Venmo

Last updated

Venmo
Original author(s)
  • Andrew Kortina
  • Iqram Magdon-Ismail
Developer(s) Venmo, LLC (subsidiary of PayPal)
Initial release2009;15 years ago (2009)
Operating system Android, iOS
Available inEnglish
Website venmo.com

Venmo is an American mobile payment service founded in 2009 and owned by PayPal since 2013. Venmo is aimed at users who wish to split their bills. Account holders can transfer funds to others via a mobile phone app; both the sender and receiver must live in the United States. Venmo also operates as a small social network, as users can observe other users' public transactions with posts and emoticons. [1] In 2021, the company handled $230 billion in transactions and generated $850 million in revenue. [2] Users can view transactions on the Venmo website but cannot complete transactions on the website. [3]

Contents

By default, Venmo publishes every peer-to-peer transaction (excluding the amount), a feature shown by researchers to reveal sensitive details about users' lives in some situations. [4] [5] In 2018, the company settled with the Federal Trade Commission (FTC) about several privacy and security violations related to this and other features, and made changes to the corresponding settings. However, Venmo continued to attract criticism for exposing users to possible privacy risks. [5] [4]

History

Venmo quarterly US payment volume and annual growth Pay with venmo.png
Venmo quarterly US payment volume and annual growth

Venmo was founded by Andrew Kortina and Iqram Magdon-Ismail, who met as freshman roommates at the University of Pennsylvania. According to Kortina, the duo were initially inspired to create a transaction solution while, in the process of helping start a friend's yogurt shop, they "realized how horrible traditional point of sales software was". At a local jazz show, Kortina and Magdon-Ismail conceived the idea of instantly buying an MP3 of the show via text message. Finally, the idea was cemented when Magdon-Ismail forgot his wallet during a trip to visit Kortina. The process of settling their debt was a considerable inconvenience, especially compared to the possibility of mobile phone-based transactions. Shortly after, they began working on a way to send money through mobile phones. [6] Their original prototype sent money through text messages, but they eventually transitioned from text messages to a smartphone app. [7] In fact, according to Kortina, the name Venmo came from the word vendere, Latin for “to sell,” and “Mo,” short for “mobile”; they wanted a name that was snappy and could be spelled easily. [8]

In May 2010, the company raised $1.2 million of seed money in a financing round led by RRE Ventures. [9]

In 2012, the company was acquired by Braintree for $26.2 million. [10] [11] [12]

In December 2013, PayPal acquired Braintree for $800 million. [13] [7] [14]

Prior to October 2015, Venmo prohibited consumer-to-business transactions on the platform.[ citation needed ]

On January 27, 2016, PayPal announced that Venmo was working with select merchants who would accept Venmo as payment. Initial launch partners included Munchery and Gametime. [15] All merchants that accept PayPal can now accept Venmo. [16] As of May 2018, Venmo's merchant product did not permit "selling goods or services in person"; [17] however, research into mobile payment trends among mom-and-pop restaurants in New York City that month revealed a grey market use case in which some Chinese takeouts and food trucks used personal Venmo QR codes to accept payments from customers. This QR payment behavior was similar to that used via Chinese mobile applications WeChat and Alipay within these same establishments. [18]

In October 2020, PayPal announced that Venmo along with PayPal services will allow users to purchase and use cryptocurrencies such as bitcoin, Bitcoin Cash, Ethereum, and Litecoin in select foreign markets starting in the first half of 2021. [19] [20]

On April 20, 2021, Venmo announced that it was beginning its roll out for the ability to buy, hold, and sell cryptocurrencies using the platform. [21] However, only selected users had access to the feature, and it was estimated that the cryptocurrency transfers would become available for the whole userbase only in May 2021. [22]

Products

Users can create an account via a mobile app or website and provide basic information and bank account information. One must have a valid email address and a US mobile phone number to use Venmo. Recipients of transactions can be found via phone number, Venmo username, or email.

