Stories
Slash Boxes
Comments

SoylentNews is people

Venmo Lost a Lot of Cash Due to Payment Fraud

posted by martyb on Friday November 30 2018, @05:02AM   Printer-friendly
from the where-does-all-the-lost-stuff-go? dept.
/dev/random

upstart writes:

Submitted via IRC for SoyCow1984

Venmo lost a lot of cash due to payment fraud

Venmo apparently had a good reason for disabling web payments and temporarily shutting off instant money transfers -- it was losing money hand over fist. The Wall Street Journal has obtained documents indicating that the PayPal-owned service took a 40 percent larger than expected operating loss ($40 million) in the first quarter of 2018, and payment fraud played a major factor in that financial blow. Where Venmo had expected dodgy transactions to represent 0.24 percent of its activity, the numbers shot up to 0.4 percent in March.

[...] If the scoop is accurate, though, it illustrates the challenges Venmo is facing. While the company might be synonymous with mobile payments for some, it's also expensive for PayPal. Venmo doesn't charge for most transactions and only recently started charging for instant transfers. If it's going to have a healthy long-term future, it might need to keep a very close eye on fraud and find more ways to generate cash.

Original Submission

This discussion has been archived. No new comments can be posted.
Venmo Lost a Lot of Cash Due to Payment Fraud | Log In/Create an Account | Top | 5 comments | Search Discussion
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
(1)

  • (Score: 2) by suburbanitemediocrity on Friday November 30 2018, @06:08AM (1 child)

    by suburbanitemediocrity (6844) on Friday November 30 2018, @06:08AM (#768184)

    https://en.wikipedia.org/wiki/Venmo [wikipedia.org]

    Venmo is a mobile payment service owned by PayPal. It allows users to transfer money to others using the service using a mobile phone app; both the sender and receiver have to live in the U.S. Venmo is a type of payment rail. It handled $12 billion in transactions in the first quarter of 2018

    • (Score: 2) by ledow on Friday November 30 2018, @12:46PM

      by ledow (5567) on Friday November 30 2018, @12:46PM (#768245) Homepage

      Ta.

      So... like a million and one other services that are identical, then, but usually worldwide.

  • (Score: 0) by Anonymous Coward on Friday November 30 2018, @07:02AM

    by Anonymous Coward on Friday November 30 2018, @07:02AM (#768197)

    Good luck my friends.

  • (Score: 1, Touché) by Anonymous Coward on Friday November 30 2018, @07:33AM

    by Anonymous Coward on Friday November 30 2018, @07:33AM (#768204)

    How the fuck did that happen? They have been screwing others out of money since the 90s.

  • (Score: 2) by JoeMerchant on Friday November 30 2018, @05:15PM

    by JoeMerchant (3937) on Friday November 30 2018, @05:15PM (#768355)

    payment fraud played a major factor

    Could this be a DIY golden parachute for the tech workers?

    --
    Україна досі не є частиною Росії Слава Україні🌻 https://www.pravda.com.ua/eng/news/2023/06/24/7408365/
(1)