How much is your payroll data worth? Probably a lot more than you think. One financial startup that’s targeting the gig worker market is offering up to $500 to anyone willing to hand over the payroll account username and password given to them by their employer, plus a regular payment for each month afterwards in which those credentials still work.
New York-based Argyle.com says it’s building a platform where people who work multiple jobs and/or side hustles can improve their credit and employment options by pooling all of their gig work data in one place.“Consumers’ access to financial security and upward mobility is dependent on their access to and control over their own employment records and how easily they can share those records with financial institutions,” Argyle explained in a May 3 blog post. “We enable access to a dataset that, for too long, has gone unstandardized, unregulated, and controlled by corporations instead of consumers, contributing to system-wide inequalities.”
In that sense, Argyle is making a play for a discrete chunk of a much larger employment data market dominated by the major credit bureaus, which have been hoovering up and selling access to employment data for years.
The 800-lb. gorilla there is Equifax, whose The Work Number product has for years purchased employment data flows from some of the world’s largest companies (employees consent to this sharing as part of their employment contract, and The Work Number makes it fairly easy for anyone to learn how much you earn).
The Work Number is designed to provide automated employment and income verification for prospective employers, and tens of thousands of companies report employee salary data to it. It also allows anyone whose employer uses the service to provide proof of their income when purchasing a home or applying for a loan.
On its blog, Argyle imagines a world in which companies choose to integrate its application platform interface (API) and share their employee payroll data. At the same time, the company appears to be part of an effort in which non-salaried workers are prompted to repay their erstwhile employers’ trust by selling payroll credentials.
If Argyle is worried these two goals might somehow conflict, that is not obvious by looking at some of its direct-to-consumer efforts.
The website pictured below prompts visitors to “connect payroll,” and those who proceed agree to have their payroll data shared with a company called Earnin, a mobile payday loan app that lets users get an advance on their upcoming paycheck.
Clicking “Connect Payroll” brings up a list of payroll login pages for brand name companies, including Walmart, Starbucks, Amazon, Uber, Chipotle, etc., with a search feature that reveals login pages for everyone from the Federal Bureau of Investigation (FBI) to the Federal Reserve and Federal Trade Commission (FTC).
Here’s what comes up when you search by “Department of” at this site:
Drilling down into individual companies listed here produces a username and password form that in some cases is modified to request an employee identifier other than a username, such as a employee ID, associate or partner number instead. Here’s the login page for Starbucks employees:
The site pictured above actively checks if any submitted credentials are working, by submitting them directly to the employer in question. This Argyle status page indicates the system’s “data connection status” to countless employers.
Some of you may be thinking, “How many of us actually know or have our payroll passwords?” According to Argyle, plenty of people do.
“At Argyle, we are intimately familiar with how likely someone is to know the password for their employment account or payroll system, because we’ve seen hundreds of thousands of users successfully (and unsuccessfully) provide their credentials,” Argyle’s Billy Mardsen wrote on Apr. 1. “We closely monitor their success rate—what we call conversion—because it drives the performance of the products and applications that our clients build on top of Argyle.”