Users have a Venmo balance that is used for their transactions. They can link their bank accounts, debit cards, or credit cards, to their Venmo account; alternatively users can order a Venmo MasterCard and pay through it. [23] Paying with a bank account or debit card is free, but payments via credit card have a 3% fee for each transaction. [24] Some credit card providers may charge cash advance fees for Venmo payments. [25] If a user does not have enough funds in the account when making a transaction, it will automatically withdraw the necessary funds from the registered bank account or card.

When users first create an account, total transactions may not exceed $299.99 until the user's identity is verified. [26] After the identity has been verified, users may send up to $2,999.99 in each seven day period. [27]

Since 2008, cash transfers using Venmo have not been instantaneous and could be canceled after an initial transfer is sent. Like traditional wire transfers, they can take one to three business days to become final.

In January 2018, [28] PayPal rolled out an instant transfer feature on Venmo, allowing users to deposit funds to their debit cards typically within 30 minutes. A fee is deducted from the amount for each transfer; 1% or $10, whichever is less. The standard bank transfer (typically completed within three business days) is available for no fee. [29]

Venmo MasterCard

In 2018, Venmo released a new physical debit card available for users. [30] The card runs on the MasterCard network and offers ATM access and overdraft protection. It can be used anywhere that accepts MasterCard, and it enables up to $400 in daily ATM withdrawals, though transactions at non-MoneyPass ATMs come with at least $2.50 in withdrawal fees. [23]

In addition, the service offers a reload function, which, when enabled, takes money from a user's linked checking account in $10 increments if their Venmo balance drops too low to cover a purchase. Customers could be subject to fees or other consequences from their bank if they overdraft that account. [23] Card purchases show up in a user's Venmo transaction history, and the card can be canceled from within the app. [31] These features make the card similar to a traditional bank debit card, but adds the ability to directly track spending in-app. [23]

Social component and privacy

Social feed of transactions on Venmo Venmo payment newsfeed.jpg
Social feed of transactions on Venmo

Venmo includes social networking interaction; it was created so friends could quickly split bills, such as for movies, dinner, rent, or tickets. When a user makes a payment, the transaction details (excluding the payment amount) can be "shared", either publicly or with the user's network of friends, on the user's "news feed", like a social media feed. [33]

Venmo publishes a "world wide" public feed, a "friends only" feed, and a personal feed. By default, all Venmo transactions are shared publicly. Anyone who opens the app to the public feed, including those who do not use Venmo, can see these publicly shared transactions. [34] The user can make transactions private, but most users keep the default privacy settings. [35] Venmo encourages social interaction on the application through comments [36] using jokes, emojis, or likes.

Early on, Venmo required new users to sign up through Facebook, which made it easy to find peers the user wanted to pay and provided Venmo with free marketing. [37] For users not friends on Facebook, the application allowed searching by username and phone number. Profiles are personalized with profile pictures, usernames, and Venmo transaction history. Venmo provides no protection for buyer or seller. [38]

On November 14, 2023, Venmo introduced a feature called Venmo Groups which implemented bill-splitting within the app, [39] competing with related expense-sharing apps such as Splitwise. [40] [ clarification needed : The beginning of this section said that splitting bills was the original purpose of Venmo. Why was this feature not introduced until 2024?]

Security

Venmo has claimed that its security is "bank-grade". [41] However, journalists, security researchers, the California Department of Business Oversight (DBO) and the Federal Trade Commission have all disputed this claim. [42] [43] [44] [45] [46]

In February 2018, the FTC settled with Venmo, after an investigation uncovered false representations about "bank-grade" security and failures to comply with the Gramm-Leach-Bliley Safeguards Rule and Privacy Rule. [47] [48] Under the settlement, Venmo would be required to undergo third-party audits every two years for the following ten years. The FTC also complained that Venmo "misled consumers about the extent to which they could control the privacy of their transactions" and misrepresented the availability of funds for withdrawal. [49]

Venmo states that customers need not worry about their security or privacy, and encourages users to set up a PIN to increase security. [50] On July 17, 2018, The Guardian [51] published an article showing that Venmo is insecure because privacy protection is not set by default. According to the researcher who found this privacy issue, Venmo publishes all transactions along with names openly into the World Wide Web.

