I’ve used Plaid to login to my bank account. How do I delete all my data from Plaid??
If you change your bank credentials, at least your current data is safe. You mean how to delete the data they scraped?
Plaid settled $58M lawsuit over alleged consumer data sharing
61–70 of 156 posts
Re: Plaid settled $58M lawsuit over alleged consumer data sharing
#62Earlier quoted context omitted.
So the cofounder was not telling the truth then?
The cofounder was telling the truth (or, at least, nothing in the lawsuit implies that he was not). The plaintiffs in this case are claiming that when they linked their bank accounts to PayPal/Venmo/etc using Plaid they didn't realize what they were doing, or that it's somehow unfair that Paypal/Venmo/etc got their banking data (despite knowingly inputting their credentials into Paypal/Venmo/etc). Paypal/Venmo/etc is…
The "using Plaid" part of what you're saying confuses me. My reading is that the plaintiffs are claiming that they signed up for Paypal or Venmo directly, linked their banks account, and were unaware that behind the scenes this meant their data went to Plaid, and that then Plaid both gathered data from this and sold the data.
If that's accurate - if the plaintiffs were just trying to use Paypal + their bank account, and only coincidentally using Plaid because Paypal used Plaid - then any data being captured and stored by Plaid does sound extremely fishy. I'd want them to just be a bridge to let info flow between the bank and Paypal, not store any of that themselves too. That part seems sketchy even if they never sold it - I still don't think they should keep it in the first place.
Re: Plaid settled $58M lawsuit over alleged consumer data sharing
#63I actually mentioned in a thread about Plaid in 2018 that they sold transaction history to third parties, and the cofounder came onto HN to explicitly deny that [1]. I actually felt convinced they didn't afterwards, as I couldn't imagine such a direct and clear refutation if it were true. [1] https://news.ycombinator.com/item?id=18655417
Wow what a jerk. Very, very explicit lie: > Plaid used consumers’ banking login credentials to gather and distribute detailed financial data without prior consent > Allegedly, these actions occurred without users knowing about Plaid’s role is a variance of “deceptive tactics.” And for all this: > If all 98 million people were to file a claim, each would receive just 60 cents. > The San-Francisco based platform raised…
dude you can't just drop a hard R like that on HN
Re: Plaid settled $58M lawsuit over alleged consumer data sharing
#64I actually mentioned in a thread about Plaid in 2018 that they sold transaction history to third parties, and the cofounder came onto HN to explicitly deny that [1]. I actually felt convinced they didn't afterwards, as I couldn't imagine such a direct and clear refutation if it were true. [1] https://news.ycombinator.com/item?id=18655417
Hey, CTO from Plaid here. We don’t, and have not, sold data. https://plaid.com/legal/#consumer-support As someone who has overseen our consumer privacy team over the past few years building out products like Plaid Link and Plaid Portal, I can attest this is a foremost priority for the company. FWIIW, I don’t agree with the allegations, and you can read our POV on this blog post. https://plaid.com/blog/plaids-commitme…
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Re: Plaid settled $58M lawsuit over alleged consumer data sharing
#65I just read the settlement document, and it looks like this is being reported incorrectly or at least ambiguously. The allegation is NOT that they shared/sold data to any third parties but that their Plaid Link user interface, where people enter their banking information to add it to Plaid, looks like the customer's financial institution (i.e, uses the bank's branding colours and logo). Because of this branding, peop…
Looks like there is some other deceptive stuff going on as well - for example, they apparently collected and stored transaction data even when developers didnt request it (at least, they are agreeing to delete this data now, so it must have been collected in some cases).
Re: Plaid settled $58M lawsuit over alleged consumer data sharing
#66Earlier quoted context omitted.
