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The "Current" online-only bank insists on using Plaid if you want to transfer money from an existing account to Current. No thanks. https://www.google.com/search?client=firefox-b-1-d&q=current... Also apparently if you want to use Plaid with many different online banking portals, you need to permanently disable 2FA, also no thanks.
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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...
(IANAL either) I understand and agree that part of the issue is that they, allegedly, underhandedly collected this data. My question is focused around the potential selling of that data, which took place according to the lawsuit and was likely the reason to collect the data. From the article you linked: > Plaid would retain access to their credentials and use them to mine, aggregate and then sell users’ financial tra…
1) Users use Plaid to buy/sell with a variety of vendors and banks 2) Vendors and banks were aware that specific users were buying /selling because they were buying/selling their products 3) Users consented to #2 because they were buying/selling their products
4) Plaid provided aggregated reports that said "5% of your customers also shopped on Amazon"
People sued over #4
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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…
I don't have the time to read and research exactly what happened. I see you settled for a large sum. Thus, I don't believe you. We've all been burned by companies that claim one thing and do the exact opposite. It doesn't matter if legally they are stating things accurately. What matters is how we, a mere human, would believe the plain English phrases used to be construed. Hope you have success and I have no ill will…
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You’re right that I can’t write much (legal, PR team say hello). The bottom line point is, we don’t sell data and that’s not the main allegation. The main allegation is that people didn’t understand that we were part of the flow of connecting banks to apps. We disagree. Before 2017, there was a whitelabel experience of Plaid that didn’t say “Plaid”, didn’t have the Plaid logo, etc. We still stand by our belief that o…
> Plaid would retain access to their credentials and use them to mine, aggregate and then sell users’ financial transaction data to third parties (including to the fintech apps that use its services) for purposes unrelated to the plaintiffs’ use of the fintech payment apps. [1] This is allegedly from the lawsuit. I can see your perspective — that it made sense to settle because of the privacy accusation, but you stil…
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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…
I’m guessing this is the relevant section stating that summarized anonymized data is shared. We may collect, use, and share End User Information in an aggregated, de-identified, or anonymized manner (that does not identify you personally) for any purpose permitted under applicable law. This includes creating or using aggregated, de-identified, or anonymized data based on the collected information to develop new servi…
Perhaps something like "all users who are in the UK and logged in last Sunday morning". Something like that could have been a pain to sess out for each instance of data sharing, in addition, if you "settle in court", you can also set court-approved definitions of what "anonymously aggregated" means.
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> then any data being captured and stored by Plaid does sound extremely fishy I've integrated with Plaid's API (a long time ago), and this doesn't sound fishy. Plaid's API is pretty comprehensive and it would have PayPal's job to unlink the connection after the verification took place. Plaid gives you a "token" representing the user that can be used to further look up information in their account - such as new transa…
As a customer, though, that still sounds very dismaying to me. If I'm linking my bank to paypal to send money back and forth, I don't want: (a) paypal getting transaction history, (b) a third party company hanging on to those credentials, (c) that third party company getting any view of transactions either. I just want Paypal to send/retrieve money. I thought Plaid just translated "different bank acount APIs" to a de…
100%, which is why I think this lawsuit is valid. That said, even though I don't believe Plaid sold any data, a lot of people brought this up as a concern to using Plaid. I don't consider it shady behavior, because I don't think Plaid ever misrepresented their capabilities to their clients. In other words, PayPal knew Plaid would be storing this data, and used their reputation to provide legitimacy to Plaid. In my opinion, it was PayPal who was irresponsible with your data.
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I would also like to see the (notably, very carefully followed) 'data is not sold' line strengthened to include all other forms of transmission. Also a happy user of a service enabled by plaid tech.
I replied in some other thread. Copy-pasta: No, your personal data is not sold or rented or given away or bartered to parties that are not Plaid, your bank, or the connected app. We talk about all of this in our privacy policy, including ways that data could be used — for example, with data processors/service providers (like AWS which hosts our services) for the purposes of running Plaid’s services or for a user’s co…
For any interested, here is a link to relevant section of the referenced privacy policy: https://plaid.com/legal/#consumers
I am also impressed by the Legal Changelog on the same page that clearly lays out a log of changes made to privacy & other published legal documents.
It 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.
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Check the source material. Here's the suit: https://www.classaction.org/media/cottle-et-al-v-plaid-inc.p... . The relevant section is on pg 16, under the heading "Plaid Sells and Otherwise Exploits the Unlawfully-Obtained Private Data". The suit alleges that "Plaid has admitted that it routinely sells the consumer banking data it collects. At a minimum, Plaid sells the data it obtains from consumers’ accounts back to…
So, in other words, they're selling my data, just not to third parties. So when I go to click "connect to Plaid", now whoever I'm connecting to suddenly has every single transaction from my bank/credit card/whatever I just connected. So still a privacy nightmare, just a slightly different one. What's so hard about not selling my data at all, and not collecting any data except for what's absolutely necessary to connec…