The new Venmo-Teen feature opens doors for students to manage their money
You probably already know about Venmo, the free mobile payment app that lets people easily send, receive, and manage payments by linking their bank accounts. You might not know that Venmo is paving the way for students to manage their money with its newly launched Venmo-Teen feature. This move allows parents to let their teens (13- to 17-year-olds) open a Venmo account, making financial transactions among teens even more accessible than before. While Venmo will offer convenience and accessibility to students, it’s important to be aware that, like many online platforms, there are potential risks involved.
So what does this mean for teen students and how can we empower them to protect their privacy on Venmo and other peer-to-peer finance apps? Read on to find out tips you can share with your students to help them navigate Venmo and avoid scams!
Venmo is officially available to students
The launch of Venmo-Teen in May 2023 means that students under the age of 18 can now have a Venmo account where they can send and receive money on the app.
Here’s a gist of the Venmo-Teen Account features:
- For starters, students have to have parental permission to sign up.
- Parents or legal guardians can apply for the Venmo Teen Debit Card on behalf of their teen and can directly add money to the Venmo Teen Account once it’s opened.
- For students who don’t already have a personal bank account, Venmo provides your teen with a MasterCard debit card in order to carry out all transactions.
- Parents and legal guardians can lock and unlock the Teen Debit Card, monitor the Teen Account balance from their Venmo account, and receive notifications on account activity.
How students can protect their privacy while using Venmo
On typical Venmo accounts, users choose between having a public account or a private one. On public accounts, your followers can see who you’re sending money to or receiving money from, and what the transaction is for. However, on a private account, those details are hidden from other people.
A key feature of Venmo’s new Teen Account is that the account defaults to private, and only guardians can update privacy settings in the app. While this feature protects student privacy, there are still other challenges to keep in mind, such as Venmo scams.
Scammers have turned to Venmo for years, trying to trick Venmo users into sending them money, and they do so in many different ways. Here are some common Venmo scams that students should be aware of:
- Fake text messages or calls pretending to be Venmo: If you get a “text” or “call” from someone pretending to be Venmo asking for log-in information, do not share your info! Venmo will only reach out via email on an email account that ends in venmo.com. Additionally, a Venmo agent will never ask you to share a verification code either, so make sure to keep any verification codes to yourself.
- Someone you don’t know sends or requests money: A popular Venmo scam is when a stranger sends you money and then reaches out to ask for it back because they “sent it by mistake.” A best practice when you use Venmo is to contact Venmo and not send the money back or deposit it either. Venmo will instruct you on how to move forward in these situations.
- Get rich quick schemes: If something looks too good to be true, it probably is when it comes to Venmo. If people are offering to help you make money by having you send money to them first, block them!
TSI’s Take
The launch of the Venmo-Teen account opens up possibilities for students under 18 to manage their finances with ease, but like all platforms, there are always challenges to be aware of. By proactively empowering students to protect their privacy while navigating Venmo, students can confidently sign up for the peer-to-peer finance app safely.
Here are some valuable tips you can share with your students to empower them to navigate Venmo in positive ways:
- Huddle with your parent or guardian: If you’re under 18 and looking to use Venmo, huddle with your parent or guardian first to talk about how you can safely navigate Venmo, and what’s best for your family. Open communication is key!
- Take advantage of privacy features: Did you know that Joe Biden’s Venmo transactions were publicly searchable at one point in time, and a newsfeed found who he sent money to in a matter of minutes? This goes to show that anyone can see who you’re sending money to if your account is public. Take control of your Venmo account and turn your account private to protect your (and your Venmo friends’) information.
- Stay informed to protect yourself from scammers: Stay up-to-date on app changes, news about privacy, and ongoing Venmo scams. This way, you know how your personal information is being used and you can protect yourself AND your money.
Looking to learn even more about how educators can keep students’ privacy safe? Check out our blog that shares the different ways that both independent and public schools keep their students safe.
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The Social Institute (TSI) is the leader in empowering students by understanding students. Through #WinAtSocial, our gamified, peer-to-peer learning platform, we equip students, educators, and families to navigate their social world – in the classroom and beyond, online and offline – in healthy, high-character ways. Our unique, student-respected approach empowers and equips, rather than scares and restricts. We incorporate timely topics about social media, tech use, and current events that are impacting student well-being and learning. #WinAtSocial Lessons teach life skills for the modern day, capture student voice, and provide school leaders with actionable insights. Through these insights, students play an essential role in school efforts to support their own health, happiness, and future success as we enable high-impact teaching, meaningful family conversations, and a healthy school culture.