The Federal Trade Commission has announced a settlement with Venmo, after allegations that the app misled customers and enabled fraud through lax security practices. Charges were first brought against Venmo in 2016 after reports of account hacks and other transaction fraud. As part of the settlement, Venmo is required to make specific disclosures about its transaction and privacy practices, and will be subject to third-party compliance assessments for the next 10 years.
The FTC cannot compel monetary damages for FTC act violations and this settlement does not include any such damages, but state attorneys general have used similar settlements to launch separate lawsuits for monetary damages in the past.
“Consumers suffered real harm when...
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