Dropped by eBay, how has PayPal not imploded by now?
"This case sends a strong message" - WTF??? ... It doesn't do anything of the sort. The FTC just let them off as per usual with special favoritism for US corporations vs Consumers. This is the very same sht Paypal has been pulling for years... Even after eBay dumped them, they're still rolling!
"The FTC lodged a formal gripe against Venmo last year after a months-long probe found it had misled punters. Specifically, the commission charged, up until 2014, Venmo fudged how its privacy settings worked, including not warning users that their payments would show up on their social media profiles.
The FTC also claimed Venmo didn't warn people before freezing accounts or reversing transactions, resulting in payments being cancelled or rejected for insufficient funds.
Consumers suffered real harm when Venmo did not live up to the promises it made to users about the availability of their money,” FTC said.
The payment service also misled consumers about how to keep their transaction information private. This case sends a strong message that financial institutions like Venmo need to focus on privacy and security from day one."