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PayPal says app Venmo being investigated by US consumer watchdog

PayPal Holdings Inc said on Friday it received a civil investigative demand from the U.S. Consumer Financial Protection Bureau related to its app Venmo's alleged unauthorized fund transfers and collections processes.

FILE PHOTO: Illustration photo of the PayPal app on a phone
FILE PHOTO: The PayPal app logo is seen on a mobile phone in this illustration photo, Oct. 16, 2017. REUTERS/Thomas White/File Photo

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REUTERS: PayPal Holdings Inc said on Friday it received a civil investigative demand from the U.S. Consumer Financial Protection Bureau related to its app Venmo's alleged unauthorized fund transfers and collections processes.

(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)

Source: Reuters