Bloomberg Law
Feb. 27, 2018, 7:10 PM UTC

PayPal, FTC Settle Privacy, Security, Money Transfers Charges

George Lynch

PayPal Holdings Inc. settled today with the Federal Trade Commission for allegedly misleading customers about the control they have over privacy settings in its Venmo Inc. mobile payment system.

The proposed administrative consent agreement alerts financial institutions operating peer-to-peer services that they need to set up their platforms from the outset with privacy and data security in mind, Acting FTC Chairman Maureen K. Ohlhausen said in a statement.

The FTC alleged also in its complaint that PayPal failed to disclose that transfers to personal external bank accounts using its Venmo were subject to a review of the transaction by Venmo, ...

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