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CFPB Fines Online Payment System For Lax Data Security

Law360, New York (March 2, 2016, 7:47 PM EST) -- The Consumer Financial Protection Bureau said Wednesday it has issued a $100,000 penalty against an Iowa online payment platform for having weak security practices despite advertising that customers' personal information would be protected.

Des Moines-based Dwolla Inc. claimed to have data security practices that surpassed industry standards but in actuality came up short, the CFPB said. This is the first time the agency has penalized a company over data security.

“Consumers entrust digital payment companies with significant amounts of sensitive personal information,” CFPB Director Richard Cordray said in a statement. “With data breaches becoming commonplace and more consumers using these online...

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