Fintech News

JANUARY 2, 2024

YouTrip users can now hold up to S$20,000 in their wallets, a significant jump from the previous S$5,000 limit, and have access to an annual spending limit of S$100,000, previously capped at S$30,000. Alongside the increased limits, YouTrip has also introduced several anti-scam measures.

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Caps Multi-Currency Transaction Limits Scams 107

Fintech News

SEPTEMBER 29, 2024

Dang’s experience is not uncommon in Vietnam, with many others falling victim to similar scams facilitated through Facebook groups. BNPL fraud exploits Singaporean users through Singpass scams This type of scam is just one example of how BNPL platforms are being exploited. billion by 2025, reaching a total of US$8.83 billion.

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PYMNTS

AUGUST 25, 2016

23) said the China Banking Regulatory Commission (CBRC) announced a $150,000 cap for consumers borrowing from a P2P lending site, including a cap of about $30,000 borrowed from a single platform. For corporates, those caps are set at about five times the limits for consumer borrowing, reports said.

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Caps P2P Scams Regulations 40

PYMNTS

NOVEMBER 8, 2020

Among problems cited by the SBA, according to WSJ, were forged companies getting money; companies getting money even though their payrolls exceeded the 500-worker cap that applied in most instances; and companies getting money even though they were prohibited to do so because of pre-existing debts to the government.

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The Payments Association

DECEMBER 2, 2024

This regulation mandates that payment service providers (PSPs), including banks and payment firms, reimburse victims of APP fraud, addressing the substantial financial losses consumers face due to such scams.

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PYMNTS

NOVEMBER 23, 2018

“By working collaboratively with these retailers, we’ve created a way for businesses to take proactive steps to prevent scams,” New York State Attorney General Barbara Underwood said in a statement. The retailers have stepped up their training, too, in an effort to aid workers in identifying scams.

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Federal Trade Commission Scams FTC Transaction Limits 62

PYMNTS

SEPTEMBER 30, 2018

But with the market cap of Ethereum only slightly below that of Ripple — combined with the weak volume of XRP — it is likely that Ethereum will regain its position as the second-most valuable cryptocurrency soon. Ripple (XRP) has overtaken Ethereum within the last 24 hours, with a 7 percent surge in price for a market valuation of $24.28

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Blockchain FBI Bitcoin IRS 77

The Fintech Times

SEPTEMBER 4, 2024

The UK’s Payment Systems Regulator (PSR) has announced a significant reduction in the maximum fraud reimbursement limit for authorised push payment (APP) scams, lowering it from £415,000 to £85,000 just weeks before new rules take effect in October. “The average scam is £12,000 for businesses and less than £2,000 for individuals.

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Regulations Scams Payments Caps 59

Fintech Finance

JULY 4, 2024

With the average scam costing £11,000 for businesses and less than £2,000 for members of the public, a recommended mandatory reimbursement threshold of £30,000 would be almost three times the average scam for businesses and 15x the average scam for consumers.

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Scams Payments Interoperability Governance 75

PYMNTS

APRIL 3, 2020

In March, FinCEN issued a directive that reminded financial institutions to be on guard for scams, insider trading, and fraud that is common following natural disasters. Bancorp, was warned by colleagues and regulators that capping the number of alerts was dangerous and ill-advised. FinCEN said the former executive at U.S.

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PYMNTS

MARCH 12, 2020

Cointelegraph reported Thursday that just in the last day as much as 25 percent of the cryptocurrency market’s total market cap disappeared as traders fled the space. billion was lost to crypto scams in 2019. As for some examples: Ether slid by 27 percent, Bitcoin Cash lost 31 percent. The list goes on.

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PYMNTS

APRIL 11, 2016

Uber – and its $60 billion market cap – just makes it look way too easy. Fraudsters Bank Billions Via Corporate Email Scams. Cybercriminals are making bank from wire transfer scams conducted through email — the FBI estimates more than $2.3 How many times have you heard someone describe their business as “The Uber of [X]?”

