Venmo fixes well-publicized security hole
Venmo will now email its users whenever the email address, password, or phone number associated with their account has been changed. (If the email address is changed the company will send a message to both the old and the new accounts.)
The update comes shortly after Venmo was criticized for not sending those notifications, not responding promptly enough to allegations of fraud, and encouraging consumers to connect their checking accounts to its mobile apps.
[Venmo's blog] post might reassure some people. But until Venmo admits these problems exist, explains how it plans to fix them, and apologizes for allowing them onto its product in the first place, all of Venmo’s lines about its users being like 'family' are nothing but meaningless platitudes.In addition to notifying consumers when their account information is changed, Venmo has also promised to improve the amount of time it takes for its support staff to respond to fraud allegations, with the hope of doing so in less than 24 hours.
The company also says it's planning to introduce multi-factor authentication "in the coming weeks" as it attempts to "further enhance user security and experience." It's not clear what else the company is planning or when it will introduce new features.