Venmo’s credibility took a hit last month when a vulnerability was brought to light by Slate. Basically, the lack of two-factor authentication made it really easy for accounts to be hijacked, leading many users, including one of our own, to unlink their banking information from the service.
Today, however, that’s all changing.
Venmo has finally introduced a new update with two-factor authentication. Going forward, when the service detects a login from a new device, users will be sent an email and a 6-digit pin—you know, just to make sure nothing fishy is going on. This ensures that account holders aren’t getting their hard-earned money stolen. And if you prefer, you can allow Venmo to remember the device you’re signing in on, which means you won’t always have to go the 6-digit number route.
It’s certainly a no-brainer to have two-factor security added to such a popular service, which is why it was so odd it took Venmo this long to do it. Either way, it’ll certainly be a welcome addition to fans of the service, and should put people at ease for future transactions. It’s probably best to update your app sooner rather than later.