Fintech company Plaid, consumers reach $58M settlement agreement in privacy suit

guest · Aug 10, 2021

Fintech company Plaid, consumers reach $58M settlement agreement in privacy suit
August 9, 2021
https://www.cyberscoop.com/plaid-58-million-fintech-class-action-suit/

Financial tech company Plaid has reached a $58 million settlement agreement in a lawsuit where customers alleged that the company obtained and used their banking information without permission.

Plaid’s service connects customer banking accounts to financial apps like Venmo and Robinhood. The plaintiffs claimed that Plaid misled them and violated their privacy by obtaining data from their financial accounts without consent, getting their bank login information through a deceptive interface meant to look like customers’ own bank login screens and selling their transaction histories.
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Under the settlement agreement, still subject to court approval, Plaid must also delete some data from its systems, minimize the data it stores, improve disclosures of how it uses data and maintain disclosures and websites about its security practices.

“We do not, nor have we ever, sold data,” a Plaid spokesperson said.
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The company’s global head of privacy also wrote a blog post on Friday about the company’s approach to consumer privacy.
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Rasheed187 · Aug 12, 2021

This is exactly the problem with these new generation of fintech companies, they share and sell your banking info to all kind of companies. That's why I will probably stick to the more well known banks. But even they can't be fully trusted.

https://wise.com/gb/blog/what-is-psd2

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Fintech company Plaid, consumers reach $58M settlement agreement in privacy suit

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