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Tech Company Payment Systems Notice Overview:
- Who: The Consumer Financial Protection Bureau is asking Facebook, Amazon, Google, Apple, PayPal, Square, Alipay, and WeChat Pay to hand over information that will give it insight into its payment-related systems.
- Why: The bureau wants more information about how tech companies are protecting consumers and handling their data while also making sure they aren’t engaging in anti-competitive behavior.
- Where: The Consumer Financial Protection Bureau is responsible for consumer protection in the US financial sector.
The Consumer Financial Protection Bureau (CFPB) wants more information about payment-related systems and products provided to consumers by big tech companies like Facebook, Amazon, and Google.
The CFPB sent a notice to Facebook, Google, Amazon, Apple, PayPal, and Square — in addition to Chinese tech companies Alipay and WeChat Pay — on Oct. 21 as part of a consumer protection sweep the bureau is conducting.
The government agency is giving the tech companies slightly under two months to hand over information that will give it insight into their payment practices and if they are doing enough to protect consumers.
Tech companies have begun implementing their own payment systems as a way to necessitate easier cash transactions for consumers in the wake of an increased shift to e-commerce, according to the CFPB.
It’s ‘Unclear’ if Tech Companies like Facebook, Amazon, and Google are Misusing Consumer Data from Their Embedded Payment Systems
The potential downside, however, the CFPB says, is that it is still unclear if tech companies are misusing data they are collecting from consumers — such as spending habits and purchasing behaviors — or if they are doing all they can to protect consumers from fraud or other payment errors.
“Knowing what we spend our money on is a valuable source of data on consumer behavior,” CFPB Director Rohit Chopra said in a statement. “This data can be monetized by companies that seek to profit from behavioral targeting, particularly around advertising and e-commerce.”
The CFPB is also concerned that the companies may be working to limit consumer choice by implementing strategies that could be considered anti-competitive.
Chopra, in his statement, asked multiple questions related to the potential for anti-competitive practices, including what reasons a tech company would have for disqualifying or delisting a business, and if small businesses would feel coerced to participate.
The agency says it is looking at the Chinese companies because they provide an example of what can happen when you operate in a market where “consumers have little choice but to use these apps and little market power to shape how their data is used.”
Class action lawsuits often result after CFPB investigation. The organization filed a class action lawsuit last month against LendUp Loans LLC, alleging the lender did not fulfill an agreement to offer repeat borrowers better loan terms.
Do you believe big tech companies like Facebook, Amazon and Google are acting entirely lawful with their payment-related systems? Let us know in the comments!
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31 thoughts onConsumer Financial Protection Bureau Wants More Info on Facebook, Amazon and Google’s Payment-related Systems and Products
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I thought the ads were real! I ordered so many items & never received of them! I went to track them & got a “17” site which says an order tracking number that doesn’t work! Tried emailing the seller and it days the email no longer exists! Add me please!
Please add me
I have proof that will expose the horrific and unethical and heartless actions all these company’s have done to destroy my life and get rich from my torture and enslavement. Rufus Mitchell of California. Corrupt Justice and fraud Apon the court. I’ve been to over 15 preliminary hearings. And I never got charged until the day I call to seek mental health.
Facebook don’t cheCk ✔️ fake company to see if they real a brought a coat never receive it .then went to my account again get more money I ‘ll report them. To Facebook and lot of FB. Got ripped off Off to and reported them in Facebook did nothing.
i got $ 2,02 over paypal been asking them ,rpay mr under different type like amazon gif card they dont bother answer since I delete paypal
GOOGLE IS NOT PCI COMPLIANT. Google has people are issuing refunds and taking so long that they no longer issue a refund. Where they ask for your bank routing number and account details to manually send you the money. But later lost that information. GOOGLE IS NOT PCI COMPLIANT
Amazon purposely doesn’t refund items. Their Call Center says you are getting a refund $2021 but their servers that actually refund you purposely broken so they just keep telling you month after month wait for it, wait for it, and wait some more. They pretty much don’t care either.
Amazon had product that supposed to be free, but you never receive items. Always state it’s running late
Hello,
We are a small business and have collected a couple of years of data that can prove Google has targeted us. They promoted racial/sex based companies over ours, i.e. black-owned, woman-owned, etc. They have deleted dozens of our reviews that do not violate any of their terms and conditions, as well as chosen to not assist us when we have reached out to support. We are looking for the right attorneys to bring this to light as we are confident that we will win a lawsuit against them if taken to before a jury. If someone could point us in the right direction that would be extremely helpful. Thanks!