Venmo: Can security be compromised When a Noun becomes a Verb?

You must have heard about a lot of scams on Craigslist where the seller doesn’t receive the actual money and fraud around phishing attacks on credit card information or PayPal login details. Western Union payments scams have also been popular for many years. Money transfer scams in the US have had a long history and security is an issue that every money transfer company is forced to prioritize. A new trend that’s rapidly being adopted in money transfers in the US is P2P or person-to-person payments. As P2P payment apps like Venmo, PayPal, Cash and others continue to grow, the FinTech industry is addressing their vulnerability to fraud and abuse.

The security of these apps is being questioned especially after a few Venmo scams were exposed to the ...

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