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March 2, 2016

Posted  March 2, 2016

The CFPB ordered Dwolla, an online payment platform, to pay a $100,000 penalty for deceiving consumers about its data security practices and the safety of its online payment system.  The bureau also ordered Dwolla to fix its security practices.  The company, which collected and stored sensitive personal information for more than 650,000 users, failed to employ reasonable and appropriate measures to protect data from unauthorized access and failed to encrypt sensitive personal information, despite representations to the contrary.  CFPB