake emails that ask for personal information. The only way you can verify your identity with Venmo is through the mobile app – you will never be asked to confirm it via email.

Keeping that in mind, it is important to stay away from scams and fraudulent messages at all costs.

This is a process that you must complete while you are aware of everything involved in order to protect your money and data.

You don’t need to worry about your personal finances with Venmo since your SSN is being used for a good reason.

How To Provide My SSN With Venmo?

As soon as you know “why does Venmo need my SSN? In case you have decided to provide your details to the platform, let us explain how to do so.

Using your mobile device, open the Venmo app.

On the main screen of the app, click the You section. You will be taken to the app’s menu.

Select Settings, then Identity Verification. You can complete your identity verification by following the instructions on the screen.

Venmo allows you to update your information in this way. You can only do this through their mobile app, not their website.

Frequently Asked Question

Do I Have to Give Venmo My Social Security Number?

Yes, you should do it if you want Venmo’s features to remain unlimited.

The other option is to go to another platform if you don’t want to share your information.

You will probably have to confirm your Social Security Number either way, so it really depends on you.

Conclusion

If you are using Venmo for financial transactions, it is a good idea to double-check where you are providing your Social Security number. Sending money to the right person or to the right place is the best way to prevent theft.

In most cases, Venmo transactions are safe, but always verify your details and provide the right information for your transactions. Please choose another option if you do not wish to provide your Social Security Number.