Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Risk //

Compliance

2/28/2018
02:30 PM
50%
50%

FTC Settles with Venmo on Security Allegations

Proposed settlement addresses complaints that Venmo misrepresented its security and privacy features.

The Federal Trade Commission has reached a settlement with Venmo, a PayPal company, regarding allegations that the company misrepresented the way it handled and made available funds as well as the level of security of its financial platform.

The charges, originally filed in 2015, alleged that some Venmo customers suffered "real harm" when the company either didn't make funds available in the advertised time or withdrew funds after their initial deposit.

Venmo advertised "bank-grade security" and transaction privacy for their customers; the FTC found that the company had delivered neither. In the proposed settlement, Venmo admits to no wrongdoing, but does admit to the facts of the allegations.

Under the agreement, approved by a 2-0 vote of the commission, Venmo is required to stop mis-representing the level of security available for transactions and to be more transparent with customers about both the security and privacy of their transactions. In addition, because of the GLB component of the complaint and settlement, Venmo will have to submit to twice-annual audits of its compliance for 10 years.

The proposed agreement will be published to the Federal Register and become subject to public comment for 30 days. After that time, the commission will vote on whether or not the settlement will become final.

Read more here and here.
 

 

Black Hat Asia returns to Singapore with hands-on technical Trainings, cutting-edge Briefings, Arsenal open-source tool demonstrations, top-tier solutions and service providers in the Business Hall. Click for information on the conference and to register.

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
97% of Americans Can't Ace a Basic Security Test
Steve Zurier, Contributing Writer,  5/20/2019
TeamViewer Admits Breach from 2016
Dark Reading Staff 5/20/2019
How a Manufacturing Firm Recovered from a Devastating Ransomware Attack
Kelly Jackson Higgins, Executive Editor at Dark Reading,  5/20/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: Could you pass the hash, I really have to use the bathroom!
Current Issue
Building and Managing an IT Security Operations Program
As cyber threats grow, many organizations are building security operations centers (SOCs) to improve their defenses. In this Tech Digest you will learn tips on how to get the most out of a SOC in your organization - and what to do if you can't afford to build one.
Flash Poll
New Best Practices for Secure App Development
New Best Practices for Secure App Development
The transition from DevOps to SecDevOps is combining with the move toward cloud computing to create new challenges - and new opportunities - for the information security team. Download this report, to learn about the new best practices for secure application development.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2019-9892
PUBLISHED: 2019-05-22
An issue was discovered in Open Ticket Request System (OTRS) 5.x through 5.0.34, 6.x through 6.0.17, and 7.x through 7.0.6. An attacker who is logged into OTRS as an agent user with appropriate permissions may try to import carefully crafted Report Statistics XML that will result in reading of arbit...
CVE-2019-10066
PUBLISHED: 2019-05-22
An issue was discovered in Open Ticket Request System (OTRS) 7.x through 7.0.6, Community Edition 6.0.x through 6.0.17, and OTRSAppointmentCalendar 5.0.x through 5.0.12. An attacker who is logged into OTRS as an agent with appropriate permissions may create a carefully crafted calendar appointment i...
CVE-2019-10067
PUBLISHED: 2019-05-22
An issue was discovered in Open Ticket Request System (OTRS) 7.x through 7.0.6 and Community Edition 5.0.x through 5.0.35 and 6.0.x through 6.0.17. An attacker who is logged into OTRS as an agent user with appropriate permissions may manipulate the URL to cause execution of JavaScript in the context...
CVE-2019-6513
PUBLISHED: 2019-05-21
An issue was discovered in WSO2 API Manager 2.6.0. It is possible for a logged-in user to upload, as API documentation, any type of file by changing the extension to an allowed one.
CVE-2019-12270
PUBLISHED: 2019-05-21
OpenText Brava! Enterprise and Brava! Server 7.5 through 16.4 configure excessive permissions by default on Windows. During installation, a displaylistcache file share is created on the Windows server with full read and write permissions for the Everyone group at both the NTFS and Share levels. The ...