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
Threaded  |  Newest First  |  Oldest First
Higher Education: 15 Books to Help Cybersecurity Pros Be Better
Curtis Franklin Jr., Senior Editor at Dark Reading,  12/12/2018
Worst Password Blunders of 2018 Hit Organizations East and West
Curtis Franklin Jr., Senior Editor at Dark Reading,  12/12/2018
2019 Attacker Playbook
Ericka Chickowski, Contributing Writer, Dark Reading,  12/14/2018
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Current Issue
10 Best Practices That Could Reshape Your IT Security Department
This Dark Reading Tech Digest, explores ten best practices that could reshape IT security departments.
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-2018-20173
PUBLISHED: 2018-12-17
Zoho ManageEngine OpManager 12.3 before 123238 allows SQL injection via the getGraphData API.
CVE-2017-18352
PUBLISHED: 2018-12-17
Error reporting within Rendertron 1.0.0 allows reflected Cross Site Scripting (XSS) from invalid URLs.
CVE-2017-18353
PUBLISHED: 2018-12-17
Rendertron 1.0.0 includes an _ah/stop route to shutdown the Chrome instance responsible for serving render requests to all users. Visiting this route with a GET request allows any unauthorized remote attacker to disable the core service of the application.
CVE-2017-18354
PUBLISHED: 2018-12-17
Rendertron 1.0.0 allows for alternative protocols such as 'file://' introducing a Local File Inclusion (LFI) bug where arbitrary files can be read by a remote attacker.
CVE-2017-18355
PUBLISHED: 2018-12-17
Installed packages are exposed by node_modules in Rendertron 1.0.0, allowing remote attackers to read absolute paths on the server by examining the "_where" attribute of package.json files.