February 27, 2018 / 5:27 PM / a year ago

PayPal settles U.S. charges over alleged Venmo disclosure failure - FTC

FILE PHOTO: The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration/File Photo

WASHINGTON (Reuters) - PayPal Holdings Inc has settled U.S. charges it failed to give critical privacy and funds transfer information to users of its Venmo payment service, the Federal Trade Commission said on Tuesday.

The FTC, in a statement, said the alleged actions violated federal law aimed at protecting consumer information and that as part of the proposed settlement Venmo must submit to third-party reviews of its compliance with privacy rules for 10 years, among other actions.

Reporting by Susan Heavey; Editing by David Alexander and Bill Trott

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