PYMNTS

MAY 21, 2020

The FTC reported in its newest Consumer Protection Data Spotlight that service members typically report misuse of their credit and debit card data. percent higher than in 2018, with the notable increase likely being due to the high-profile data breaches of companies like Capital One and Equifax. percent of the 3.2

Identity Theft 71

Identity Theft FTC Federal Trade Commission Debit Card 71

PYMNTS

MAY 1, 2020

The EU’s PSD2 and GDPR regulations were passed in 2018 and designed with a primary focus on interoperability between open banking systems around the world. This also makes data security critical, though, because banks must protect growing volumes of personal information. Consumer Trust Drives Open Banking .

Privacy 98

Privacy API Innovation Payment APIs and Integration 98

PYMNTS

DECEMBER 29, 2020

Though the industry moved to enable interoperability of mobile wallets in 2018, this is limited to only P2P payments, and is yet to be expanded to both merchant and agent interoperability and even to work seamlessly at P2P,” according to the draft of the Kenya National Payments System 2021-2025 report. million people use M-Pesa.

Central Bank 64

Central Bank Transactions P2P Interoperability 64

PYMNTS

MARCH 11, 2020

Consumer advocates are pushing federal banking regulators to do something about rent-a-banks with notoriously sky-high loan rates that prey on people with bad credit, the Wall Street Journal (WSJ) reported on Wednesday (March 11). South Dakota passed a law in 2016, followed by Colorado in 2018. Utah has no caps on interest rates. “A

Regulations 58

Regulations Caps Laws Underwriting 58

PYMNTS

DECEMBER 1, 2019

Launched in 2005, Zopa is considered one of the world’s first P2P lenders, lending almost £4 billion to consumers in the U.K. The changes we’re proposing are about ensuring sustainable development of the market, and appropriate consumer protections.”. -based fund, and its U.K. investment vehicle Silverstripe.

P2P 56

P2P Consumer Protection Credit Cards Regulations 56

The Fintech Times

JANUARY 13, 2024

The investigation’s findings revealed the complete dominance of the largest banks in the financial market, prompting the CMA to mandate that the nine largest banks in the UK, known as the CMA9, collaborate to facilitate secure sharing of consumers’ banking data with trusted third parties. ” What else needs to be achieved?

Payment APIs and Integration 81

Payment APIs and Integration Use Case On-Demand Consumer 81

PYMNTS

JANUARY 8, 2020

The House’s Subcommittee on Consumer Protection and Commerce heard digital experts, as well as a representative from Facebook, testify in regards to the measures tech firms are using to fight against deepfakes, and what further actions should occur at the federal level, CNBC reported Wednesday (Jan.

Deepfake 57

Deepfake Consumer Protection Cybersecurity Verification 57

PYMNTS

MAY 8, 2017

Things are getting tougher for the Consumer Financial Protection Bureau (CFPB) under the new political administration. Cordray’s term reportedly ends in July of 2018. More banks are now willing to challenge CFPB enforcement actions, said The Wall Street Journal. The controversial U.S.

CFPB 48

CFPB Consumer Financial Protection Bureau (CFPB) Authorization Consumer Protection 48

PYMNTS

OCTOBER 5, 2016

The use of prepaid cards has exploded over the last decade or so — in 2003 consumers put less than $1 billion on prepaid cards annually, but by 2012 that figure had grown to $65 billion and by 2018 that figure is projected to reach as much as $121 billion. The user base of prepaid cards has grown significantly as well.

CFPB 75

CFPB Rules PayPal Debit Card 75

Fintech News

APRIL 8, 2024

Since its inception in 2018, RiseUp has seen over 450 women from around the world, with impactful results including promotions, career progression, and new opportunities. Selected participants receive various benefits, including complimentary tickets, exclusive networking events, and mentoring opportunities.

FinTech 102

FinTech Cross-Border APACS Participant 102

PYMNTS

MARCH 9, 2018

Still, “we need to ensure that firms can enter and participate in the internal market for financial services on an equal footing and that a high standard of consumer protection is maintained,” Enria said. But when it comes to cryptocurrencies, Enria is “yet to be convinced” that crypto should fall under comprehensive regulation.

Authorization 53

Authorization Regulations FinTech Cryptocurrency 53

FICO

JANUARY 5, 2023

consumers who don’t have enough credit history to generate a traditional FICO ® Score, over 15 million could receive an UltraFICO ® Score. FICO has been the pioneer in incorporating data from outside the credit bureaus, like cash flow data, to obtain a clearer and more accurate picture of consumer financial risk. FICO Admin.

