Venmo Steps Up Its Security With Two-Factor Authentication

For those who remember that, not so long ago, Venmo was having its share of troubles for not only what was perceived to be lackluster security but also what was perceived as a lackluster response, there’s a reason for hope.

Venmo’s been working hard to turn it around, and a new measure brings two-factor authentication to Venmo’s sign-in procedures.

Essentially, the new service works in much the same way that other two-factor authentication systems have worked for some time: when the service detects a login attempt from a phone or browser that hasn’t been used before, an email and a six-digit PIN code go back to the user’s device and then the user can perform the second phase of the login attempt.

Successfully entering the supplied code allows for access to the account, so those wanting to break in would not only need to have the user’s device, but would also need to be able to access the user’s email account.

Afterward, though, Venmo can be given permission to recognize a device such that the two-factor part doesn’t have to be done every time. The password part is still on, but the two-factor part is optional.

This is a good advancement, of course, and nicely splits the difference between those who want the added security of two-factor authentication login and those who want the convenience of just logging in once.

The question, of course, is whether or not this approach will make much difference for Venmo, who at last report counts just 70 people working for it thus far.

Reports also suggest that Venmo’s currently handling better than $1 billion in transactions annually. Hopefully Venmo continues to ramp up security to address these concerns.