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

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Identity Theft FTC Federal Trade Commission Debit Card 71

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

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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.

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P2P Consumer Protection Credit Cards Regulations 56

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.

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Cybersecurity Identity Theft Data Breach Risk Management 40

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

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.

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Deepfake Consumer Protection Cybersecurity Verification 57

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.

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AML Authentication Finance OCC 52

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.

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FinTech Cross-Border APACS Participant 97

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

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.

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

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

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.

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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

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.

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Authorization Regulations FinTech Cryptocurrency 53

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.

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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.

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Data Breach Breach Compromise Social Security 40

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.

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Financial Literacy Financial Inclusion Underserved FinTech 64

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.”.

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FTC Federal Trade Commission Bitcoin Enrollments 40

Electronic Payments Coalition

MARCH 26, 2024

The settlement, which also features a set of adjustments to Mastercard’s network rules, allows small businesses and all merchants to continue to benefit from accepting electronic payments while delivering consumers a simple and secure way to pay. issued consumer credit and commercial credit transactions at U.S. merchant locations.

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Agreements Payment Networks Settlement Credit Cards 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.”.

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Posting Risk Credit Risk Regulatory Compliance 58

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

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

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.

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Fed Federal Reserve Regs Rules 51

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.

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ATM Transactions Push-to-Card Debit Card 41

PYMNTS

NOVEMBER 8, 2018

“The FTC’s 2009 order required MoneyGram to protect consumers from fraud through its money transfer system, and, today, we are holding MoneyGram accountable for its failure to do so,” said FTC Chairman Joe Simons in the Thursday announcement. The FTC said that between Jan.

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FTC Settlement Federal Trade Commission Fraud Prevention 64

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

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

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.

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Scams Consumer Process Posting 49

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.

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Bitcoin Digital Currency Cryptocurrency Central Bank 40

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.

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CFPB Rules PayPal Debit Card 75

PYMNTS

NOVEMBER 22, 2019

But then again, more than 9,100 stores have closed this year, and per CNBC reports, Bank of America has noted that mall closures have reached more than 4,000 in 2019 alone, up more than 140 percent from 2018’s tally. Might momentum be accelerating toward a tipping point?

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Credit Union Credit Union Service Organization Federal Trade Commission Push-to-Card 40

PYMNTS

SEPTEMBER 12, 2018

Reuters , citing three sources familiar with the matter, reported that the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) told the bank that it has to do more to make sure it has located and compensated everyone impacted by the practice. Wells Fargo has seen U.S.

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency OCC CFPB 40

PYMNTS

JULY 31, 2018

marketplace lending, the country’s P2P lending industry had hit £9 billion in loan originations from the group’s members as of Q1 2018. “The changes we’re proposing are about ensuring sustainable development of the market and appropriate consumer protections.”. Zopa, the U.K.’s Concerns About Hidden Risk.

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P2P Regulations Risk Agreements 40

PYMNTS

FEBRUARY 7, 2019

6), with the announcement that the Consumer Financial Protection Bureau (CFPB) will overhaul a series of 2017 payday loan regulations, set to go into effect in August 2019. The next chapter in the ongoing saga that is payday loan regulation officially began yesterday (Feb. Some parts of the rules, however, did remain intact.

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CFPB Rules Consumer Financial Protection Bureau (CFPB) Regulations 40

PYMNTS

APRIL 16, 2018

That lawmakers have now put any big tech company that uses consumer data in the same bucket: bad guys out to make billions of bucks at the consumer’s expense. It’s also a core tenant that I outlined in my January 2018 annual opus on trends that will drive the payments and commerce ecosystem dynamics this year and in the years to come.

Consumer 48

Consumer Credential Compromise Product 48

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.

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Wire Wires Fraud Prevention Legal 67

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.

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P2P Scams Regulations Governance 61