Know the Risks: Venmo, Zelle, AppleCash, CashApp

[Consumer Reports]   Dear Friend, Payment apps like Venmo, Zelle, AppleCash and CashApp are hugely popular, an easy way to transfer money to friends and family. But whenever you mix cash with technology, problems can and will happen. Consumer Reports just finished a thorough review of these apps and how they handle your money and data in the high-tech finance era. Our findings? You could be vulnerable to evolving risks if you use these apps – from losing your money through fraud or mistakes, to having your private data collected and shared. We’re working with these companies to improve how they do business, and making real progress. But the reality is, there are few safeguards when it comes to payment apps – and lawmakers and the nation’s financial watchdog must step up and ensure you are protected when sending or receiving cash. [Sign our petition to the Consumer Financial Protection Bureau and Congress to make sure your money and privacy are as safe as possible when using payment apps.]( Let’s take the risk out of “Venmo me!” [Sign the Petition]( What did our team find – and what do we want regulators to protect consumers from? - No reimbursement if you’re scammed or make a mistake: None of the four apps will give you back your money if you get ripped off by a scammer, or accidentally send it to the wrong person/send the wrong amount. - No guarantee that if the app goes under, you’ll get your money back. Unlike banks that have federal insurance to protect your money if they go bust, money you hold in a cash app is not necessarily covered by FDIC insurance. - No easy way to stop your private data from being collected or shared. Not only do some of these apps capture a bunch of private info – your contacts, your web visits, profile photos and geolocation data – they don’t make it clear or easy for you to delete it, or request it not be shared. The CFPB and Congress can put common sense rules in place right now to protect consumers from these risks. But it’s going to take all of us who use these apps to push them to do the right thing! [Sign our petition, and let’s take the risk out of payment apps!]( [Sign the Petition]( Most people you know probably use a payment app, so please share this important information with friends and family. And please urge them to sign the petition, too, so we can take the worry out of sending money! Thank you Marcus Jones Consumer Reports [Unsubscribe from Consumer Reports action alerts.]( © 2022 Consumer Reports, 101 Truman Avenue, Yonkers, NY, 10703 [Contact Consumer Reports](