You can buy prepaid cards with Venmo

How to cancel a Venmo payment

Because it's so easy to make payments to Venmo, it's also easy to pay the wrong person or pay the wrong amount. I know people who have done it and more who will do it again. With that in mind, here is now a Venmo payment to cancel.

Venmo is a social payments system owned and operated by PayPal. It's a nice idea. Pay someone back on your network when you weren't there if you don't have your money, borrow money from a friend to go to the movies and pay back later, or just being philanthropic, all from your phone. Set up a Venmo account, add a credit or debit card and you're done. It is really that easy.

For example, a friend of mine paid a group dinner on her credit card and then charged us all through Venmo for our share. We could pay them all from our bank account and everything was clean and tidy. She didn't mind paying, and we could all pay, although not all of us had money at the time. It's just one of the many ways Venmo can work.

While the world certainly doesn't need any other social network, Venmo has at least one trick up its sleeve. It seems a very useful one.

Cancel a Venmo payment

Like its PayPal owner, Venmo is a direct payment system and instantly credits accounts. This means that every payment you send appears on the recipient's account within seconds and disappears from your account just as quickly. Therefore, you cannot cancel a Venmo payment without intervention from Venmo itself.

If you're sending money to the wrong person, Venmo will suggest sending them a charge for the same amount with a note letting them know what happened. If the person sees the note, they can repay you and all is well. If you don't hear anything and haven't received your money, contact Venmo directly for help.

They will ask for the username of the person you are sending the money to, the amount, the dates of the payment, and the username or phone number of the person you tried to pay. Venmo will then try to sort it out.

The only exception is if you are paying a new user or someone without a Venmo account. Here you can stop the payment. Open the Venmo app, select the three line menu icon and select Incomplete and Payments. Choose the wrong payment, then choose Cancel.

Is Venmo Safe?

Available only online, Venmo is obviously prone to the same risks that its owner PayPal has. The risk of hacking, scamming, and generally nefarious behavior. While there have been security issues in the past, the platform appears to use bank security to protect its data and network.

According to security experts, most of the thefts or scams of Venmo accounts are due to user error. Whether or not this is true is up for debate as there is little evidence in either case. However, the responsibility of the user in all of this cannot be ignored.

If you use Venmo or an online payment service, you can take a few sensible steps to increase your personal security and significantly reduce the risk of financial loss.

Use a prepaid credit card

The best advice I can give about using online payment systems is to use only one prepaid card. Load the card with a certain amount of money, enough to cover what you need. Then you can take full advantage of Venmo without the risk of losing money.

If your account is hacked, the maximum you will lose is the amount you put on the card. If someone seizes your card details, they may not be able to get credit or put you in debt.

Don't leave too much lying around

Having funds in your Venmo account is a convenient way of always having money when you need it. There is also more money to be lost if your account is hacked. Leave a little there, enough to cover frequent expenses, but not too much, where loss would affect your life. In combination with a prepaid card, a low credit protects against too much loss.

Back up your account

After all, the usual rules apply to Venmo as to any other account. Make sure your password is secure and that you keep it safe at all times. Along with the mobile PIN, this is one of the two pieces of information you need to hack your account from the outside. Make your password good and be sure to never repeat or share it.

Do you have any other Venmo safety tips that you want to share? Any stories of getting hacked or losing money? You know what to do.