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 69

Consumer Protection Stablecoins Payments Trends Consumer 69

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

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

The Fintech Times

SEPTEMBER 27, 2024

The Financial Conduct Authority (FCA) is consulting on proposals that it hopes will better protect consumers when payments and e-money firms go out of business. Currently, the Financial Services Compensation Scheme (FSCS) does not directly protect funds held by payments and e-money firms. .

Consumer Protection 59

Consumer Protection Consumer Consulting Payments 59

Fintech Finance

DECEMBER 18, 2023

The project seeks to establish a new community of stakeholders, including digital financial service providers, regulatory bodies, consumer advocates, and technology companies, to address the increasing complexity of the digital finance ecosystem. They no longer work to inform, protect, and empower consumers effectively.

Consumer Protection 52

Consumer Protection Visa Consumer Economy 52

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 139

FinTech Consumer Financial Inclusion On-Demand 139

Payments Source

SEPTEMBER 24, 2020

But states are already working together to streamline regulation while continuing to enforce consumer protections and encourage innovation. The OCC is trying to seize jurisdiction by arguing that current supervision is haphazard.

Regulations 144

Regulations OCC Consumer Protection FinTech 144

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

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) 98

Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 98

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 97

Disputes CFPB Consumer Financial Protection Bureau (CFPB) Consumer 97

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 110

Regulations BNPL Product Consumer Protection 110

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 111

Consumer Financial Literacy Regulations AI 111

FICO

NOVEMBER 10, 2020

Many of the world’s leading banks and card issuers trust our Falcon Platform , which protects more than two-thirds of the world’s credit card and debit card transactions from fraud, as well as other forms or real-time payments and consumer banking funds transfers. Consumers Want to Be Involved.

Credit Cards 98

Credit Cards Consumer Card Issuer Issuers 98

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

Fintech News

MARCH 20, 2024

Designed for consumers utilising “buy now, pay later” services, Bill Secure provides coverage of up to five times the transaction amount in cases of permanent disability or accidental death.

BNPL 109

BNPL Embedded Finance Consumer Protection Financial Inclusion 109

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 109

BNPL Compliance Accreditation Consumer Protection 109

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 113

BNPL Regulations Finance Consumer Protection 113

PYMNTS

AUGUST 16, 2020

According to a report by Cointelegraph , the bill passed by the state Senate Banking and Financial Institutions committee, which is looking to define digital assets and analyze their impact on the state and consumer protections. The bill originally set out to distinguish digital assets from securities.

Digital Currency 134

Digital Currency Bitcoin Money Laundering Regulatory Compliance 134

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 Payments Association

DECEMBER 2, 2024

2024 reshaped payments with instant payment mandates, crypto regulations, and enhanced consumer protection driving innovation and security. In 2024, payments regulation underwent seismic shifts, with reforms spanning fraud prevention, digital innovation, and consumer protection, collectively redefining the industry’s future.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

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

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 64

BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 64

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

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

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

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

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

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.

Visa 69

Visa AI Consumer Fraud Detection 69

Fintech News

MAY 5, 2024

Announced by Dr Daranee Saeju, Assistant Governor, Payment Systems Policy and Financial Consumer Protection Group, Bank of Thailand at the recent Money20/20 Asia event in Bangkok, this move aims to enhance the speed and security of international transactions.

Cross-Border 120

Cross-Border Cross-Border Payments Payment Networks Consumer Protection 120

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 59

Consumer Void Advisors SWIFT 59

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

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 96

Product Process Consumer Protection Compliance 96

Fintech News

OCTOBER 27, 2024

By holding these entities accountable, the SRF enhances consumer protection and provides clear avenues for victim recourse in cases of phishing-related losses. This inclusion acknowledges the increased risk of significant losses from e-wallets and mandates robust consumer protection controls.

Phishing 126

Phishing Scams Blocks Authorization 126

PYMNTS

SEPTEMBER 30, 2020

Commercial companies accessing a payments charter would avoid oversight and regulations that protect the financial system and consumers,” the bank industry leaders wrote. That last measure aims to ensure that banks lend money and provide banking services to underserved and minority consumers.

Office of the Comptroller of the Currency 139

Office of the Comptroller of the Currency OCC Non-Bank Regulations 139

Fintech Finance

DECEMBER 9, 2024

“This massive surge in mobile wallets demonstrates a clear shift towards digital payment solutions, reflecting the evolving preferences of consumers for faster and more secure payment options. Australians have always been at the forefront of adopting new digital technologies, and these latest figures show that banking is no exception.

Digital Payments 96

Digital Payments Payments Consumer Protection Laws 96

Fintech News

MARCH 31, 2024

Hasan Fawzi Hasan Fawzi, the Chief Executive of the Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, highlighted the initiative’s role in enhancing consumer protection and education. Those failing to comply will be deemed unlicensed or illegal.

Consumer Protection 113

Consumer Protection Risk Management Regulations Legal 113

Fintech News

FEBRUARY 27, 2024

The Act is notably focused on consumer protection, imposing stringent penalties for market misconduct and manipulation. As we look towards 2024, the dual focus on fostering growth in the digital asset sector while ensuring consumer protection is expected to remain a key theme in Malaysia.

APACS 115

APACS Regulations Stablecoins Cryptocurrency 115