Hey, CTO from Plaid here. We don’t, and have not, sold data. https://plaid.com/legal/#consumer-support As someone who has overseen our consumer privacy team over the past few years building out products like Plaid Link and Plaid Portal, I can attest this is a foremost priority for the company. FWIIW, I don’t agree with the allegations, and you can read our POV on this blog post. https://plaid.com/blog/plaids-commitme…
Thank you for the response — I know you're likely very restricted in what you can say here, but: You just settled a claim that you sold customer transaction histories, and from the article linked, the plaintiffs' lawyers claim that you have agreed to implement meaningful business practice changes to remediate these issues. (1) If you've never sold transaction histories, why settle a lawsuit alleging that you sold tra…
IANAL and have no affiliations to Plaid. My takeaway from the article and [0] is that Plaid violated privacy laws because they provided insufficient disclosure with respect to the collected data, not that they are selling data to third parties.
Edit: Update [0] to source
[0] https://newmedialaw.proskauer.com/2021/05/11/plaid-federal-e...
Re: Plaid settled $58M lawsuit over alleged consumer data sharing
#67I actually mentioned in a thread about Plaid in 2018 that they sold transaction history to third parties, and the cofounder came onto HN to explicitly deny that [1]. I actually felt convinced they didn't afterwards, as I couldn't imagine such a direct and clear refutation if it were true. [1] https://news.ycombinator.com/item?id=18655417
Hey, CTO from Plaid here. We don’t, and have not, sold data. https://plaid.com/legal/#consumer-support As someone who has overseen our consumer privacy team over the past few years building out products like Plaid Link and Plaid Portal, I can attest this is a foremost priority for the company. FWIIW, I don’t agree with the allegations, and you can read our POV on this blog post. https://plaid.com/blog/plaids-commitme…
Facebook claimed repeatedly that they had never sold user data, and it turns out this was true: Instead, they had bartered user data for increased access or other privileges elsewhere.
I'd like to hear a broader statement on the specific phrasing in this article: « the fintech firm passed on personal banking data to third party firms without user consent ».
Re: Plaid settled $58M lawsuit over alleged consumer data sharing
#68I actually mentioned in a thread about Plaid in 2018 that they sold transaction history to third parties, and the cofounder came onto HN to explicitly deny that [1]. I actually felt convinced they didn't afterwards, as I couldn't imagine such a direct and clear refutation if it were true. [1] https://news.ycombinator.com/item?id=18655417
Hey, CTO from Plaid here. We don’t, and have not, sold data. https://plaid.com/legal/#consumer-support As someone who has overseen our consumer privacy team over the past few years building out products like Plaid Link and Plaid Portal, I can attest this is a foremost priority for the company. FWIIW, I don’t agree with the allegations, and you can read our POV on this blog post. https://plaid.com/blog/plaids-commitme…
So... does anyone here actually believe this comment?
Re: Plaid settled $58M lawsuit over alleged consumer data sharing
#69Earlier quoted context omitted.
Thank you for the response — I know you're likely very restricted in what you can say here, but: You just settled a claim that you sold customer transaction histories, and from the article linked, the plaintiffs' lawyers claim that you have agreed to implement meaningful business practice changes to remediate these issues. (1) If you've never sold transaction histories, why settle a lawsuit alleging that you sold tra…
IANAL and have no affiliations to Plaid. My takeaway from the article and [0] is that Plaid violated privacy laws because they provided insufficient disclosure with respect to the collected data, not that they are selling data to third parties. Edit: Update [0] to source [0] https://newmedialaw.proskauer.com/2021/05/11/plaid-federal-e...
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Re: Plaid settled $58M lawsuit over alleged consumer data sharing
#70It is absolutely crazy that in 2021, banks still don't have proper secure APIs for other software to interface with. Plaid is a major disaster waiting to happen. Are there any banks moving in that direction? I know of exactly zero in Canada.
The only way this will happen in the US is if Congress requires it. The vast majority of the infrastructure to make it happen already exists. Especially with the large custodial banks offering “white label” services.
The Federal Reserve could go ahead and do exactly this without Congress's help. You know, actually serve the people and come up with a solution to the changing times like they did with ACH back in the 1970s. That's probably asking too much of our leaders though.