The Federal Trade Commission and PayPal Holdings Inc. have settled allegations that it misled consumers about privacy settings and money transfer policies by Venmo Inc., its mobile payment service.
The settlement covers allegations that Venmo didn’t tell consumers about their ability to control the privacy of their payment transactions. to external bank accounts. The agency approved the deal, announced Feb. 27, with a 5-0 vote May 24.
The FTC’s complaint accused Venmo of not disclosing that it could review balance transfers to personal external bank accounts and could freeze or remove the accounts based on its review of the transaction. ...
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