US Consumer Watchdog Demands Information from Tech Giants About Their Practices For Collecting Payment Data

The Consumer Financial Protection Bureau of US also said it will check into how the Chinese apps like WeChat Pay, Alipay, and other Chinese giants collect user data during payment processes through the payment apps.

The consumer Watchdog has ordered tech giants like PayPal, Square, Google, Facebook, Apple, Amazon, and other to give information about how they collect users data and use consumer payment data. The Watchdog has taken this step as a step towards mitigating security risks and protecting consumers from cyber hacks, online money frauds, and other fraudulent behavior.

The Consumer Financial Protection Bureau of US will study the data gathering practices and how the user’s data is being used. The bureau will also study the data gathering practices and how the user’s data is being used by the Chinese apps like WeChat Pay, Alipay, and other Chinese giants.The orders are given by Rohit Chopra who took charge of the CFPB recently. He has served as a democratic commissioner at CFPB. He has built his reputation through working as a consumer advocate who has been tougher for the big tech giants.

 The CFPB will also look into whether the companies are operating any policies and see how the tech giants are protecting the consumers from cyber hacks, online money frauds, and other fraudulent behavior. Representatives of tech giants did not immediately respond to the comments. The Watchdog has taken this step as a step towards mitigating security risks and protecting consumers from data breaches.