BLUE BELL, Pennsylvania., December 15, 2021 / PRNewswire / – Last week, the U.S. House of Representatives held a Big Tech Liability hearing, highlighting the need to protect children and their information while they are online. Technological policy expert and Rego Council Councilor Rick Lane testified about the risks children face online today and how Congress can protect them.
Building a safer and more secure Internet for children will require Congress to focus on a variety of interrelated issues, including the protection of online privacy and broader accountability and security standards, particularly in the context of digital payment systems and applications. Lane focused on the Children’s Online Privacy Protection Act (COPPA), which prohibits a “website or online service” from collecting personal information from a child under the age of thirteen. whether for own use or to sell it to others, without first obtaining parental consent.
There are currently dozens of financial apps on the market for kids and teens. However, only Rego Payment Architectures’ ‘REGO’ digital wallet platform, Mazzola, is independently COPPA certified and ensures that a child’s identity remains private. Due to a legal loophole, other financial apps for children currently allow the collection of much of their personal information without parental consent. Many fall into a dangerous FinTech child privacy gap where children as young as 13 are treated like adults and their data is collected, profiled and targeted. According to a recent VICE article, it is extremely difficult for a parent to control sensitive information shared about their children online, including their names, dates of birth, email addresses, GPS location history and now financial transactions. And when that data is hacked or hacked, it can trigger a lifetime of identity theft and devastating financial consequences.
At the US House of Representatives hearing, Lane urged leaders in Congress to hold big tech accountable and pass legislation to build a safer internet. He explained that “digital wallets are growing in popularity at a remarkable rate. Children today more than ever perform financial transactions with digital wallets, both online and in stores.” He went on to say that “to combat the potential harm to our children from online data collection, REGO has incorporated COPPA privacy by design into its financial app and Mazoola payment button, producing the only app from COPPA certified digital payment on the market. all levels are starting to work on this problem, but progress has been slow. “
It is extremely important that children start to learn early and prepare for their future financial success, but in a safe way. Mazoola is currently the only digital banking solution that prioritizes privacy and helps teach children essential financial management skills. The app collects only the bare minimum of credentials necessary for banking transactions from parents, and no personally identifying information for its child users. It doesn’t even know your child’s name because parents can assign nicknames to children’s accounts. Mazoola will also never share or sell the limited information available to it. This commitment should be the gold standard for protecting children’s privacy online.
Learn more about Mazoola on mazoola.co. Follow the conversation on Instagram and Facebook (@Mazoolawallet).
About REGO Payment Architectures, Inc.
REGO is a digital solution that helps children stay safe in today’s technological environment. The REGO Digital Wallet platform, Mazoola℠, allows parents and guardians to authorize online purchases or digital spending at authorized retailers, control funds available for which purchases, and reward children or pay an allowance through the app. REGO is an innovative financial platform uniquely positioned due to its compliance with Children’s Online Privacy Protection Act (COPPA) and General Data Protection Regulation (GDPR). Visit us at regopayments.com.
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SOURCE REGO Payment Architectures, Inc. (“REGO”)