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
Oldest First  |  Newest First  |  Threaded View
WebAuthn, FIDO2 Infuse Browsers, Platforms with Strong Authentication
John Fontana, Standards & Identity Analyst, Yubico,  9/19/2018
Turn the NIST Cybersecurity Framework into Reality: 5 Steps
Mukul Kumar & Anupam Sahai, CISO & VP of Cyber Practice and VP Product Management, Cavirin Systems,  9/20/2018
NSS Labs Files Antitrust Suit Against Symantec, CrowdStrike, ESET, AMTSO
Kelly Jackson Higgins, Executive Editor at Dark Reading,  9/19/2018
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: "I'm not sure I like this top down management approach!"
Current Issue
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-2018-17332
PUBLISHED: 2018-09-22
An issue was discovered in libsvg2 through 2012-10-19. The svgGetNextPathField function in svg_string.c returns its input pointer in certain circumstances, which might result in a memory leak caused by wasteful malloc calls.
CVE-2018-17333
PUBLISHED: 2018-09-22
An issue was discovered in libsvg2 through 2012-10-19. A stack-based buffer overflow in svgStringToLength in svg_types.c allows remote attackers to cause a denial of service (application crash) or possibly have unspecified other impact because sscanf is misused.
CVE-2018-17334
PUBLISHED: 2018-09-22
An issue was discovered in libsvg2 through 2012-10-19. A stack-based buffer overflow in the svgGetNextPathField function in svg_string.c allows remote attackers to cause a denial of service (application crash) or possibly have unspecified other impact because a strncpy copy limit is miscalculated.
CVE-2018-17336
PUBLISHED: 2018-09-22
UDisks 2.8.0 has a format string vulnerability in udisks_log in udiskslogging.c, allowing attackers to obtain sensitive information (stack contents), cause a denial of service (memory corruption), or possibly have unspecified other impact via a malformed filesystem label, as demonstrated by %d or %n...
CVE-2018-17321
PUBLISHED: 2018-09-22
An issue was discovered in SeaCMS 6.64. XSS exists in admin_datarelate.php via the time or maxHit parameter in a dorandomset action.