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.

Via: The Verge

Source: Wall Street Journal

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