There is absolutely no On-Ramp – classes for FinTech through the CFPB

There is absolutely no On-Ramp – classes for FinTech through the CFPB

In accordance with the CFPB, throughout the duration from January 2011 to March 2014, Dwolla made representations that are various customers in regards to the security and safety of deals on its platform. Dwolla reported that its information security techniques “exceed industry standards” and set “a brand new precedent for the industry for security and safety. ” The organization reported so it encrypted all given information received from customers, complied with criteria promulgated because of the Payment Card business safety guidelines Council (PCI-DSS), and maintained customer information “in a bank-level hosting and protection environment. “

Notwithstanding these representations, the CFPB alleged that Dwolla hadn’t used and implemented appropriate written information protection policies and procedures, did not encrypt sensitive and painful customer information in every circumstances, and had not been PCI-DSS compliant.

Notwithstanding these representations, the CFPB alleged that Dwolla hadn’t used and implemented appropriate written information protection policies and procedures, didn’t encrypt sensitive and painful customer information in most circumstances, and wasn’t PCI-DSS compliant. (more…)

Continue Reading
Close Menu