Money transfer, virtual currency, or money service -- Unauthorized transactions or other transaction problem -- Complaint #6020812
Complaint Overview
Complaint ID: 6020812
Company: Paypal Holdings, INC
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Unauthorized transactions or other transaction problem
State: Massachusetts
ZIP Code: 02780
Date Received: 2022-09-26T12:00:00-05:00
Date Sent to Company: 2022-09-26T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I was transferring money to a friend via Venmo. I mistakenly selected someone with the same name. During the transaction, a security feature appeared asking for the last four digits of my friends cellphone number. Upon submitting this number, the transaction was complete and the payment went through to the wrong person. Obviously, Venmos security feature does not work. I was at the mercy of a complete stranger to return my funds, which they did. The false sense of security Venmo gives is very concerning.
Frequently Asked Questions
What is Complaint #6020812 about?
Complaint #6020812 was filed against Paypal Holdings, INC regarding Money transfer, virtual currency, or money service specifically about Unauthorized transactions or other transaction problem. It was received by the CFPB on 2022-09-26T12:00:00-05:00.
How did Paypal Holdings, INC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Paypal Holdings, INC?
Yes, visit the Paypal Holdings, INC company profile at readthecomplaint.com/company/paypal-holdings-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.