The Fintech Times

FEBRUARY 27, 2024

Merchants, especially smaller or micro-merchants, don’t want the hassle of hardware that’s time-consuming to install, expensive to maintain, and difficult to upgrade every time a new payment method or industry standard emerges, like PCI DSS. And increasingly, that’s what customers themselves are demanding.

Consumer Protection 67

Consumer Protection Stablecoins Payments Trends Consumer 67

Finextra

FEBRUARY 9, 2024

The emergence of Variable Recurring Payments (VRPs) marks a significant milestone in the realm of op.

Consumer Protection 59

Consumer Protection Consumer Payments 59

PYMNTS

JULY 23, 2020

Axios reported the investigation is examining Apple’s possible use of deceptive trade practices that may have broken consumer protection laws. It is important that Apple’s measures do not deny consumers the benefits of new payment technologies, including better choice, quality, innovation and competitive prices.”.

Consumer Protection 63

Consumer Protection Consumer Laws Legal 63

PYMNTS

JANUARY 23, 2020

Parliament’s Internal Market and Consumer Protection Committee issued a resolution Thursday (Jan. 23) that will put rules into place to address the challenges of fast-developing artificial intelligence and automated decision-making technology.

Consumer Protection 52

Consumer Protection AI Automation Consumer 52

The Paypers

DECEMBER 20, 2023

The Payment Systems Regulator (PSR) has confirmed new reimbursement requirements in a final publication ahead of 2024.

Consumer Protection 41

Consumer Protection Consumer Regulations Payments 41

Payments Dive

MARCH 21, 2022

A report this month from the organization outlines a litany of complaints about buy now-pay later, such as hidden fees, and suggests the industry is trying to evade consumer protection laws.

Consumer 97

Consumer BNPL Consumer Protection Laws 97

Neopay

OCTOBER 11, 2024

The Financial Conduct Authority (FCA) recently published the findings from its review of how payment firms have implemented the Consumer Duty (the Duty), which came into force on July 31, 2023, for open products and services.

Consumer 52

Consumer Assessments Payments Compliance 52

The Paypers

SEPTEMBER 30, 2024

The Financial Conduct Authority (FCA) has been consulting on proposals to scale consumer protection when payments and e-money companies cease their operations.

Consumer 41

Consumer Consumer Protection Consulting Authorization 41

The Fintech Times

NOVEMBER 9, 2024

According to Samuel Levine , director of the FTC’s Bureau of Consumer Protection: “Dave lured in consumers living paycheck-to-paycheck with false claims of big-dollar advances, then reached into their pockets to give itself a so-called ‘tip’. Only a tiny amount of consumers received the payout. Not very helpful.”

FTC 62

FTC Consumer Federal Trade Commission Accounts 62

The Fintech Times

MAY 22, 2024

The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections. Are consumers protected?

BNPL 62

BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 62

The Fintech Times

DECEMBER 15, 2023

the consumer advisor. s monthly Consumer Insight Tracker found that trust in the insurance industry has dropped to a confidence score of -24. Since it started being tracked in August 2020, the industry has never seen 44 per cent of consumers say they do not trust insurance companies. Rocio Concha , Which?

Consumer 57

Consumer Void Advisors SWIFT 57

Fintech Finance

JULY 15, 2024

Regulatory clarity and consistent standards are critical for providers offering safe, transparent and responsible financial services and even more important for consumers who expect protections when utilizing financial services including Buy Now Pay Later,” said Phil Goldfeder, Chief Executive Officer of AFC.

Consumer Financial Protection Bureau (CFPB) 93

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 93

The Payments Association

SEPTEMBER 16, 2024

The FCA's latest guidance proposes a risk-based approach allowing payment service providers to delay outgoing payments to combat APP fraud, balancing fraud prevention with consumer protection. Read more

Risk 88

Risk Fraud Prevention Consumer Protection Payments 88

The Payments Association

AUGUST 7, 2024

The PSR's July 2024 report on APP scams highlights growing fraud sophistication and the challenges for financial institutions, stressing the need for improved regulations and consumer protection. Read more

Scams 100

Scams Consumer Protection Regulations Consumer 100

The Payments Association

AUGUST 14, 2024

Regulatory changes in BNPL, cVRPs, and digital wallets aim to boost e-commerce innovation and competition while safeguarding consumer protection and market stability. Read more

BNPL 88

BNPL Consumer Protection Payments Innovation 88

Finextra

FEBRUARY 13, 2024

The FCA recently unveiled new consumer protection guidelines that signal a major shift in credit dat.

Consumer 52

Consumer Consumer Protection 52

The Payments Association

JUNE 7, 2024

The Consumer Rights Act 2015 aimed to unify UK consumer protections, but rapid digital advances in banking have necessitated a stronger focus on fraud protection. Read more

Consumer Protection 88

Consumer Protection Consumer Compliance Regulations 88

Fintech Finance

MAY 24, 2024

The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers. Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards.

Disputes 91

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 91

Neopay

JULY 2, 2024

The Financial Conduct Authority (FCA) recently published the results of a multi-firm review focusing on outcomes monitoring under the Consumer Duty. Overview of the review The FCA’s review aims to ensure that firms are effectively monitoring and achieving good consumer outcomes as required by the Consumer Duty.

