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Fed official questions faster cross-border payments ties
Federal Reserve Governor Christopher Waller suspects there could be more fraud and money-laundering if countries move too quickly to link their faster payments systems, he said at a conference.
By Lynne Marek • Aug. 29, 2024 -
Joe Raedle / Staff via Getty Images
Shoppers’ online fraud fears escalate
Four in five consumers are worried about identity theft or someone stealing their credit card numbers, according to a report this month from the credit monitoring agency Experian.
By Patrick Cooley • Aug. 28, 2024 -
Permission granted by Money 20/20
Q&AMarqeta isn’t a ‘single-trick pony,’ CEO says
The embedded finance firm’s partnerships with Varo Bank, Affirm, Visa and Zoho and its new office launch in Warsaw, Poland, underscore the expansion of the payment platform's market presence.
By Rajashree Chakravarty • Aug. 22, 2024 -
Win McNamee / Staff via Getty Images
Capital One, Citi plan to join FedNow in ‘near future’
The two big banks say they’ll soon connect to the Federal Reserve’s new instant payment system, even as other major banks remain on the sidelines.
By Lynne Marek • Aug. 20, 2024 -
Douglas Sacha via Getty Images
Sponsored by SynovusThe forgotten threat: In an automated world, check fraud still thrives
Electronic payments have become the norm for most B2B transactions. Oddly enough, that has been accompanied by a rise in check fraud. Here's what businesses need to know.
By Laura McGortey, Synovus Bank • Aug. 19, 2024 -
Joe Raedle / Staff via Getty Images
Q&A
Credit card users struggle with inflation
JD Power’s annual credit card survey found that more than half of U.S. credit card users don’t pay their balances in full every month, and less than half are considered financially healthy.
By Patrick Cooley • Aug. 16, 2024 -
Michael M. Santiago / Staff via Getty Images
JPMorgan, Zelle may have upper hand if litigation ensues
If the banks that own Zelle’s parent battle the Consumer Financial Protection Bureau in court, they may find some federal judges open to their arguments, lawyers specializing in the area said.
By Patrick Cooley • Aug. 15, 2024 -
Win McNamee via Getty Images
Fintechs ramp up lobbying over earned wage access, crypto
Chime, PayPal and Block, for example, spent more on lobbying in the first half of 2024 than for the same span last year, OpenSecrets reported.
By Suman Bhattacharyya • Aug. 15, 2024 -
dem10 via Getty Images
Finance professionals grapple with payments fraud
About a fifth of finance professionals in a recent survey said their organization has already been targeted by AI-driven deepfake or executive impersonation attacks.
By David McCann • Aug. 13, 2024 -
Butsaya via Getty Images
US credit card balances climb to $1.14 trillion
Consumer credit card debt delinquencies are also on the rise, particularly among younger consumers, according to a New York Federal Reserve report.
By Tatiana Walk-Morris • Aug. 8, 2024 -
bernie_photo via Getty Images
Q&ACredit card delinquencies rise even as credit limits are extended
The two developments stem from greater use of credit cards, and could have implications for some businesses, says a Bain & Company analyst.
By Patrick Cooley • Aug. 6, 2024 -
Spencer Platt via Getty Images
JPMorgan threatens to sue CFPB over Zelle
The bank flagged government inquiries over its handling of P2P disputes in May, and said Friday it would consider litigation if the agency issues an enforcement action.
By Dan Ennis • Aug. 5, 2024 -
putilich via Getty Images
Q&AHow artificial intelligence can improve payments fraud prevention
Generative AI could help spot fraudulent patterns in transaction data and reduce the cost of processing payments, says a McKinsey consultant.
By Patrick Cooley • July 31, 2024 -
Permission granted by Victoria Reynolds
Q&A5 questions for Brex’s new compliance chief
When it comes to innovation, “if it's moving too quickly for customer protection to keep pace, it’s not happening,” said Sibongile Ngako, who recently joined the fintech as chief compliance officer.
By Caitlin Mullen • July 31, 2024 -
I going to make a greatest artwork as I can, by my head, my hand and by my mind. via Getty Images
Affirm says CFPB’s proposed BNPL rules will confuse customers
In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations.
By Patrick Cooley • July 29, 2024 -
Courtesy of Revolut Press Kit
Revolut faces more fraud claims than other UK banks: report
The fintech investigates each fraud claim independently of other cases, and takes such claims “incredibly seriously,” a spokesperson for the company said.
By Gabrielle Saulsbery • July 25, 2024 -
Spencer Platt/Getty Images via Getty Images
Zelle, big banks challenge senators on scam reimbursements
Forcing banks to reimburse authorized payments could encourage bad behavior and would not deter scammers, bank executives said in a Senate hearing.
By Patrick Cooley • July 25, 2024 -
Google Maps
Fiserv to leverage artificial intelligence to help merchants
The payments behemoth says its data team will use AI to mine transactions on its products to help merchants and financial institutions profit.
By Patrick Cooley • July 24, 2024 -
Courtesy of Mastercard
FTC demands pricing input from Mastercard, others
The Federal Trade Commission demanded information from eight companies, including the card network, to better understand how consumer data is being used in the pricing of products and services.
By Lynne Marek • July 23, 2024 -
Courtesy of Green Dot
Fed fines Green Dot $44M over prepaid cards
The consent order has been expected since February, when Green Dot revealed that reasonable associated losses could total $50 million.
By Gabrielle Saulsbery • July 23, 2024 -
Matt Kapko/Payments Dive
Visa, Mastercard say CrowdStrike didn’t impact networks
Still, cardholders may have been affected, particularly in Europe, as some bank card issuers were hit by the cybersecurity company’s update snafu.
By Lynne Marek • July 22, 2024 -
Joe Raedle / Staff via Getty Images
Capital One-Discover deal critics, supporters sound off
While some community groups spoke in favor of the $35.3 billion merger at the Friday virtual meeting, a raft of critics urged regulators to block the deal.
By Caitlin Mullen • July 21, 2024 -
Daniel Boczarski via Getty Images
Fiserv’s RNC visibility carries possible benefits, perils
Publicity for the Republican National Convention, at a venue bearing Fiserv’s name, may raise the company’s profile, but also risks associating the payments player with polarizing partisan rhetoric.
By Patrick Cooley • July 17, 2024 -
Lynne Marek/Payments Dive
FedNow zooms past RTP participation in inaugural year
The Federal Reserve’s nascent instant payments system has collected hundreds of bank participants across the country in its first year of operations, although a few major banks are holdouts.
By Lynne Marek • July 16, 2024 -
Permission granted by Lynne Marek
Prepaid card spending accelerates
The rise of digital wallets hasn't dampened prepaid card use, including the payroll cards some employers use to pay their workers.
By Patrick Cooley • July 16, 2024
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