Risk 52

Risk Underwriting Consumer Addressing 52

FICO

JANUARY 4, 2018

Here were the top 5 posts of 2017 in the Risk & Compliance category: US Average FICO Score Hits 700: A Milestone for Consumers. By contrast, growth in student loan debts outpaced inflation, being both greater in number as well as balances; this undoubtedly creates a drag on capacity for other forms of consumer credit.”.

Risk 58

Risk Posting Credit Risk Regulatory Compliance 58

FICO

JANUARY 13, 2020

The FCC will issue updated interpretations of the Telephone Consumer Protection Act in 2020. The Telephone Consumer Protection Act (TCPA) has long been a concern to many organizations that are frustrated by their inability to effectively use modern technology to communicate with their customers or members.

AML 52

AML Authentication Finance OCC 52

Segpay

DECEMBER 13, 2024

Striking the Balance Between ID Management and Data Protection In the digital age, where data drives everything from marketing strategies to AI algorithms, a growing number of citizens are worried about the protection of their personal data. Fines for non-compliance can range from $2,500 to $7,500 per violation.

Privacy 77

Privacy Compliance CCPA Authentication 77

PYMNTS

SEPTEMBER 9, 2016

consumers file a £14 billion legal claim against the company over anticompetitive card fees. consumers is for damages for the fees it charged from 1992–2008. The claim by the consumers is being led by former Financial Ombudsman Walter Merricks, who has the backing of law firm Quinn Emanuel, under the new Consumer Rights Act.

Legal 40

Legal Visa Rules Consumer Protection 40

PYMNTS

OCTOBER 24, 2018

and in the wake of GDPR, which of course took effect in May, there exists the California Consumer Privacy Act of 2018, known colloquially as CCPA. Earlier this month advocates and industry observers testified before the Senate Committee on Commerce, Science and Transportation on consumer protections. Here in the U.S.,

Privacy 49

Privacy Laws CCPA Data Breach 49

FICO

JUNE 21, 2019

It’s important for consumers to realize that when they do business with somebody, they may be doing business with more than one party,” Clare said. For consumers, protection means paying close attention. More tips on how to protect yourself online are discussed in this blog post and video. by FICO.

Cybersecurity 40

Cybersecurity Identity Theft Data Breach Risk Management 40

PYMNTS

APRIL 2, 2018

The company further told the media that it plans to double its revenue again in 2018 — and that the latest round of funding will be put toward that goal, particularly in the realm of an international rollout of the brand. Goop has fielded a healthy amount of controversy over the years.

Consumer Protection 43

Consumer Protection Product Consumer 43

FICO

JUNE 21, 2019

It’s important for consumers to realize that when they do business with somebody, they may be doing business with more than one party," Clare said. For consumers, protection means paying close attention. More tips on how to protect yourself online are discussed in this blog post and video.

Cybersecurity 40

Cybersecurity Identity Theft Data Breach Risk Management 40

FICO

SEPTEMBER 28, 2018

For consumers, they will be in many cases unknowingly give up the chargeback scheme that offers consumer protection should purchases go wrong, especially the very much-unpublicised UK Credit Card – Section 75 claim. Consumer acceptance is so rapid we now see Netflx, Spotify and Amazon as established go-to brands.

RFP 53

RFP Compromise Non-Bank On-Demand 53

PYMNTS

DECEMBER 19, 2018

19), saying that Facebook violated the Consumer Protection Procedures Act by letting users download an app (made by Cambridge Analytica) that collected private info without users’ knowledge. In addition, the complaint says that Facebook became aware of the data breach in 2015 but did not inform users until 2018.

Privacy 43

Privacy Data Breach Procedures Consumer Protection 43

PYMNTS

APRIL 18, 2018

Overall, bitcoin has dropped 41 percent since the beginning of 2018. The company, which is behind the XRP currency, said regulators should focus on anti-money laundering (AML), consumer protection and financial stability. The cryptocurrency was trading at $7,892.97 as of 6:54 p.m. on Tuesday (April 17), according to CoinDesk.

Bitcoin 43

Bitcoin Money Laundering Cryptocurrency AML 43

PYMNTS

JULY 11, 2018

Customers that may have been impacted have been contacted, and Macy’s said it is offering consumer protection services to them at no cost. On March 25, the MyFitnessPal team became aware that an unauthorized party acquired data associated with MyFitnessPal user accounts in late February 2018,” the company wrote in a statement.

Data Breach 40

Data Breach Breach Compromise Social Security 40

PYMNTS

MARCH 16, 2018

On March 16, 2018, a federal court cracked down on four individuals behind a cryptocurrency pyramid scheme. Those who claim that all cryptocurrencies are a pyramid scheme haven’t seen anything yet. The schemes the defendants promoted were designed to enrich those at the top at the expense of everyone else.”.