The Better Business Bureau has reported that some scammers exploit the cancellation period to appear to pay, but ultimately avoid paying for an item. [52]

In November 2018, The Wall Street Journal reported that Venmo, in the first quarter of 2018, had suffered $40 million in operating losses, nearly 40% more than it had budgeted, due to "a wave of payments fraud". [53]

Criticism and controversies

Privacy concerns

A 2018 study analyzed over 200 million public transactions and found that Venmo "reveals a massive amount of private details about users' lives by default". [5] The same year, the company reached a settlement with the FTC after the FTC had accused Venmo of "misleading" users about the privacy settings changes required to make transactions completely private. [5] In 2019, another researcher downloaded and analyzed seven million transactions, concluding that although Venmo had made some very minor to no improvements limiting mass-scraping, the data still put users at risk for various forms of cyber attacks. [54] [4]

In 2019, Mozilla and the Electronic Frontier Foundation wrote an open letter "to express our deep concern about Venmo's disregard for the importance of user privacy, and to call on Venmo to make two critical changes to its privacy settings: make transactions private by default, and give users privacy settings for their friend lists". [4]

Venmo's social model has attracted attention from researchers. A research group from University of Washington observed[ when? ] that the social feed in Venmo differs from other social networks in that activity is driven by financial transactions. A user could make a trivial transaction to make a post (e.g., sending someone $0.01, or requesting $0.02), but only one participant in their studies reported ever doing this. Further, neither reading the feed nor sharing a transaction memo publicly or with friends is necessary to send or receive money.[ citation needed ]

On Venmo, people transact with both friends and businesses via the app. Analysis of public transactions identifies a spectrum of use patterns, from regular users who create transactions for a variety of expenses, to niche users who use Venmo with a small cluster of friends to pay for just a few things (e.g., bills among roommates). [55]

A May 2021 investigation by BuzzFeed News reportedly managed to find the Venmo account of United States president Joe Biden after "less than 10 minutes of looking for it"; BuzzFeed News additionally states that the Venmo app "leaves everyone ... in the world exposed" and states that it reveals a major privacy concern. [56] [57] [58] [59]

In 2022, Dr. Rajat Tandon and Dr. Jelena Mirkovic from the University of Southern California, along with their research collaborators, showcased that 2 in 5 Venmo users publicly reveal sensitive information. Their work, "I know what you did on Venmo: Discovering privacy leaks in mobile social payments", [60] which presents multiple findings from 389 million public transaction Venmo notes, highlights serious risks from a public-by-default policy for mobile social payments.

Consumer Financial Protection Bureau probe

Venmo came under scrutiny from the Consumer Financial Protection Bureau in 2021 over the company's treatment of their customers owing money for transactions. PayPal, the company operating Venmo's platform, announced through a regulatory filing in February that it had received a civil investigative demand from the CFPB "related to Venmo's unauthorized funds transfers and collections processes, and related matters." Venmo has a history of using aggressive tactics to threaten debt-owing users, ranging from seizing the funds from the user's other PayPal accounts to sending debt collectors after users. Customer service emails showed the company notifying users it could involve a collection agency over debts from $3,000 to as low as $7 in 2019, in some instances even when the customer in question had been scammed. Such practices continued during the COVID-19 pandemic. [61] [62] [63]

Related Research Articles

<span class="mw-page-title-main">PayPal</span> American multinational financial technology company

PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.

<span class="mw-page-title-main">Mobile payment</span> Payment services via a mobile device

Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cash, cheque, or credit card, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.

A micropayment is a financial transaction involving a very small sum of money and usually one that occurs online. A number of micropayment systems were proposed and developed in the mid-to-late 1990s, all of which were ultimately unsuccessful. A second generation of micropayment systems emerged in the 2010s.

<span class="mw-page-title-main">Digital currency</span> Currency stored on electronic systems

Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.

