Users of Coinbase Venmo, the popular fintech firm, are angry over recent privacy issues and are now taking their disputes to court in the form of a second class action lawsuit.
What Are the Specific Claims?
The lawsuit claims that the company has failed to provide users with the necessary controls to manage their financial data, such as the ability to delete or audit transactions and user profiles. It also claims that Venmo allows third parties, including companies and developers, to access user data without obtaining express consent.
In addition, the lawsuit claims that Venmo’s privacy policy is confusing and that the company does not sufficiently inform users about how their data will be used.
What Are Coinbase Venmo's Responses to the Allegations?
Coinbase Venmo, a part of the Coinbase Inc. family of companies, issued a statement in response to the allegations, saying that the company takes privacy seriously and takes all steps necessary to ensure it meets the highest standards for protecting user data.
“We maintain a rigorous privacy program and adhere to all applicable laws and regulations,” Coinbase Venmo’s statement reads.
What Are Coinbase Venmo's Users Saying?
Coinbase Venmo’s users are not pleased with the company’s responses. Many have expressed their anger on social media, sharing stories of how their data has been abused by third-party companies to which the platform gives access without their knowledge or consent. Some users have even called for a boycott of the company and are asking others to use alternative payment services.
Conclusion
Coinbase Venmo is facing a second class action lawsuit which alleges that the company has failed to provide users with adequate controls to protect their financial data, allows third-party companies to access user data without consent, and does not adequately inform users about how their data is being used. Coinbase Venmo has issued a statement saying that it takes privacy seriously, but many users are unhappy and are seeking alternative payment services.