"Venmo did not live up to the promises it made to users about the availability of their money"
Yeah, well, it's the Internet. It's not like it's supposed to be honest and 100% reliable, right ?
PayPal has avoided that terribly tedious act of coughing up a fine, and instead has agreed to play nice with people's privacy – thus settling a complaint against its payment app Venmo by America's trade watchdog, the FTC. The peace treaty, signed this week, will see PayPal avoid any monetary penalties, but will bring the …
Real PayPal story regarding funds availability. Purchased some software, 9.99$ total - dirt cheap, paid with PP - just in case and because what could go wrong (it's usually the seller who's on the hook, right). Well, to my surprise I had to contact PP's collection department to take care of negative balance on my account as their system would not even process my CC that had been on the account before I was forced to link bank account (transfer was just a fraction of linked account, the bank had no record of denied transfer). More hassle and wasted time that it's really worth. My only explanation is that PP discloses details of transactions to all parties (instead of just acting as a proper proxy) and the bank flagged the transfer as going to fraud rife region (Russian vendor, software absolutely legit though and not linked to any IP circumvention etc). Anyway, neither my bank nor PP explanations make much sense (PP customer support being definitely lacking knowledge of their product beyond script, past experience was better). This put the whole idea of using PP in question. I use it mostly for fraud protection but since the concept of cash like transactions failed since the forced switch to linked bank accounts - banks do not see it the "cash in the pocket way" and will charge you in case of insufficient funds instead of just rejecting transactions and keeping one safe from scammers etc trying to clean up the account - I may as well just switch to using Internet purchases dedicated credit card or Apple Pay.
The problem with that is that there are approximately infinity number of sellers and outlets who take Paypal and nothing else, exclusively, or else if they do take something else it's a major, major, major pain in the ass like inter-bank / wire transfer or similar, which tends to take your autobiography in triplicate, signed, countersigned, notarized, blessed by the Three Cave Hermits and the Delphi Oracle (to provide you with the three dozen magic numbers longer than a PGP signature - each), filed at your local bank office in person, costing no less than $50 for a $9.99 transfer.
"This case sends a strong message" - WTF??? ... It doesn't do anything of the sort. The FTC just let them off as per usual with special favoritism for US corporations vs Consumers. This is the very same sht Paypal has been pulling for years... Even after eBay dumped them, they're still rolling!
"The FTC lodged a formal gripe against Venmo last year after a months-long probe found it had misled punters. Specifically, the commission charged, up until 2014, Venmo fudged how its privacy settings worked, including not warning users that their payments would show up on their social media profiles.
The FTC also claimed Venmo didn't warn people before freezing accounts or reversing transactions, resulting in payments being cancelled or rejected for insufficient funds.
Consumers suffered real harm when Venmo did not live up to the promises it made to users about the availability of their money,” FTC said.
The payment service also misled consumers about how to keep their transaction information private. This case sends a strong message that financial institutions like Venmo need to focus on privacy and security from day one."
...fails the populace constantly.
Let's be clear that the FTC, FCC and SEC have failed U.S. consumers more times than you can count. IMNHO they are all unscrupulous government agencies that seek headlines to justify their existence while fleecing tax payers. The evidence is irrefutable.
It's incomprehensible that the misuse of personal data by Venmo, Google, Microsoft, Experian and thousands more companies along with next to zero data security does not result in multi-million dollar fines for all. Instead the FTC, FCC and SEC are essentially in bed with the crims. You can throw in the cable companies and Telcos for chronic violations of U.S. law. Comcast is a perfect example with a secret, illegal automated blockage scheme of legitimate international e-mail sent to U.S. Comcast subscribers. Major law firms need to start filing class action suits against these criminal companies to hold them accountable for their crimes against humanity.
"This brings to an end the investigation that included a focus on Venmo platform issues and practices prior to acquisition by PayPal. Since then, as a core part of PayPal’s and Venmo’s business and operations, we’ve taken steps to significantly strengthen our privacy and data security practices."
That's right PayPal blame other people, take no responsibility at all.
You'd be naïve to conclude that the unscrupulous Biz practices are just U.S. companies. It's a world wide issue. Look at the Euro bank fraud convictions as an example of financial greed driving the world. Asia is notorious for unethical Biz practices. Many EU companies look the other way while Russia shoots down civilian airliners killed 200 people. There are plenty of dirtbag companies in the world.
Fucking Paypal. Sold an item on eBay, specifying Paypal as payment vector. Item sold and buyer paid immediately. I get advised that their payment has gone to a " Pending " account and I have to wait at least 21 days for my money. I had to borrow money to despatch the item. I'm still going to have to wait 2 weeks from sale time. Fucking Paypal. I'll never specify it again.
A group of senators wants to make it illegal for data brokers to sell sensitive location and health information of individuals' medical treatment.
A bill filed this week by five senators, led by Senator Elizabeth Warren (D-MA), comes in anticipation the Supreme Court's upcoming ruling that could overturn the 49-year-old Roe v. Wade ruling legalizing access to abortion for women in the US.
The worry is that if the Supreme Court strikes down Roe v. Wade – as is anticipated following the leak in May of a majority draft ruling authored by Justice Samuel Alito – such sensitive data can be used against women.
