App Users Say Plaid Collects Bank Logins Without Consent

Fibo Quantum

Data aggregator Plaid Inc., whose software is used by apps including Venmo, Coinbase, Square, and Stripe, accesses user bank accounts and collects detailed financial information without consent, a new class suit filed in federal court claims.

Plaid’s software is used by more than 2,000 apps to link consumer financial accounts, and about 1 in 4 people in the U.S. have an account linked via Plaid, the suit says.

Plaid uses that access to deceptively obtain bank account information from users, accessing information back up to five years, averaging 3,700 transactions per consumer, the suit says.

The app also allegedly gathers…

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