An e-commerce payment system facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.

<span class="mw-page-title-main">Google Pay Send</span> Mobile payment system developed by Google

Google Pay Send, previously known as Google Wallet, was a peer-to-peer payments service developed by Google before its merger into Google Pay. It allowed people to send and receive money from a mobile device or desktop computer.

<span class="mw-page-title-main">Credit card fraud</span> Financial crime

Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal. The Payment Card Industry Data Security Standard is the data security standard created to help financial institutions process card payments securely and reduce card fraud.

Neteller is a global payments platform and digital wallet used to transfer money to and from merchants, such as forex trading brokers, social networks, and gambling websites. Users in the European Economic Area (EEA) and the United Kingdom can add a Net+ Mastercard to their account to pay with their balance in stores or withdraw it as cash from ATMs. Regardless of their location, users can transfer their balance to their own bank accounts or cards if they need to withdraw the funds from their account.

Braintree is a Chicago-based company that primarily deals in mobile and web payment systems for e-commerce companies. The company was acquired by PayPal on September 26, 2013.

<span class="mw-page-title-main">David A. Marcus</span> American entrepreneur (born 1973)

David Marcus is an American entrepreneur. He was the co-creator of Diem, a cryptocurrency project initiated by Facebook. He is the former president of PayPal and Vice President of Messaging Products at Facebook where he ran the Facebook Messenger unit from 2014 until 2018. In December 2017, Marcus was appointed to the Coinbase Board of Directors, from which he stepped down in 2018. In 2021, he stepped down from Facebook. As of May 2022 he is the co-founder and CEO of Lightspark, a cryptocurrency startup which works on bitcoin and the Lightning Network.

Apple Pay is a mobile payment service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web. Supported on iPhone, Apple Watch, iPad, Mac, and Vision Pro, Apple Pay digitizes and can replace a credit or debit card chip and PIN transaction at a contactless-capable point-of-sale terminal. It does not require Apple Pay–specific contactless payment terminals; it can work with any merchant that accepts contactless payments. It adds two-factor authentication via Touch ID, Face ID, Optic ID, PIN, or passcode. Devices wirelessly communicate with point of sale systems using near field communication (NFC), with an embedded secure element (eSE) to securely store payment data and perform cryptographic functions, and Apple's Touch ID and Face ID for biometric authentication.

<span class="mw-page-title-main">Zelle</span> Digital payments network

Zelle is a United States–based digital payments network run by a private financial services company owned by the banks Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. The Zelle service enables individuals to electronically transfer money from their bank account to another registered user's bank account using a mobile device or the website of a participating banking institution. There is no fee or charge on the transaction.

Peer-to-peer transactions are electronic money transfers made from one person to another through an intermediary, typically referred to as a P2P payment application. P2P payments can be sent and received via mobile device or any home computer with access to the Internet, offering a convenient alternative to traditional payment methods.

VugaPay is a cross-platform payment service owned by Vuga Ltd, a Rwandan company. It allows businesses and users to transfer money across major payment systems, including credit card networks, mobile money and Bitcoin via an application programming interface, unstructured supplementary service data interface, a mobile phone app, or a web interface. It processed over 5 million transactions in 2016. As of December 2016, VugaPay offers instant payments to and from 40 different mobile money networks/carriers in Rwanda, Kenya, Uganda, Niger, Malawi, Congo Democratic Republic, Ghana, Tanzania and Zambia.

WeChat Pay, officially referred to as Weixin Pay in China, is a mobile payment and digital wallet service by WeChat based in China that allows users to make mobile payments and online transactions. As of March 2016, WeChat Pay had over 300 million users. WeChat Pay reached 1.133 billion active users in 2023. WeChat Pay's main competitor in China and the market leader in online payments is Alibaba Group's Alipay. Alibaba company founder Jack Ma considered the red envelope feature to be a "Pearl Harbor moment", as it began to erode Alipay's historic dominance in the online payments industry in China, especially in peer-to-peer money transfer. The success prompted Alibaba to launch its own version of virtual red envelopes in its competing Laiwang service. Other competitors, Baidu Wallet and Sina Weibo, also launched similar features.

