By: April Carson
According to a story published by Fast Company, if you've linked your bank account to financial apps like Robinhood, Acorns, Venmo, American Express, Coinbase, and Credit Karma, you might be eligible for compensation.
Plaid, the financial service these apps (and 5,500 others) employ to connect your bank account, has agreed to a class-action lawsuit alleging that it improperly gathers personal information from consumers. The suit also claims Plaid obtained users' bank login information "through its user interface, known as 'Plaid Link,' which looked and felt like a user's own bank account login screen.” Users were actually providing their information "straight to Plaid." Plaid rejects these accusations, stating that it was forthcoming with its customers.
PLAID HAS BEEN ORDERED TO PAY $58 MILLION TO AFFECTED USERS
Plaid will pay out approximately $58 million to affected users, but because millions of individuals have used its service, there may be little money available for distribution. If you're a US citizen and have linked a bank account to an app between Jan. 1, 2013, and Nov. 19, 2021, you might be eligible for compensation. Some additional popular applications that Plaid powers include Chime, Mint, Betterment, and NerdWallet in addition to the aforementioned applications.
More than 30 million US citizens have downloaded the apps that were affected, so there's a good chance you used one. Like many financial institutions, Plaid offered easy access to bank accounts through an API that other companies could use in their applications. Unfortunately, hackers discovered that by gathering information from these APIs and then calling them multiple times per second from multiple accounts, they could gain access to as many as the first ten digits of a user's Social Security number.
Plaid has stated that there is no evidence that hackers have used this information to date, but out of an excess of caution, it will be offering credit monitoring and identity theft protection for two years. Plaid may be requesting that users update their API keys and passwords, but has said that no password resets are necessary. Plaid claims to have not stored any Social Security numbers in its database.
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
To read more of April's blogs, check out her website! She publishes new blogs on a daily basis, including the most helpful mommy advice and baby care tips! Follow on IG @bossbabymav
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