Betterment collects sensitive categories of personal information, which may include Social Security numbers, financial account details, and other identifiers required for financial services.
This analysis describes what Betterment's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision establishes the scope of sensitive data categories that Betterment's identity verification procedures are authorized to collect as part of account onboarding and verification processes. The use of third-party identity verification services (Socure) creates data handling obligations across multiple entities.
Your most sensitive personal and financial data is held by Betterment, and understanding how it is secured and with whom it is shared is important for assessing your personal risk exposure.
How other platforms handle this
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"Betterment conducts identity verification through Socure, which may also require the collection of facial images, such as headshots from your identification card and selfie photographs. Sensitive Personal Information - Government-issued identifiers (such as Social Security number and driver's license), financial account numbers in combination with login credentials, and facial images used for identification.— Excerpt from Betterment's Betterment Privacy Policy
Collection of sensitive personal information under CPRA triggers additional obligations including limited use requirements and the right for consumers to restrict its processing. Financial services exemptions under CPRA may partially apply, but legal teams should map each sensitive data category against applicable exemptions.
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This provision establishes the scope of sensitive data categories that Betterment's identity verification procedures are authorized to collect as part of account onboarding and verification processes. The use of third-party identity verification services (Socure) creates data handling obligations across multiple entities.
Your most sensitive personal and financial data is held by Betterment, and understanding how it is secured and with whom it is shared is important for assessing your personal risk exposure.
ConductAtlas has identified this type of provision across 8 platforms. See the full comparison.
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