<span class="mw-page-title-main">Google Pay (payment method)</span> Mobile payments platform developed by Google

Google Pay is a mobile payment service developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users can authenticate via a PIN, passcode, or biometrics such as 3D face scanning or fingerprint recognition.

<span class="mw-page-title-main">Cash App</span> Mobile payment service developed by Block, Inc.

Cash App is a digital wallet service available in the U.S. Launched by Block, Inc. in 2013, it offers sending and receiving money, a savings account, a debit card, investing in stocks or bitcoin, personal loans, and tax filing. As of 2024, Cash App reports 57 million monthly users and $14.7 billion in annual revenues.

Swish is a mobile payment system in Sweden. The service was launched in 2012 by six large Swedish banks, in cooperation with Bankgirot and the Central Bank of Sweden. It had 8 million users as of July 2022. Swish is a member of the European Mobile Payment Systems Association.

PayMe is a mobile payment service from HSBC, currently available only for Hong Kong users with local phone numbers and banks. Users can pay businesses, transfer money to one another using a mobile app, linked to their credit card or bank account.

MobileCoin is a peer-to-peer cryptocurrency developed by MobileCoin Inc., which was founded in 2017 by Josh Goldbard and Shane Glynn.

References

  1. ↑ Bommer, William H.; Rana, Shailesh; Milevoj, Emil (April 25, 2022). "A meta-analysis of eWallet adoption using the UTAUT model". International Journal of Bank Marketing. 40 (4): 791–819. doi:10.1108/IJBM-06-2021-0258. ISSN   0265-2323. S2CID   247427504.
  2. ↑ "Venmo Revenue and Usage Statistics (2022)". Business of Apps. May 4, 2022. Retrieved May 27, 2022.
  3. ↑ "What Is Venmo: How It Works". Money. Retrieved January 24, 2024.
  4. 1 2 3 4 Cole, Samantha (August 28, 2019). "Venmo Is Still Exposing Your Connections to Everyone You. Know". Vice. Retrieved February 12, 2020.
  5. 1 2 3 4 Paul, Kari (July 22, 2018). "The scary reasons you should make your Venmo account private". MarketWatch. Retrieved February 12, 2020.
  6. ↑ Elgar, Tyler (October 2, 2017). "Venmo. The wallet of the future". Medium .
  7. 1 2 Gillette, Felix (November 20, 2014). "Cash Is for Losers!". Bloomberg Businessweek .
  8. ↑ Hadi Attarbashi, Brian. "Andrew Kortina: How An Accident Inspired a Mobile Payment App". AI Bees.
  9. ↑ Schonfeld, Erick (September 16, 2010). "Social Payment Startup Venmo Raised $1.2 Million And Has A New iPhone App". TechCrunch .
  10. ↑ "Braintree Acquires Mobile Payments Platform Venmo" (Press release). Business Wire. August 17, 2012.
  11. ↑ Wortham, Jenna (August 16, 2012). "Braintree, a Payments Company, Buys Venmo for $26.2 Million". The New York Times .
  12. ↑ Lardinois, Frederic (August 16, 2012). "Online Payments Service Braintree Acquires Venmo for $26.2M". TechCrunch.
  13. ↑ "eBay Inc. Completes Acquisition of Global Payments Innovator Braintree" (Press release). Business Wire. December 19, 2013.
  14. ↑ Rao, Leena; Perez, Sarah (September 26, 2013). "Ebay's Paypal Acquires Payment Gateway Braintree For $800M In Cash". TechCrunch.
  15. ↑ Rao, Leena (January 27, 2016). "You Can Now Use PayPal's Venmo to Pay Merchants". Fortune .
  16. ↑ Toplin, Jaime (May 1, 2017). "Venmo makes moves to monetize". Business Insider .