FTC 40

FTC Federal Trade Commission Bitcoin Enrollments 40

PYMNTS

NOVEMBER 5, 2018

The latest changes proposed by the Fed come on the heels of the May 2018 passage of the Economic Growth, Regulatory Relief and Consumer Protection Act, which in turn scaled back a number of financial regulations introduced a decade ago in the aftermath of the 2008 Financial Crisis.

Fed 51

Fed Federal Reserve Regs Rules 51

PYMNTS

APRIL 1, 2020

billion non-prepaid debit card transactions in 2018, solidifying debit as a staple payment type. Consumers only see a small part of what is involved in using this method, however. The debit card scene has evolved over the last three decades as consumer and business interest in increased and new policies gave merchants greater agency.

Debit Card 56

Debit Card Electronic Funds Transfer (EFT) Debit Transaction Federal Reserve 56

PYMNTS

JULY 3, 2017

Good news for consumers: as of January 2018, that’s not going to be a thing anymore. In 2013, new limits were set on the amount merchants were legally allowed to charge customers for paying by credit or debit card, and come 2018, that amount will be slashed to zero. Consumer Demand and the Globalization of Travel.

Payments 44

Payments Cross-Border Debit Card Law Enforcement 44

PYMNTS

JANUARY 29, 2019

In May 2018, the Supreme Court struck down a 1992 law passed by Congress that made it illegal for most states to legalize sports betting within their borders. Those consumer protections, after all, “can get a lot better.”. More about that in just a bit, though. Gambling Landscape. Challenges Are Immense.

Wire 67

Wire Wires Fraud Prevention Legal 67

PYMNTS

JUNE 26, 2019

SCA is intended to make online transactions safer for consumers. consumers trust companies more under GDPR, according to the PSD2 Tracker. Loyalty may go out the window, if consumers no longer need to access products through banks’ branded offerings. Consumer Data Protections Beyond Europe. In the U.S.,

Privacy 43

Privacy Authorization CCPA Regulations 43

PYMNTS

NOVEMBER 8, 2018

A new update to Google Chrome will help prevent consumers from being scammed by unclear mobile subscription services. That’s why starting from Chrome 71 (December 2018), Chrome will show a warning before these pages, so that users can make informed decisions when signing up to mobile based subscription services.

Scams 49

Scams Consumer Process Posting 49

PYMNTS

AUGUST 3, 2018

“It’s been well-documented for many years that banks have used a variety of methods to push people into incurring overdraft fees to boost their income,” said Lauren Saunders, an associate director at the National Consumer Law Center , who helped work on the legislation, according to Vox.

ATM 41

ATM Transactions Push-to-Card Debit Card 41

PYMNTS

JANUARY 2, 2019

During 2018, the market research firm said the number of P2P lenders declined by 50 percent to 1,021. The lack of oversight resulted in huge growth, with loans kicking off in 2012 at next to nothing and growing to 1.22 trillion yuan by the end of 2017, reported Bloomberg.

P2P 61

P2P Scams Regulations Governance 61

PYMNTS

JUNE 19, 2018

consumers either own or work at small businesses nationwide, and the FTC is happy to join with our law enforcement partners and the BBB to help stop scams and spread the word about how they can identify and avoid scams targeting their livelihood,” said Chairman Joe Simons. attorneys’ offices and 18 actions by state AGs over the past year.

FTC 43

FTC Law Enforcement Scams Federal Trade Commission 43

The Fintech Times

MARCH 5, 2024

Tell us more about your company and its purpose Rajat Dayal, CEO, Yabx Yabx was founded in 2018 with a mission to solve for the vast credit gap in emerging markets. million consumers and MSMEs through the platform. Our hypothesis is that this gap exists due to the lack of credit infrastructure.

Financial Literacy 64

Financial Literacy Financial Inclusion Underserved FinTech 64

PYMNTS

MARCH 9, 2018

The Consumer Financial Protection Bureau (CFPB) introduced a final rule on Thursday (March 8) that it said will help mortgage servicers communicate with borrowers who are facing bankruptcy. As a result of that rule, the CFPB has created sample forms for the services to use.

CFPB 40

CFPB Consumer Financial Protection Bureau (CFPB) Rules Legal 40

PYMNTS

DECEMBER 20, 2017

3, 2018, following “potentially manipulative transactions” last month. Amid those growing concerns about consumer protection in bitcoin investments, the Monetary Authority of Singapore (MAS) offered a statement that “MAS considers the recent surge in the prices of cryptocurrencies to be driven by speculation.

Bitcoin 40

Bitcoin Digital Currency Cryptocurrency Central Bank 40