Peter Rudegeair

speaker

756 appearances 12 recordings 1 series first heard Nov 2017 last heard May 2021

Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Venmo Tells Scammed Customers to Pay Up · 25 Sep 2020 podcast

The money that she sent on Venmo disappeared and she couldn't get it back.

So my reporting indicates that this is distinct to Venmo.

So Venmo's biggest competitor is called Cash App, owned by Square.

A similar functionality, you can send money with just your smartphone or an email address.

And they told me that for users that have a negative balance, they do not threaten to report them to debt collectors or report them to debt collectors under any circumstance.

So it's a lot more frustrating now than it might have been a year ago because Venmo pretty much shut down its general purpose customer service center.

So if you call their 1-855 number, you get a message saying that because of the COVID-19 pandemic, they're not offering live phone support at this time.

Now, a Venmo spokesperson said that they do offer phone support for some use cases, but a lot of times it's just an email or a live chat with an agent, and they're told, you know, this could be six to eight days before we get back to you.

And meanwhile, as I said, you kind of have this one to three day window to cancel a payment before it leaves your bank account.

So what good does it do if six days after that, you know, you talk to a human for the first time, again, via email?

And if you have a question, it might take more time.

So a lot of customers were very frustrated by that, especially comparing it to experiences they had with their bank or their student loan provider who automatically offered relief and forbearance during the pandemic.

And here you have Venmo kind of not doing that same thing.

And I should also add, JR, that Venmo tried to position itself throughout this as kind of a compassionate, almost public service during the pandemic.

Hey, why don't you use it to tip students?

your favorite bartender who's not working right now because the bar shut down?

Or why don't you tip this musician that you know you love because you can't go to their concert because they're not having concerts anymore?

And I think this kind of shows that while publicly they're doing this very compassionate, almost charitable thing kind of behind the scenes to users who are in difficult positions and really need the help, Venmo isn't really providing it.

So Venmo says it takes a lot of effort to keep bad actors off its platform in the first place.

And it combines digital tools with people that look for suspicious transactions and try to keep them off before they even get to the victim in the first place.

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