Hi John,

Do you ever use apps like Venmo, CashApp, or Zelle to send money to friends and family? Sure, they can be a quick, easy and convenient way to transfer money, but on the other hand they don’t have to follow the same rules as banks or credit card companies to make sure your money or your privacy is protected. The CFPB’s new rules could change that.¹ Send a comment urging them to protect your financial privacy.

TAKE ACTION

Apps like these can be a major privacy and financial risk. They live on your device and collect more data than you realize. The information they collect isn’t just tracking your financial activity when you use the app. They also collect personal information that isn’t needed for them to provide their core service. In addition to payment amounts, dates, your banking, and recipient information, they also collect your location data, profile photos, contact information, passport and driver’s license information, other web activity and even your fingerprint record that your phone uses for security. They could even go as far as collecting information about you from third parties like credit bureaus.²

The obvious question is: what do they do with all this data once they have it? That’s the problem. While the apps might be free, they come at the cost of your valuable financial information being shared with third parties without your knowledge or consent. Most companies use vague language in their privacy policies that do not disclose that they share your data with third party vendors, law enforcement and governments.³ They make it difficult for users to figure out how much data they have access to, what they do with it, or request its deletion. Then, there's the data security risk they present. Earlier this year, PayPal reported that thousands of accounts had been breached and the attackers potentially gained access to users’ personal data, including name, address, Social Security number, individual tax identification number, and/or date of birth. ⁴

We can help stop this. The CFPB can ensure that apps like these follow the same rules as large banks, credit unions, and other financial institutions. They need to hear from people like you demanding action to fix this. We know the other side will be fighting against this rulemaking. That’s why we created a tool so you can send them a comment. Fill out the form and we’ll make sure your comment gets to the CFPB—don’t forget to add any personal experiences you’ve had while using these apps.

Together,

Ese at ❤️Fight

1. CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps— Consumer Financial Protection Bureau
2. CR Finds Potential Consumer Risks for Users of Apple Cash, Cash App, Venmo, and Zelle — Consumer Reports
3. Apps like Venmo, Cash and PayPal are free, but here's who they are telling your business — USA Today
4. Thousands Of PayPal Accounts Breached—Is Yours One Of Them? — Forbes