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Swedish Watchdog Launches Probe Into BNPL Provider

Swedish Watchdog Launches Probe Into BNPL Provider

Swedish Watchdog Launches Probe Into BNPL Provider

Buy now, pay later (BNPL) provider, Klarna, is being investigated by Sweden’s financial watchdog regarding a potential breach of banking secrecy laws.

The company is being probed over an IT incident that happened on May 27 of this year. For a 30 minute period, Klarna’s customers were able to see other user’s data — something the company has blamed on human error. Fortunately, customers’ payment details were not revealed during the incident.

“[We] will investigate whether Klarna has violated bank secrecy in connection with an IT incident in May where the bank’s customers were able to access information about each other for a limited time,” Sweden’s Financial Supervisory Authority “Finansinspektionen” said in a statement.

The probe “was very much expected as part of our regular dialogue with the Swedish FSA and as always we approach this with full cooperation and transparency,” a Klarna spokesperson said.

The watchdog plans to add the issue around bank secrecy to a more general survey into the company’s handling of information and cybersecurity risks.

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