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Regulator Cites Privacy Breaches by 17 Financial Apps

By Hu Yue and Han Wei / Jul 30, 2019 05:25 AM / Finance

Photo: VCG

Photo: VCG

An industry watchdog recently cited 17 mobile apps that offer online lending and investment service to the public for lapses in protection of personal data.

The mobile applications were found to have privacy breaches such as collecting personal information without users’ approval, gaining excessive access to users’ information and lacking clear data protection disclosures or provision for account cancellation, among others, according to a special team set up by several industry associations to inspect app operations.

The apps were given 30 days to correct their practices. Further punishment may be levied if corrections can’t be fulfilled on time, according to a statement issued by the watchdog.

Operators of the apps include New York-listed Yirendai, Tiger Brokers, Hong Kong-listed Weshare, leading e-payment provider Lakala Payment Co. and Baidu-backed Du Xiaoman Financial.

Related: Ministry Finds Internet Companies With Data Privacy Issues

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