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PayPal settles with FTC over Venmo data disclosure

The Federal Trade Commission announced that Paypal has settled charges that Venmo, its peer-to-peer payment service, gave misleading disclosures to consumers and violated the Gramm-Leach-Bliley Act’s data security rules.

Under the proposed settlement, which is subject to a public comment period, the company must make certain disclosures to consumers about its transaction and privacy practices. Venmo must also obtain biennial third-party assessments of its compliance for 10 years.

The FTC had alleged that Venmo misled customers about the extent to which they could control the privacy...

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