Friday April 29, 2016

PayPal’s Venmo Payment Service Under Federal Investigation

It would seem that Venmo, PayPal's peer-to-peer payment service, is currently under investigation by the Federal Trade Commission. PayPal says it received the notice back in March and that it is cooperating with federal regulators.

In its quarterly earnings report PayPal discloses that it received a Civil Investigative Demand from the Federal Trade Commission on March 28 as part of the FTC’s "investigation to determine whether we, through our Venmo service, have been or are engaged in deceptive or unfair practices in violation of the Federal Trade Commission Act."