The FTC filed a complaint against PayPal over its Venmo peer-to-peer payment service back in 2016. The trade commission alleged that Venmo did not adequately disclose that customer transfers to external bank accounts were subject to review and could be frozen or removed. The FTC's filing also said that Venmo misled consumers around privacy as well as how protected their accounts were and violated the Privacy and Safeguard Rules of the Gramm-Leach-Bliley Act. PayPal has just settled with the FTC around these allegations. No monetary penalties have been levied for the infractions.
Source: FTC
PayPal settles with FTC over Venmo disclosure and transfer policies posted first on https://www.engadget.com
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