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Feds go after online payment firm for deceptive cybersecurity

07
Mar
2016
Feds go after online payment firm for deceptive cybersecurity

electronic-payment

Federal regulators on last Thursday sent a major signal to financial technology companies, settling charges against an online payment firm for deceiving customers about data security.

The company, Dwolla, has agreed to pay $100,000 to settle the allegations.

The move is a new step for the Consumer Financial Protection Bureau (CFPB), and represents one of the first enforcement actions taken against a financial technology company for allegedly misrepresenting security practices.

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