Category: payment apps

Don’t Store Cash in Venmo, PayPal, and Other Payment Apps, Financial Watchdog Warns

The Consumer Financial Protection Bureau (CFPB) is warning consumers not to store money in nonbank, peer-to-peer payment apps such as Venmo, Paypal, and CashApp, because that money is not automatically insured by the government. A growing number of consumers prefer to make payments without cash and are adopting payment apps. More than three-quarters of U.S….


How to Safely Use Payment Apps

As a frequent PayPal user, I wasn’t surprised to see a payment request on the app pop up. But when I read it, I knew something was wrong. In the message, a stranger asked me to send them $699 in order to get a “refund.” While I instantly recognized the request as a scam, I…