Fraud Protection Urged for PayPal, Cash App Users: Brown, Warren

Senate Banking Committee Chair Sherrod Brown and other Democratic senators request information on steps being taken to protect against widespread fraud and scams taking place on Venmo, in a letter to Dan Schulman, the president and CEO of PayPal.

• “Americans deserve a payments system that provides them with speed and convenience, but above all, that keeps their money safe,” senators write
• Senators Jack Reed, Bob Menendez and Elizabeth Warren also ask similar information in a separate letter to Brian Grassadonia, CEO of Cash App

To contact the reporter on this story:
Alisa Parenti in Washington at aparenti7@bloomberg.net ...