Demand common sense rules for payment apps
Sign The Petition
Consumer Reports’ recent review of payment apps like Venmo, Zelle, AppleCash and Cash App found they can come with a slew of risks – from losing your money through fraud or mistakes, to having your personal data collected and shared.
We’re working with these companies to improve how they do business, but we need the nation’s consumer financial watchdog and Congress to make sure you are protected when sending or receiving cash. Sign our petition to ensure your money and privacy are as safe as possible when using a payment app. Let’s take the risk out of ‘I’ll Venmo you!’
Petition to CFPB and Congress:
Consumers should be able to send cash through payment apps without putting our money or privacy at risk. We urge the Consumer Financial Protection Bureau to require peer-to-peer app companies to aggressively investigate reports of fraud, and reimburse anyone who they determine were fraudulently induced into sending money to scammers. Also, Congress should require these companies to provide FDIC insurance protection to all funds that consumers store in their apps, and limit them from collecting and storing consumer information beyond what is needed to provide the payment service.