Month: January 2025

NYDFS PENALIZES PAYPAL $2 MILLION FOR CYBERSECURITY VIOLATIONS

by

Enforcement takeaways (according to DFS allegations in the Consent Order with PayPal): •        NYDFS found customer data was exposed after PayPal implemented changes to make 1099-K forms available to more of its customers, after teams tasked with implementing these changes failed to follow proper procedures before the changes went live. •        Malicious actors leveraged compromised credentials to … Read more

NYDFS TAKES AIM AT MEME COINS IN INDUSTRY LETTER

by

•        NYDFS issued an Industry Letter and consumer bulletin that warns licensees and consumers to exercise caution regarding meme coins. According to the Industry Letter: •        “The New York State Department of Financial Services (“Department”) is closely monitoring the rapid proliferation of sentiment-based virtual currencies. The platforms that enable the creation of these coins are not licensed … Read more