Consumers Face Risks as Commerce, Payments Converge, CFPB Says

The CFPB is turning its attention to how buy now, pay later providers and big tech companies like Apple Inc. harvest and monetize consumer data, the agency’s Director Rohit Chopra said.

The Consumer Financial Protection Bureau released a report Thursday highlighting how consumer data scraped from all-in-one banking apps, buy now, pay later services, and payments provided within social media apps can be used to boost corporate business lines and generate revenue from merchants.

Tech companies and financial firms could use payments data for personalized pricing to get a leg up on their competitors, Chopra said at the Federal Reserve ...