Going out to eat with friends is fun until the check arrives. Hopefully, the waiter will split the check. If not, you could spent the next 30 minutes trying to divide it up yourself or scrounging for cash in your wallet to cover your portion of the meal. It's a real hassle. That's why the Venmo app is the most popular new money app right now.
Basically, the app connects to your bank account, debit card or credit card and lets you send and receive payments from friends. So, you don't need to split the check. Just pay the bill and then you're friends can use Venmo to send you some money. Sounds great, right?
There's only one problem: Venmo might not be that secure. There are all sorts of reports surfacing from people who have had their accounts hacked and lost money in the process. The app claims to have "bank-grade security systems and data encryption" but is that enough?