Paypal Settles Probe Over Venmo Privacy Disclosures

By Allison Grande (May 20, 2016, 9:31 PM EDT) -- Paypal has agreed to bolster its privacy and security disclosures and pay $175,000 to resolve the Texas attorney general's claims that it failed to clearly explain how the personal information belonging to users of its Venmo mobile payment app would be used and with whom it would be shared, the regulator said Friday.

The settlement — which was detailed in an assurance of voluntary compliance lodged in Texas state court — marks the culmination of state Attorney General Ken Paxton's investigation into potential violations of the Texas Deceptive Trade Practices Act by Venmo, a mobile money transfer app that Paypal acquired...

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