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PYMNTS

JUNE 23, 2016

For some, like small suppliers, a compromise of sensitive data and credentials can lead to a few hundred or thousand dollars fraudulently obtained from a business client, often via the Business Email Compromise scam. Supplier email scams , the FBI said, are rising at massive rates. 2013, resulting in $3.1 2013, resulting in $3.1

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Cybersecurity Data Breach Assessments Breach 40

The Payments Association

OCTOBER 22, 2024

October 22, 2024 No Comments The PSR’s new refund rules strengthen fraud protection, but concerns remain over the reduced compensation cap and evolving scam tactics.

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Consumer Assessments Compliance Payments 88

Stax

JUNE 27, 2024

From $0-$15 for internal wire transfers and up to $35-$50 for external international wire transfer Security measures More secure since every ACH transfer goes through a clearinghouse network governed by NACHA More prone to scams and fraud. On top of that, if money is sent to the wrong account by mistake, you can always reverse the payment.

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Wire Transfer Wire Wires ACH 88

PYMNTS

JANUARY 28, 2019

In addition, separate research by IT security firm ZeroFOX found 53,000 occurrences of online scams related to Fortnite between early September and early October of last year. And an estimated 86 percent of the scams were shared via social media platforms such as Facebook, Instagram and Twitter.

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Money Laundering Visa Credit Cards Regulations 51

PYMNTS

APRIL 7, 2020

What type of scam is this. Melissa Perri, CEO of New York’s Produx Lab was somewhat more pointed in her criticism of her bank. Are you kidding me @BankofAmerica with this requirement of having a credit card to apply for the PPP?” she tweeted. I have been a loyal customer for years with my business accounts.”.

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Payroll Push-to-Card Rules Credit Cards 57

PYMNTS

SEPTEMBER 17, 2019

Capping access to short-term loans would limit consumers’ ability to get funds — but in no way have any effect on their need for them. “We The move, in turn, pushed many of the state’s payday lenders away from the industry — either into installment loans, away from loan underwriting entirely or out of business.

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Laws Push-to-Card Regulations Non-Bank 60

PYMNTS

JULY 2, 2019

Windmill offers loans capped at $15,000 with either no interest at all or very low interest for immigrants, which help pay for re accreditation costs. And, she noted, even when they know, there is often a trust barrier to overcome as some customers come in assuming it may be a scam.

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PYMNTS

OCTOBER 1, 2018

Last week’s announcements capped off two years of investigation into the P2P lending firm, and its board has expressed some relief that it seems to be time to turn the page on the events of 2016. Attorney Alex Tse. “We We will vigorously investigate wrongful conduct in this industry.”. The Response.

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Fintech Review

AUGUST 27, 2024

Scams, bots, and a regulatory clampdown killed on-chain fundraising. Legion’s founding team are no strangers to on-chain fundraising, having worked for multiple projects funded by ICOs – including current and former Top 50 projects by market cap such as Stacks, “the first SEC-qualified [token] offering in U.S.

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Fintech News

OCTOBER 27, 2024

The Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) will implement the Shared Responsibility Framework (SRF) for phishing scams on 16 December 2024. Duties of FIs and PSPs FIs and PSPs must implement several anti-scam measures to prevent unauthorized access and detect phishing threats.

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Clearly Payments

JANUARY 8, 2025

Bitcoin, Ethereum, Binance Coin, and several others remain the largest by market cap. Cyber Attacks and Scams : However, cryptocurrency holders can fall victim to phishing scams, exchange hacks, and other forms of cybercrime. Once verified, they are nearly impossible to alter. Both face ongoing regulatory challenges.

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Credit Cards Cryptocurrency Cross-Border Volume 105

PYMNTS

JANUARY 30, 2021

No microcap (less than $1 billion market cap), cryptocurrencies, SPACs or any other worthless securities that are susceptible to scams or pump & dump schemes,” is officially written into the site's rules. Any violating posts are immediately removed, and moderation is very actively enforced. “No

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Bitcoin Cryptocurrency Rules Wire 120

PYMNTS

NOVEMBER 28, 2016

We need strong consumer financial protection laws, and enforcement of those laws, to make everyone involved in financial services — from lowly employees pushing products, to local managers at AFS providers, to CEOs at big financial institutions — to think long and hard about scamming consumers. It is to help consumers.

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Consumer CFPB Credit Cards Federal Reserve 51