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.