WASHINGTON : The U.S. consumer watchdog said on Thursday it has demanded information from tech giants Amazon, Apple, Facebook, Google, PayPal and Square on how they gather and use consumer payment data, in a broad effort to protect consumers from privacy breaches, fraud and anticompetitive behavior.
The order is the first big move by Rohit Chopra, who was sworn in as director of the CFPB this month. A former Democratic commissioner at the Federal Trade Commission, he built a reputation as a consumer advocate who was frequently tough on big tech. While the CFPB does not directly oversee the tech companies concerned, it has the statutory authority to order participants in the payments market to turn over information to help it monitor for risks to consumers, the CFPB said on Thursday.
The CFPB order seeks information on how tech companies harvest and monetize payment data, including whether they use the data to target specific consumer behaviors; whether the companies operate any policies that restrict the merchants or other third parties that consumers can use; and how consumers are protected from privacy breaches, fraud and other errors.
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