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CFPB Makes Example of Dwolla Inc. in Monmouth County

CFPB Makes Example of Dwolla Inc. in Monmouth County

Author: Fernando M. PingueloDate: April 8, 2016

Monmouth County businesses have another “cybercop” to worry about. The Consumer Financial Protection Bureau (CFPB) recently pursued its first cybersecurity enforcement action, alleging that Dwolla, Inc., an online payment platform, misled consumers about its data security practices.

Dwolla operates an online payment system with more than 650,000 users and conducts transactions of more than $5 million per day. For each account, Dwolla collects personal information including the consumer’s name, address, date of birth, telephone number, Social Security number, bank account and routing numbers, a password, and a unique 4-digit PIN.

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