Venmo is an American mobile payment service founded in 2009 and owned by PayPal since 2012.
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15 Facts About Venmo
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However, Venmo continued to attract criticism for exposing users to possible privacy risks.
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Venmo was founded by Andrew Kortina and Iqram Magdon-Ismail, who met as freshman roommates at the University of Pennsylvania.
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On January 27,2016, PayPal announced that Venmo was working with select merchants who would accept Venmo as payment.
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Since 2008, cash transfers using Venmo have not been instantaneous and could be canceled after an initial transfer is sent.
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In January 2018, PayPal rolled out an instant transfer feature on Venmo, allowing users to deposit funds to their debit cards typically within 30 minutes.
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In 2018, Venmo released a new physical debit card available for users.
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Venmo includes social networking interaction; it was created so friends could quickly split bills, whether that is for movies, dinner, rent, tickets, etc.
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Early on, Venmo required new users to sign up through Facebook, which made it easy to find peers they wanted to pay and provided Venmo with free marketing.
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Venmo includes three social feeds: a public feed, a friends feed, and a private feed.
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Under the settlement, Venmo would be required to undergo third-party audits every two years for the following ten years.
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The FTC complained that Venmo "misled consumers about the extent to which they could control the privacy of their transactions" and misrepresented the availability of funds for withdrawal.
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On July 17,2018, The Guardian published an article showing that Venmo is insecure because privacy protection is not set by default.
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In 2019, another researcher downloaded and analyzed seven million transactions, concluding that although Venmo had made some minor improvements limiting mass-scraping, the data still put users at risk for various forms of cyber attacks.
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Venmo came under scrutiny from the Consumer Financial Protection Bureau in 2021 over the company's treatment of their customers owing money for transactions.
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