PayPal says US consumer watchdog investigating payment app Venmo

PayPal Holdings Inc said on Friday it was cooperating with the U.S. consumer watchdog regarding a civil investigation demand relating to its app Venmo’s alleged unauthorized fund transfers and collections processes.
The demand from the U.S. Consumer Financial Protection Bureau was made last month, the digital payment processor said in a regulatory filing. (https://bit.ly/3tsOHn1)
Venmo is a popular mobile app for person-to-person payments in the United States. It competes with apps like Cash, which is run by payments processor Square Inc.