Have you heard about Venmo? It‘s one of the most popular apps for fast, easy payments between friends. I use it all the time to split bills or send friends money electronically.
But here‘s a little secret not everyone knows – Venmo can do a lot more than peer-to-peer payments! You can also:
- Shop from authorized merchants within the app
- Receive direct deposit paychecks into your Venmo balance
- Even buy, sell, and hold cryptocurrencies like Bitcoin
Exciting right? However, to unlock these cool features, you need to complete identity verification on Venmo.
Don‘t worry – I know the verification process can sound intimidating or unnecessary. But I promise it‘s a breeze and super important for the security of your money.
I‘ll walk you step-by-step through verification, explain what documents you need, and share expert tips along the way. Let‘s get started!
Why You Should Verify Your Venmo Identity
With Venmo‘s growth to over 80 million active users last year, it has also seen rising fraud risks and cyber threats. Identity verification helps combat this by:
- Confirming you are who you claim
- Complying with federal anti-money laundering regulations
- Preventing fraudulent accounts and illegal transactions
In fact, over 80% of current Venmo users have completed identity verification.
The table below also shows how vital verification is to unlock key Venmo capabilities:
| Venmo Feature | Identity Verification Required? |
|---|---|
| Peer-to-peer payments | ❌ Optional |
| Receiving/Cashing out money | ✅ Required |
| Direct deposits | ✅ Required |
| Cryptocurrency exchange | ✅ Required |
| Shop from merchants | ✅ Required |
Table data sourced from Venmo and FinCEN regulations
Basically, taking a few quick minutes to verify means you can then fully utilize Venmo‘s financial services safely.
Step 1: Initiate Automated Verification
The fastest way to verify on Venmo is through its automated system. Here‘s how:
- Open your Venmo app and tap your profile icon
- Tap Settings (the gear icon)
- Under Security settings, select Identity Verification
- Follow the on-screen prompts to automatically submit details
The automated process instantly pulls required personal data to verify you. Information checked can include:
- Name and date of birth
- Address history
- Social Security numbers
It‘s that quick! However, if the system can‘t automatically pull and match your details, you may need to provide documents manually.
Step 2: Collect Documents for Manual Verification
If prompted by Venmo, they will email detailing specific documents to submit. Common options include:
🌐 Name and Birthdate Documents:
- Passport
- Drivers license
- Government ID
🏡 Proof of Address Documents:
- Recent utility bills
- Lease agreement
- Vehicle registration
📝 Tax Identification Documents:
- Social Security Card
- W2 tax forms
- SSN assignment letters
I recommend having clean, digital copies or photos of these documents ready before starting your Venmo application.
Expert Tips for Document Submission
- Double check images are fully clear and legible
- Make sure all four corners of IDs are visible
- Only send unexpired documents from the last 12 months
If you prepare properly, manual verification takes just a few minutes longer than automated.
Step 3: Verify Phone and Email Contact Info
As a final step to complete Venmo identity verification, you need to validate your:
📱 Phone Number: Venmo sends a 6-digit code via SMS that you input
✉️ Email Address: Click the emailed link to confirm your email
These two channels serve critical needs like:
- Sending payment notifications
- Enabling account recovery options
- Updating you on verification status
I also suggest verifying any new or changed email addresses associated with your Venmo profile. This guarantees you continue receiving funds properly if people pay an older email you don‘t check regularly.
You Did It! Enjoy Your Verified Venmo Account
See – that wasn‘t so hard! By taking a few quick minutes to verify your critical details with Venmo, you unlock awesome features safely.
Venmo continues working hard to improve its automated verification systems using the latest fintech identification technology.
For example, in 2022 they partnered with leading digital ID company Mitek to boost approval rates further using machine learning algorithms.
So don‘t hesitate to reach out to Venmo‘s responsive customer support team if you have any hiccups getting verified. They have amazing tools and resources to help get your account squared away.
Now get out there sending payments seamlessly, depositing checks digitally, or even trading hot cryptocurrencies all from Venmo! Just stay savvy about identity protection whenever using financial apps.
Let me know if you have any other questions!
