PayPal: NYDFS consent order (Jan 2025)
The NYDFS issued a consent order against PayPal on January 23, 2025, according to the agency’s own announcement.
- Date
- Agency
- NYDFS
- Action
- Consent order
- Amounts (as stated)
- $2 million penalty
DFS found PayPal violated its cybersecurity regulation by using untrained staff for a Form 1099-K data-flow change and lacking controls such as MFA, leaving customer data including SSNs exposed to cybercriminals.
Money involved. $2 million penalty.
Questions
What did the NYDFS say PayPal did?
DFS found PayPal violated its cybersecurity regulation by using untrained staff for a Form 1099-K data-flow change and lacking controls such as MFA, leaving customer data including SSNs exposed to cybercriminals.
How much is PayPal paying?
$2 million penalty.
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- Company (as named)
- PayPal, Inc.
- Category
- Payments
- Civil penalty, USD
- $2,000,000
- Agency announcement
- dfs.ny.gov
- Order or complaint
- dfs.ny.gov
- Sources
Source Link NYDFS announcement https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250123
Source: the agency’s own press release, litigation release, order or complaint, linked on each record. Charges are allegations; a company is not liable unless a court or agency finds it so.