Published 11 months ago

Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns

The Consumer Financial Protection Bureau warns that money held in non-bank, peer-to-peer payment apps like Venmo, PayPal, and CashApp is not guaranteed for federal deposit insurance protection, making the funds more vulnerable.
The CFPB highlighted that the 85% of US adults ages 18 to 29 who have used peer-to-peer apps would be in danger of losing their money if it was stored on one of those platforms and the companies failed.

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Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns.

Customers of Venmo, PayPal and CashApp should not store their money for the long term with these apps because their funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned on Thursday.

11 months ago·Canada

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Associated Press News

Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns

Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds may not be covered by deposit insurance. That's according

11 months ago·United States

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abc News

Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns

Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds may not be covered by deposit insurance

11 months ago·United States

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CNN

Don't store cash in Venmo and PayPal, US regulator warns

Payment apps like PayPal and Venmo might be convenient, but they’re not banks — and a federal financial services watchdog is worried that too many consumers are treating them as such.

11 months ago·Atlanta, United States

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The Star Kuala Lumpur

Money stored in Venmo and other payment apps could be vulnerable, US financial watchdog warns

Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the Consumer Financial Protection Bureau warned Thursday. Read full story

11 months ago·Malaysia

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The Washington Post

Don’t store money in Venmo, Cash App or PayPal, regulator says

The head of the CFPB is urging consumers to keep their funds in traditional banks and credit unions.

11 months ago

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Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns

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Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns.

Money stored in Venmo, other payment apps could be vulnerable, financial watchdog warns.

Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns

Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns

Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns

Money stored in Venmo and other payment apps could be vulnerable, financial watchdog warns

Don't store cash in Venmo and PayPal, US regulator warns

Don't store cash in Venmo and PayPal, US regulator warns

Money stored in Venmo and other payment apps could be vulnerable, US financial watchdog warns

Money stored in Venmo and other payment apps could be vulnerable, US financial watchdog warns

Don’t store money in Venmo, Cash App or PayPal, regulator says

Don’t store money in Venmo, Cash App or PayPal, regulator says

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