PayPal Holdings Inc said on Friday it was cooperating with the U.S. consumer watchdog regarding a civil investigation demand relating to its app Venmo’s alleged unauthorized fund transfers and collections processes. (via Reuters)
The demand from the U.S. Consumer Financial Protection Bureau was made last month, the digital payment processor said in a regulatory filing.
Venmo is a popular mobile app for person-to-person payments in the United States. It competes with apps like Cash, which is run by payments processor Square Inc.
In the fourth quarter, Venmo, which has been part of PayPal since 2013, processed about $47 billion in total payments volume, up 60% from last year.
Bijay Pokharel
Bijay Pokharel is the creator and owner of Abijita.com. He is a freelance technology writer focusing on all things pertaining to Cyber Security. The topics he writes about include malware, vulnerabilities, exploits, internet defense, women's safety and privacy, as well as research and innovation in information security. He is a tech enthusiast, keen learner, rational and cool person in his professional activities and challenges.