WASHINGTON, D.C. – The Consumer Federation of America released this statement today in response to letters sent by Senators Brown, Reed, and Warren to Venmo and Cash App, calling on the payment app companies to adopt new policies to reimburse consumers who get scammed and make it easier for users to report scams and fraud. 

“By making it difficult for consumers to report fraud and maintaining policies of not reimbursing victims of imposter scams, Venmo and Cash App are claiming to ‘hear no evil and see no evil,’” said Adam Rust, Director of Financial Services at the Consumer Federation of America.  “Fraudsters will exploit any advantage they can find, and as long as they believe they can operate on a payment app’s platform with impunity, they will harm consumers and small businesses to the tune of billions. We applaud Senators Brown, Reed, and Warren for holding Venmo and Cash App accountable.”