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In May 2018, Venmo’s dad or mum firm, PayPal, reached a settlement with the Federal Commerce Fee over allegations that its Venmo peer-to-peer payment service misled shoppers about their capability to switch funds to exterior bank accounts and control the privacy of their Venmo transactions,â€ and allegedly misrepresented the extent to which customers’ financial accounts were protected by â€˜bank-grade security techniques,’â€ according to an FTC release.
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