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Release date 08/06/2018
YONKERS, NY – Consumer Reports (CR) today revealed its first-ever, test-based ratings of mobile peer-to-peer payment services. The ratings focus on how well the services authenticate payments to prevent fraud and error, secure users’ money and protect their privacy, as well as other factors such as the quality of customer support, whether they insure deposits, and how clearly they disclose fees.
To judge data privacy and security, CR applied the Digital Standard, a set of criteria designed by Consumer Reports, privacy experts and other non-profit leaders to guide the design and development of consumer software, digital platforms and services, and Internet-connected products.
“No one should have to worry about a digital stick up, of their money or their data. CR’s first-ever digital privacy and security ratings are designed to push companies to do better and help people make informed choices,” said Marta L. Tellado, President and CEO of Consumer Reports. “In a connected world consumers deserve apps and services they can trust—and that starts with transparency and accountability.”
In this inaugural set of results, CR rated Apple Pay excellent or very good in the key consumer protection measures of payment authentication and data privacy, and significantly higher than four other popular P2P services: Facebook Peer-to-Peer Payments in Messenger, Square’s Cash App, Venmo and Zelle.
CR’s efforts to promote consumer interests in relation to privacy, security, and data practices, including the development of the Digital Standard, is made possible by its members and philanthropic investments by Ford Foundation and Craig Newmark Philanthropies. Mr. Newmark, the founder of craigslist, is a former member of CR’s Board of Directors, and his vision on the need to address the privacy and security challenges facing consumers in the digital age helped inform this new effort.
CR ultimately plans to use the standard in all future ratings of internet-connected “smart” products that collect data on users.
For more information on the ratings, visit the mobile P2P payments story on CR.org.
Consumer Reports is a nonprofit membership organization that works side by side with consumers to create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.
© 2018 Consumer Reports. The material above is intended for legitimate news entities only; it may not be used for advertising or promotional purposes. Consumer Reports® is an expert, independent, nonprofit organization whose mission is to work side by side with consumers to create a fairer, safer, and healthier world. We accept no advertising and pay for all the products we test. We are not beholden to any commercial interest. Our income is derived from the sale of Consumer Reports® magazine, ConsumerReports.org® and our other publications and information products, services, fees, and noncommercial contributions and grants. Our Ratings and reports are intended solely for the use of our readers. Neither the Ratings nor the reports may be used in advertising or for any other commercial purpose without our prior written permission. Consumer Reports will take all steps open to it to prevent unauthorized commercial use of its content and trademarks.
Consumer Reports is a nonprofit membership organization that works side by side with consumers to create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.
© 2018 Consumer Reports. The material above is intended for legitimate news entities only; it may not be used for advertising or promotional purposes. Consumer Reports® is an expert, independent, nonprofit organization whose mission is to work side by side with consumers to create a fairer, safer, and healthier world. We accept no advertising and pay for all the products we test. We are not beholden to any commercial interest. Our income is derived from the sale of Consumer Reports® magazine, ConsumerReports.org® and our other publications and information products, services, fees, and noncommercial contributions and grants. Our Ratings and reports are intended solely for the use of our readers. Neither the Ratings nor the reports may be used in advertising or for any other commercial purpose without our prior written permission. Consumer Reports will take all steps open to it to prevent unauthorized commercial use of its content and trademarks.