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Senators Demand Answers From Venmo and Cash App on Fraud
The four senators — Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts, Jack Reed of Rhode Island and Bob Menendez of New Jersey — wrote to the two companies Thursday (June 15) seeking detailed information about their fraud prevention tactics.
“Americans deserve a payments system that provides them with speed and convenience, but above all, that keeps their money safe,” the letter says.
“In light of these concerns, we would like to understand the specific steps you are taking to detect and prevent fraudulent transactions, including fraudulently induced transactions.”
PYMNTS has reached out to Venmo — owned by PayPal — and Cash App for comment but has not yet received a reply. The senators gave the two firms until the end of the month to respond to their requests, which include the last five years’ worth of fraud reports.