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FTC Rules Affect Mobile Banking

MOBILE PRIVACY—U.S.

February 6, 2013

American Banker reports the Federal Trade Commission (FTC) is “toughening its stance on consumer privacy protection,” noting it “directly affects the mobile applications banks offer their customers.” Referencing the release of the FTC’s “Mobile Privacy Disclosures: Building Trust Through Transparency,” the report highlights “four main things the FTC would like mobile application developers to do to protect consumers' privacy as they bank, shop and surf the web on their mobile devices.” Carnegie Mellon Prof. Jason Hong offers insights on those recommendations, noting that users “could be inundated with notifications and warnings, some of which will be useful, and many of which won’t be.”
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