After facing criticism from users for its lack of security measures, peer-to-peer payment provider Venmo is adding new security features to its platform.
Today, Venmo announced it will now send email notifications anytime a user’s email address, password, or phone number changes. In the next several weeks, Venmo will also enable multi-factor authentication.
Multi-factor authentication makes users identify themselves with more than just a password. This can manifest as a PIN that gets sent to your phone or as security questions.
The changes come weeks after a Slate report highlighted Venmo’s flawed security protocols. The report detailed how a Venmo user had nearly $3,000 stolen from him after someone hacked into his account and changed his login information. Venmo apparently never sent him an email to let him know that the information had changed. He only found out about the charges after his bank emailed him about the large transaction.
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After the Slate article came out, Venmo issued an apology that listed the ways in which the company tries to protect its customers through PCI compliance and setting limits on the amount of money you can send. But it didn’t illustrate how it would improve security on the service going forward.
The company now says it will be more responsive to support inquiries and plans to release additional security features in the near future.
