Plaid suspends FTX.US access to user data following “concerning” reports

Plaid suspends FTX.US access to user data following “concerning” reports

Plaid is a fintech company that facilitates communication between financial services apps and users’ banks and credit card providers.

In FTX.US’s case, the Products allow users to allow FTX.US customers to link their bank accounts to the FTX App. This will then allow FTX.US to request payments that will be processed by the ACH network.

In a pinned Tweet on November 12, Plaid announced it has suspended FTX’s access to Plaid products at approx. 06:30 UTC on November 12, meaning that “FTX can no longer retrieve financial information via Plaid.”

In an earlier tweet, Plaid so the suspension was due “regarding public reports”, but noted that there is “no indication at this time that Plaid has been used as a vector for fraudulent activity.”

On November 12, Twitter users began reporting that FTX.US had attempted to access their accounts through Plaid. Reports so far only suggest that users’ data has been accessed, and no reports so far suggest that any funds have been removed.

Others have warned others to immediately change their bank account passwords and revoke access rights on Plaid.

In an FAQ, Plaid also suggested that some of these access requests may be part of automated checks of financial information performed by Plaid, which are done on a regular schedule.

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It has also reiterated that since the suspension of access, FTX has not been able to retrieve any information from Plaid accounts.

The financial technology provider that allows FTX.US users to link their bank accounts to the FTX app has suspended the US-based exchange’s access to its products, citing “public reports” of fraudulent activity.