The Wall Street Journal, citing internal documents it reviewed, reported that for the first three months of 2018 Venmo had operating losses of around $40 million, which was close to 40 percent bigger than what the company had planned for. The Wall Street Journal noted that expenses due to fraudulent transactions, otherwise known as the transaction loss rate, increased to 0.40 percent of overall volume at Venmo in March compared to 0.25 percent in January. The transaction loss rate includes losses due to fraudulent charges. The paper noted that its fraud woes haven’t been reported before and underscore how these vulnerable services that let people easily send money to friends and family can be exploited by fraudsters. Keeping hackers at bay has long been a problem for banks and FinTechs.
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