  17. ↑ "Payment Methods: Venmo". Braintree Support Articles. Archived from the original on May 14, 2018. Retrieved May 14, 2018.
  18. ↑ Chester, Ken (May 10, 2018). "Can China's 'WeChat Diaspora' Pioneer Mobile Payment in the US?". Sixth Tone. Retrieved May 14, 2018.
  19. ↑ Irrera, Anna (October 21, 2020). "PayPal to allow cryptocurrency buying, selling and shopping on its network". Reuters . Retrieved November 2, 2020.
  20. ↑ "PayPal and Venmo will offer and accept cryptocurrency for all online payments". The Verge. October 21, 2020. Retrieved November 2, 2020.
  21. ↑ Perez, Sarah (April 20, 2021). "Venmo adds support for buying, holding and selling cryptocurrencies". TechCrunch. Retrieved April 20, 2021.
  22. ↑ Lyles, Taylor (April 20, 2021). "Venmo is adding support for users to buy, store, and sell cryptocurrency". The Verge. Retrieved April 20, 2021.
  23. 1 2 3 4 "PayPal's Venmo now offering physical credit cards aimed at millennials". ameinfo.com. July 2, 2018. Retrieved July 3, 2018.
  24. ↑ "Pricing". Venmo. Retrieved January 10, 2022.
  25. ↑ "Fees & Venmo". Venmo. Retrieved January 10, 2022.
  26. ↑ Allan, Patrick (January 11, 2016). "Money Transfer Showdown: Square Cash vs. Venmo vs. PayPal".
  27. ↑ "Payment Limits". Venmo. September 6, 2023.
  28. ↑ Garun, Natt (January 26, 2018). "Venmo can now instantly transfer money to your debit card for 25 cents". The Verge . Retrieved September 8, 2018.
  29. ↑ "Instant Transfers FAQ". help.venmo.com. Venmo. November 19, 2018. Retrieved November 19, 2018.
  30. ↑ Welch, Chris (June 25, 2018). "Venmo is officially launching its physical debit card". The Verge. Retrieved December 13, 2018.
  31. ↑ Bonnington, Christina (June 25, 2018). "Everything you need to know about the new Venmo card". The Daily Dot. Retrieved December 13, 2018.
  32. ↑ "Venmo-Braintree". Braintree.
  33. ↑ Moorthy, Neelesh (March 25, 2015). "Cash, credit or mobile app: the rise of Venmo". The Chronicle . Archived from the original on August 15, 2015. Retrieved April 18, 2015.
  34. ↑ "Who Can View Your Venmo Profile and Post?". sacmav. November 7, 2022.
  35. ↑ Wener-Fligner, Zach (March 20, 2015). "The emoji of Venmo: food, booze, partying, and, occasionally, rent". Quartz . Retrieved April 18, 2015.
  36. ↑ Jain, Ashish. "Venmo Captions". Mybestcaptions. Retrieved January 17, 2020.
  37. ↑ Bird, John (November 4, 2015). "How Venmo Won In One Of The Most Crowded Spaces In Tech" . Retrieved June 23, 2017.
  38. ↑ "Venmo Security". Venmo.
  39. ↑ "Introducing Venmo Groups" (Press release). Venmo. November 14, 2023.
  40. ↑ Peterson, Jake (November 14, 2023). "Venmo May Have Just Killed Splitwise". Lifehacker . Retrieved July 22, 2024.
  41. ↑ "FTC Proposes Settlement over Venmo Disclosures, Claims of 'Bank-Grade' Security". ABA Banking Journal. February 28, 2018. Retrieved September 11, 2022.
  42. ↑ Griswold, Alison (February 1, 2015). "Venmo security: it's not as strong as the company wants you to think". Slate. Retrieved October 23, 2015.
  43. ↑ "Security research of a social payment app" (PDF). MIT CSAIL. May 14, 2014. Retrieved October 23, 2015.
  44. ↑ "Venmo App: Users Raise Questions About the Security of Peer-to-Peer Money Transfer Service". ABC News . March 18, 2015. Retrieved October 13, 2024.
