But is Venmo a wise way to conduct illicit transactions? Probably not, writes Lend Edu’s Mike Brown.
“It would seem a near impossible task for engineers at Venmo to be able to monitor daily transactions and flag payments that look suspicious. That mission becomes even more overwhelming when you consider that Venmo is on track to process $20 billion in payments per year,” Brown writes. “One interesting point is that any and all transactions made on Venmo will be on file, similar to a payment made with a credit card. Those who use Venmo for suspect transactions run the risk of leaving behind a paper trail that could come back to haunt them.”