CFPB Seeks to Strengthen Consumer Safeguards on Digital Payments

The top US consumer financial regulator is seeking to strengthen protections for customers against excessive surveillance and fraud in digital payments and currencies.

The Consumer Financial Protection Bureaureleased two proposals for public comment on Friday, including one that asks how to prevent intrusive data collection when customers make digital payments, particularly on large technology platforms. The second seeks input on how to expand existing laws guarding customers against fraud to include digital payments such as those offered through video gaming platforms and digital currencies.

“When people pay for their family expenses using new forms of digital payments, they ...