  45. ↑ Demos, Telis (July 12, 2018). "You Accidentally Sent $149 to a Stranger on Venmo? Good Luck Getting It Back". The Wall Street Journal . Retrieved February 11, 2020.
  46. ↑ "Episode 922: The Cost Of Getting Your Money Back". Planet Money . National Public Radio. June 26, 2019. Retrieved February 11, 2020.
  47. ↑ "PayPal Settles FTC Charges that Venmo Failed to Disclose Information to Consumers About the Ability to Transfer Funds and Privacy Settings; Violated Gramm-Leach-Bliley Act" (Press release). Federal Trade Commission. February 27, 2018.
  48. ↑ Fair, Lesley (February 27, 2018). "FTC Venmo Settlement addresses availability of funds, privacy practices and GLB". Federal Trade Commission Business Blog. Retrieved April 7, 2018.
  49. ↑ "Before the Federal Trade Commission: In the Matter of Paypal, Inc., a corporation (FTC Complaint against Venmo)" (PDF). Federal Trade Commission. 2017. Archived from the original (PDF) on April 8, 2018.
  50. ↑ Nath, Trevir (March 24, 2015). "How Safe is Venmo and Why is it Free?". Investopedia. Retrieved February 23, 2018.
  51. ↑ Solon, Olivia. "Venmo: how the payment app exposes our private lives". The Guardian . London. Retrieved July 19, 2018.
  52. ↑ "Scammers Use Venmo to Fool Sellers". Better Business Bureau. Archived from the original on October 22, 2016. Retrieved October 24, 2016.
  53. ↑ Rudegeair, Peter (November 24, 2018). "Venmo Caught Off Guard by Fraudsters; A spike in fraudulent activity earlier this year led to higher losses than the payments company had expected". The Wall Street Journal . Retrieved May 5, 2020.
  54. ↑ Salmon, Dan (June 26, 2019). "I Scraped Millions of Venmo Payments. Your Data Is at Risk". Wired. ISSN   1059-1028 . Retrieved February 12, 2020.
  55. ↑ Xinyi, Zhang (2017). "Cold Hard E-Cash: Friends and Vendors in the Venmo Digital Payments System" (PDF). Proceedings of the International AAAI Conference on Web and Social Media (ICWSM 2017).
  56. ↑ Mac, Ryan; Notopoulos, Katie; Brooks, Ryan; McDonald, Logan (May 14, 2021). "We Found Joe Biden's Secret Venmo. Here's Why That's A Privacy Nightmare For Everyone". BuzzFeed News . Retrieved May 15, 2021.
  57. ↑ Peters, Jay (May 14, 2021). "Venmo shows who you're friends with even if you're Joe Biden". The Verge . Retrieved May 15, 2021.
  58. ↑ Relchert, Corinne (May 14, 2021). "Biden's Venmo account was reportedly tracked down within minutes". CNET . Retrieved May 15, 2021.
  59. ↑ Pengelly, Martin (May 15, 2021). "Joe Biden's Venmo account discovered in 'less than 10 minutes' – report". The Guardian . Retrieved May 15, 2021.
  60. ↑ Tandon, Rajat (July 15, 2022). "I know what you did on Venmo: Discovering privacy leaks in mobile social payments" (PDF). Privacy Enhancing Technologies . Retrieved March 11, 2022.
  61. ↑ McCaffrey, Peter Rudegeair and Orla (February 5, 2021). "Venmo's Debt-Collection Practices Probed by CFPB". Wall Street Journal. ISSN   0099-9660 . Retrieved February 6, 2021.
  62. ↑ Rudegeair, Peter (March 25, 2019). "Venmo to Users: If You Owe Us Money, We're Coming for It". Wall Street Journal. ISSN   0099-9660 . Retrieved February 6, 2021.
  63. ↑ Rudegeair, Peter (September 24, 2020). "Even in a Pandemic, Venmo Tells Conned Customers to Pay Up". Wall Street Journal. ISSN   0099-9660 . Retrieved February 6, 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.