Venmo needs your SSN to verify your identity as per federal government regulations. They can prevent fraudulent accounts, money laundering, and criminal activity If you can find the answer to why does Venmo need my SSN you have the right place to find the answer we help you with it in detail.
Why Does Venmo Need My SSN?
Venmo is a money transfer business that can regulate in the United States. Venmo collects certain information from the user to verify their identity.
Venmo Must allow federal government regulation to maintain your confidential information.
Venmo asks for Social Security Number to verify your identity if you can do any of the following.
- You can Send $300 or above in 7 days
- Transfer $1000 to a weak in your account.
- Group account creation.
- 200 transactions in one year with a business profile.
Why is Venmo Asking Me to Do this?
Verify identity allow you to make payment in your Venmo account, and you can enable the transfer of a larger amount on Venmo.
Venmo is collect information by federal law so users have access to the balance.
Yes, you can still use the Venmo app if you do not share your Social Security Number detail. if you can not share detail you can not use all the features of the platform.
If you do not share your SSN you are not able to send money to other use or business. you will also be able to receive money.
Is It Necessary, to Give Venmo Your Social Security Number?
Basically, Venmo collects Social Security Number and all personal information for all user who has a Venmo balance. Venmo sends an email to share your Social Security Number with them on the due date.
In short, you won,t be able to share balance anywhere.
Yes, It is totally safe to Share Your SSN with Venmo. Venmo protects your SSN and all personal information for its user.
So, you don’t Worry about your SSN and personal Information.
Related Also Read: Why Venmo Card is Not Working at ATM?