Monday, December 6, 2021
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Consumer Protection Agency orders US tech giants to hand over data on payment systems

What simply occurred? The Shopper Monetary Safety Bureau (CFPB) has ordered a number of of the most important tech corporations within the US handy over details about how they use private funds knowledge and handle entry to customers’ fee info so the company can guarantee customers are being adequately protected.

Request had been initially despatched to Apple, Amazon, Fb, PayPal, Google and Sq., the bureau mentioned, and are pursuant to Part 1022(c)(4) of the Shopper Monetary Safety Act.

Particularly, the bureau believes the knowledge will present perception into knowledge harvesting and monetization practices. It’s potential, for instance, that some huge tech corporations may very well be sharing fee knowledge throughout product strains or promoting info to knowledge brokers and different third events to assist with advert and conduct concentrating on.

The orders additionally goal to establish any restrictive entry insurance policies that would have an effect on client selection and stifle innovation. For instance, customers wish to know that all the things is being executed to guard them from fraud and funds made in error, to have entry to responsive customer support and to be handled equally beneath the regulation.

The Wall Street Journal reached out to every of the businesses listed above. Spokespeople for Google, Amazon and Fb declined to remark, whereas reps for Apple, PayPal and Sq. failed to reply to the request for remark earlier than the publication’s deadline.

The bureau mentioned it is going to additionally look into the fee system practices of a number of Chinese language tech titans together with WeChat Pay and Alipay.

A deadline for tech giants to reply was not made publicly accessible.

Picture credit score Jonas Leupe, Karolina Grabowska

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