Tesla is facing another lawsuit, and it's treading over old territory with this one. Fired Gigafactory workers are alleging that the electric car maker improperly terminated more than 500 people.
The proposed class action suit, filed on Sunday, stems from an email owner Elon Musk sent to Tesla leaders in early June – no, not the one where the billionaire said Tesla's workforce needed to be reduced by 10 percent.
According to the lawsuit [PDF], filed by two former employees at Musk's Nevada battery plant, Tesla moved far faster than it was legally allowed to when it fired employees at the gigafactory in the city of Sparks, NV.
The US could implement a law similar to the EU's universal charger mandate if a trio of Senate Democrats get their way.
In a letter [PDF] to Commerce secretary Gina Raimondo, two of Massachusetts' senators Ed Markey and Elizabeth Warren, along with Bernie Sanders (I-VT), say a proliferation of charging standards has created a messy situation for consumers, as well as being an environmental risk.
"As specialized chargers become obsolete … or as consumers change the brand of phone or device that they use, their outdated chargers are usually just thrown away," the senators wrote. The three cite statistics from the European Commission, which reported in 2021 that discarded and unused chargers create more than 11,000 tons of e-waste annually.
The European Commission's competition enforcer is being handed another defeat, with the EU General Court nullifying a $1.04 billion (€997 million) antitrust fine against Qualcomm.
The decision to reverse the fine is directed at the body's competition team, headed by Danish politico Margrethe Vestager, which the General Court said made "a number of procedural irregularities [which] affected Qualcomm's rights of defense and invalidate the Commission's analysis" of Qualcomm's conduct.
At issue in the original case was a series of payments Qualcomm made to Apple between 2011 and 2016, which the competition enforcer had claimed were made in order to guarantee the iPhone maker exclusively used Qualcomm chips.
A draft US law that would, for one thing, subsidize the US semiconductor industry, has gained an amendment that would turn the screws on American investments in foreign countries.
The proposed update states that semiconductors, large-capacity batteries, pharmaceuticals, rare-earth elements biotech, AI, quantum computing, hypersonics, fintech and autonomous technologies are all included as sectors in which foreign investment would be limited, specifically in "countries of concern," or those considered foreign adversaries, like China. The amendment also would restrict construction investments and joint ventures that would involve sharing of IP and monetary rewards.
US entities that have invested in a sector or country covered under the amendment would be required to notify the federal government, and the proposal also includes authorization for the executive branch to form an interagency panel responsible for reviewing and blocking foreign investments on national security grounds, the Wall Street Journal said of the amendment.
Microsoft has announced changes to labour relations policy for its US workforce that touch on noncompete clauses, confidentiality agreements and pay transparency.
“Microsoft is announcing new changes and investments aimed at further deepening our employee relationships and enhancing our workplace culture,” wrote HR execs Amy Pannoni and Amy Coleman on the company blog.
The pair wrote that the changes reflect employee fedback.
Updated Democrat senators have urged America's Federal Trade Commission to do something to protect the privacy of women after it emerged details of visits to abortion clinics were being sold by data brokers.
Women's healthcare is an especially thorny issue right now after the Supreme Court voted in a leaked draft majority opinion to overturn Roe v Wade, a landmark ruling that declared women's rights to have an abortion are protected by the Fourteenth Amendment of the US Constitution.
If the nation's top judges indeed vote to strike down that 1973 decision, individual states, at least, can set their own laws governing women's reproductive rights. Thirteen states already have so-called "trigger laws" in place prohibiting abortions – mostly with exceptions in certain conditions, such as if the pregnancy or childbirth endangers the mother's life – that will go into effect if Roe v Wade is torn up. People living in those states would, in theory, have to travel to another state where abortion is legal to carry out the procedure lawfully, although laws are also planned to ban that.
The US Federal Trade Commission on Thursday said it intends to take action against educational technology companies that unlawfully collect data from children using online educational services.
In a policy statement, the agency said, "Children should not have to needlessly hand over their data and forfeit their privacy in order to do their schoolwork or participate in remote learning, especially given the wide and increasing adoption of ed tech tools."
The agency says it will scrutinize educational service providers to ensure that they are meeting their legal obligations under COPPA, the Children's Online Privacy Protection Act.
The FTC has settled a case in which Frontier Communications was accused of charging high prices for under-delivered internet connectivity.
The US telecommunications giant has promised to be clearer with subscribers on connection speeds, and will cough up more than $8.5 million, or less than a day in annual profit, to end the matter.
Frontier used to primarily pipe broadband over phone lines to people in rural areas, expanded to cities, and today supplies the usual fare to homes and businesses: fiber internet, TV, and phone services.
A US class-action case claiming Oracle falsely inflated its cloud revenue by threatening customers with audits is set to continue after a federal judge approved the damages model proposed by the plaintiffs.
United States District Judge Beth Labson Freeman has certified an "out of pocket" approach to determining damages incurred by investors as a result of Oracle's alleged false statements about its cloud revenue. Oracle has consistently insisted the case – which dates back to 2018 – has no merit.
Oracle had argued that the City of Sunrise Firefighters' Pension Fund, which is bringing the case, had failed to meet the requirements to disclose its damages model.
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