Senate Democrats urge payment apps to improve fraud prevention measures.
Senate Democrats, including Elizabeth Warren and Sherrod Brown, have written to PayPal and Cash App urging them to improve their fraud detection and prevention methods for users of their P2P payment applications. The lawmakers cited a Consumer Reports survey that found 9% of weekly P2P users had been the victim of a scam and 12% accidentally sent money to the wrong recipient. The companies' "consumer protection policies have not kept pace with the explosion in customer interest in the platform," the lawmakers wrote.