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Venmo Refuses To Say Why Transactions Are Public By Default (zdnet.com)
Venmo, the mobile payments app, won't say why it exposes users' data to the world whenever they make a transaction. ZDNet: Hang Do Thi Duc, a Berlin-based privacy researcher found that every time someone sent or received money using the PayPal-owned mobile app (which had over seven million users in 2017), the transaction was "public" by default and was broadcast on Venmo's API. In other words, everyone can see your transactions -- even without the app. The company did not respond to ZDNet's queries, but in a blanket statement said it takes privacy of users seriously.
Further reading: People Are Using Venmo To Spy On Cheating Spouses.
Further reading: People Are Using Venmo To Spy On Cheating Spouses.
Most people won't realize their transactions are public. Hence the privacy issue.