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CFPB: risk is embedded in digital money

Tuesday 12 August 2014 14:53 CET | News

The Consumer Financial Protection Bureau (CFPB) signals that digital currency users are exposed to potential risks because of hackers and not so sturdy protection as that offered by banks and credit card operators, rollcall.com reports.

The CFPB has recently issued a consumer advisory which recognises virtual currencies’ potential in technology development, but highlights their shortcomings, some of which are critical.

The advisory also triggers attention to tax paying issues, such as the possibility of paying more using virtual currency than paying with USD, risk of losing money if users send virtual currencies to the wrong person and large changes in prices of virtual currencies.

The bureau also said that consumers can file complaints regarding virtual currencies with the CFPB.


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Keywords: CFPB, risk, digital money, hackers, protection, security, virtual currencies, technology, credit card operator
Categories: Fraud & Financial Crime
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Countries: World
This article is part of category

Fraud & Financial Crime