Leaked Document Shows How Big Companies Buy Credit Card Data on Millions of Americans

beSpacific 2020-02-20

Motherboard – Yodlee, America’s largest financial data broker, says the data it sells it is anonymous. A confidential document obtained by Motherboard shows people could be unmasked in the data. “Yodlee, the largest financial data broker in the U.S., sells data pulled from the bank and credit card transactions of tens of millions of Americans to investment and research firms, detailing where and when people shopped and how much they spent. The company claims that the data is anonymous, but a confidential Yodlee document obtained by Motherboard indicates individual users could be unmasked. The findings come as multiple Senators have urged the Federal Trade Commission (FTC) to investigate Envestnet, which owns Yodlee, for selling Americans’ transaction information without their knowledge or consent, potentially violating the law. “Let me be blunt. This is bullshit ‘anonymization,'” Nicholas Weaver, a senior researcher at the International Computer Science Institute at UC Berkeley, told Motherboard in an email after reviewing a section of the document….”