Product: Money transfer, virtual currency, or money service

While at dinner on XX/XX/year> between XXXX XXXX to XXXXXXXX XXXX, I was browsing XXXX on my phone and saw several items for sale on my friends personal profile. The story was that her uncle was moving into assisted living, and they were selling trucks, trailers, equipment, and other items to help with the transition. Since they own a pipeline company in XXXX, the items listed seemed credible and like things they would own. Here is a link to the original post, which XXXX has since taken down : https : XXXX? mibextid=wwXIfr I was interested in several items for my construction business, so I messaged my friend on XXXX to ask about availability. She responded, letting me know some items had already sold and provided mileage on the trucks while confirming they were non-smoking. I asked if I could purchase multiple items, and she said they were requiring deposits to hold items due to high interest. Thinking I was speaking to my friend XXXX, I sent a {$1000.00} deposit via Venmo to secure the items. 

I selected Sending money to a friend because I genuinely believed I was sending money to someone I trusted. Shortly after, my friend 's XXXX account locked up. I texted my friend through her actual phone number, and she informed me that her account had been hacked, she wasnt selling anything on XXXX, and I should not send any more money. The Venmo account I sent money to wasnt in her name, but I had naively assumed it was her uncles. 

XXXX Negligence in Preventing Fraud : Within minutes of realizing I had been scammed, I immediately contacted Venmo, requesting that they halt the transaction and investigate the scam account. Venmo refused to act, stating that because I had selected paying a friend, there was nothing they could do. 

XXXX fraud policies are horrendous and do nothing to safeguard customers. Venmo seems to ignore the very real and common scenario of hacked accounts, where users believe they are sending money to a trusted friend, only to later realize they were communicating with a scammer. 

Venmo only protects scammers, not its users. The response I received from Venmo essentially blamed me for trusting my friend, despite the fact that her account was compromised. Their blanket response of avoid sending money to people you dont know is completely irrelevant in a situation where the scammer took over a real persons account. 

Venmo Refused to XXXXXXXX XXXX Did Even more infuriating is the fact that my bank was able to stop the payment XXXX hours later when I reported the fraud. If a traditional bank can stop a transaction hours later, then Venmo could have stopped it within minutesthey simply chose not to. 

Venmo has the capability to reverse transactions when it benefits them, yet they refused in this case because I didnt pay their so-called protection fee. Their buyer protection is nothing more than a paid insurance policy, and if a user doesnt opt into it, Venmo XXXX them completelyeven when the fraud is reported immediately. 

Venmo enabled this fraudulent activity and penalized me for trusting their platform. Their refusal to stop a fraudulent paymentdespite being notified within minutesis both negligent and unethical. 

XXXX Urge the CFPB to Investigate XXXX XXXX Policies!!! 

XXXX policies prioritize scammers over consumers, leaving users with no recourse unless they paid for protection. This is predatory, irresponsible, and dangerous. Their platform allows fraudsters to thrive while shifting the burden onto victims. 

I request that the CFPB investigate XXXX failure to prevent fraud and its unfair business practices, which punish users simply because they didnt opt into XXXX protection fees. Consumers should not be left defenseless in situations where the fraud is immediately reported and preventable. 

Venmo must be held accountable for its negligence.