The Consumer Financial Protection Bureau has ordered federal supervision of Alphabet Inc.’s (NASDAQ:GOOGL) (NASDAQ:GOOG) Google Payment Corp on Friday.
The order follows customer complaints about Google Pay and its discontinued peer-to-peer service. The CFPB raised concerns about Google's handling of erroneous transactions and fraud prevention.
It claims Google failed to investigate errors properly and prevent fraud. Google has filed a lawsuit to challenge the decision, calling it government overreach, according to Reuters. The company argues that the service is no longer available in the U.S. Despite this, the CFPB insists the order stands and may still conduct an examination.
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