Popular payment app Venmo is finally getting a really important security feature

VenmoA screenshot of Venmo’s new two-factor authentication

Mobile payments app Venmo has announced that it is offering multi-factor authentication. It works by emailing a 6-digit code to users anytime they sign into the service with a new phone.

The company explained that the new feature is meant to ” maximise security while continuing to provide a quick and easy sign-in experience on devices you regularly use.”

Venmo has been slowly gaining in popularity over the past year as the go-to app for mobile users to easily pay each other for small transactions.

What makes it so likable is its ease of use and how its newsfeed makes payments into a sort of mobile social network.

The addition of multifactor authentication comes after the company found itself in hot water in February over security concerns. A Venmo user discovered his Venmo account hacked one morning, after someone withdrew nearly $US3,000 from his account 24 hours prior.

While it doesn’t seem like the user’s account was hacked because of any Venmo-related vulnerabilities, the company was criticised for allowing a third-party to easily login to someone else’s account, disable notifications, and withdraw funds. It took the victim over a day to realise someone had made the transaction.

This is Venmo’s response to this problem. Now, even if a user loses his or her password, an attacker will not be able to use another device to login unless they also have access to the victim’s email.

The new two-factor authentication is automatically turned on for any Venmo user with the latest version.

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