Internet of Things

FTC Makes A Case For Fostering IoT Growth

FTC Issues IoT Guidance

Just about everybody is waiting for the Internet of Things to really make its mark on the world, but before that happens, the Federal Trade Commission wants to have its say on the future growth of this inherently transformative technology.

Friday (June 3) saw the FTC issue an official comment to a request from the Department of Commerce’s National Telecommunications and Information Administration (NTIA) in response to the latter agency’s call for interdepartmental conversation on the potential benefits and drawbacks of governmental guidance for the growing IoT space. The comment covers FTC staff members’ opinions on everything from the positive impact of regulated data monitoring to the expected security risks from a world connected by the sinew of IoT.

“In addition, the comment addresses a number of proposed best practices for businesses regarding the Internet of Things, providing recommendations regarding data security, data minimization and how best to give consumers meaningful notice and choice about the collection and use of their data,” the FTC explained in a statement. “The comment also addresses the role of government in enforcing consumer protections in the Internet of Things.”

While the FTC didn’t have many new insights to give to the NTIA — as it noted that most of its comments were extrapolated upon in its 2015 Internet of Things Report — it did pledge itself to working with any agency committed to the fostering of IoT devices and platforms into the future.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

Click to comment