Consumer 52

Consumer Compliance Regulatory Compliance Assessments 52

The Fintech Times

DECEMBER 9, 2023

Consumer Duty, a set of rules aimed at enhancing consumer protection in the financial services sector, came into force in July 2023. 2023 saw the introduction of a new Consumer Duty, setting higher and clearer standards of consumer protection across financial services, and requiring firms to put customers’ needs first. “To

Consumer 109

Consumer Financial Literacy Regulations AI 109

Fintech News

FEBRUARY 26, 2024

This period of upheaval has catalysed a significant transformation within the sector, with fintech firms adapting to and capitalising on the changing landscape of consumer demands and regulatory environments. The post More Than Half the Fintech Industry Seeing Growth from Strong Consumer Demand appeared first on Fintech Singapore.

FinTech 133

FinTech Consumer Financial Inclusion On-Demand 133

The Payments Association

JUNE 20, 2024

million lost in early 2023, prompting calls for stronger consumer protections. APP fraud is surging, with UK Finance reporting £42.6 Read more

Regulations 88

Regulations Consumer Protection Security FinTech 88

Payments Dive

MAY 21, 2024

“Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

CFPB 97

CFPB Credit Cards BNPL Consumer Protection 97

The Fintech Times

FEBRUARY 4, 2024

As fraud continues to rise across the globe, many are left scratching their heads when considering how best to approach consumer protections. The post Mastercard Backs Generative AI Techniques to Keep Consumers Safe Against Growing Fraud Levels appeared first on The Fintech Times.

AI 67

AI Visa Consumer Fraud Detection 67

The Payments Association

MAY 7, 2024

With the UK's financial watchdogs set to establish a regulatory regime for stablecoins, payment service providers must brace for stringent new standards in operations, redemptions, audits, and consumer protection. Read more

Stablecoins 88

Stablecoins Audit Consumer Protection Service Provider 88

Fintech News

JUNE 5, 2024

Currently, most BNPL products are not covered by the National Consumer Credit Act, leaving consumers without the same protections such as affordability checks that apply to credit cards and loans. BNPL providers will need to assess whether their products are suitable and affordable for consumers.

Regulations 99

Regulations BNPL Product Consumer Protection 99

Bank Automation

AUGUST 23, 2024

The Consumer Financial Protection Bureau has once again made it clear that new AI- and machine learning-based technologies are held to the same consumer protection regulations as established technologies.

AI 75

AI CFPB Consumer Protection Laws 75

Fintech Finance

NOVEMBER 19, 2024

As the holiday shopping season approaches, card-based payments continue to dominate consumer transactions. While this payment method remains popular due to Visa and Mastercard’s robust consumer protection frameworks, it is essential for issuers to ready their operations for the anticipated rise in disputes.

Disputes 69

Disputes Consumer Protection Duplicate Transactions 69

Fintech News

NOVEMBER 20, 2024

The Monetary Authority of Singapore (MAS) is streamlining the product approval process for life insurers while maintaining robust consumer protection. This allows MAS to thoroughly assess these novel products for adequate pricing, capitalisation, and consumer disclosures before they are launched.

Product 56

Product Process Consumer Protection Compliance 56

Payments Dive

OCTOBER 31, 2022

Elizabeth Warren told the Consumer Financial Protection Bureau that it should amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection.”

Zelle 131

Zelle CFPB Funds Transfer Consumer Protection 131

Payments Dive

OCTOBER 2, 2023

The agreement, issued last week, addresses “shortcomings” in Discover Bank’s compliance management system for consumer protection laws, the company said.

Agreements 103

Agreements FDIC Consumer Protection Laws 103

The Fintech Times

AUGUST 3, 2024

The Financial Conduct Authority (FCA) introduced Consumer Duty, aiming to improve consumer protection standards across the financial industry. In 2023, the FCA described Consumer Duty as a ‘cornerstone’ to of three-year plan to improve standards across the UK.

Consumer 57

Consumer Rules Duplicate Regulations 57

Finextra

OCTOBER 23, 2024

Highlighting the role of AI, APIs, and blockchain in enhancing security and speed, while PSD2 and PSD3 drive open banking and consumer protection, the discussion focuses on innovations like embedded finance and instant payments that offer transparency and flexibility.

IBAN 64

IBAN Technology Embedded Finance Instant Payments 64

The Fintech Times

DECEMBER 19, 2023

Buy now, pay later (BNPL) services have become significant in the realm of short-term unsecured consumer finance, often tied to specific products and offering instalment repayments, without accruing interest. The BNPL transaction involves three key players: the consumer, the merchant, and the BNPL service provider.

BNPL 111

BNPL Regulations Finance Consumer Protection 111

NFCW

NOVEMBER 27, 2023

The US Consumer Financial Protection Bureau (CFPB) is proposing to subject large non-bank companies that offer consumer finance services including digital wallets and payment apps – such as Apple and Google – to the same regulatory scrutiny and oversight as banks, credit unions and other financial institutions.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Rules CFPB Consumer 52

The Payments Association

OCTOBER 21, 2024

The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. In 2023 alone, UK consumers lost a staggering £460 million to authorised push payment (APP) fraud. In my view, and without a doubt, the rule changes are good news for consumers.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

Fintech News

APRIL 28, 2024

This distinction, effective from 1 May 2024, allows consumers to easily recognise these accredited providers, signaling their compliance with the stringent standards set out in the BNPL Code of Conduct. Buy Now, Pay Later Accredited Trustmark The trustmark signifies a commitment to responsible lending and consumer protection.

BNPL 103

BNPL Compliance Accreditation Consumer Protection 103