Risk: Page 2
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Financial institutions were slow to protect customers from fraud, Stratifyd report says
Financial institutions were overwhelmed with fraudulent activities skyrocketing during the pandemic, according to the data analysis of Consumer Financial Protection Bureau customer complaints.
By Vaidik Trivedi • March 30, 2021 -
MoneyGram launches B2B service for global money transfer
Additionally, customers can transact through G-Coin tokens, which are backed by gold and allows people to own, save and spend the coin as a digital fiat currency.
By Anthony Epling • March 25, 2021 -
Courtesy of Jumio Media kit
Jumio lands $150M from private equity firm Great Hill Partners
The company focuses on B2B services, using digital identity verification tools including biometrics, computer vision, big data and machine learning to verify account-holders' identity and thwart fraud.
By Lynne Marek • March 23, 2021 -
Getty Images
Lightspeed POS to acquire retail software company Vend for $350M
Lightspeed will leverage Vend's complementary technology stack and user experience capabilities to deliver commerce capabilities to retailers around the world.
By Anthony Epling • March 15, 2021 -
PayPal to acquire digital asset firm Curv
The acquisition follows PayPal's recent expansion of its digital wallet capabilities, including enabling buying, selling and holding cryptocurrency.
By Andy Burt • March 09, 2021 -
Plaid payroll product streamlines income verification
Plaid Income is the second product the company has launched since the termination of a proposed $5.3 billion tie-up with Visa, signaling the scrapped deal is not slowing the expansion of the fintech's suite.
By Anna Hrushka • March 08, 2021 -
PayPal CFO: Pandemic has created 'inflection point' for digital payments
The virtual payments processor does not anticipate a post-pandemic drop in business, and intends to double its user base and triple total payment volume, according to John Rainey.
By Jane Thier • March 05, 2021 -
Seattle-based payments company suffers ransomware attack
The company Automatic Funds Transfer Services offers payments processing, billing and other services for customers and municipalities in Washington and California.
By Anthony Epling • March 04, 2021 -
Column
Goldman crypto trading desk relaunch portends softer industry stance on Bitcoin
The bank follows BNY Mellon and JPMorgan in greater crypto acceptance, in a reversal from a May report in which Goldman called Bitcoin an "unsuitable investment." Citi this week said the currency is at a "tipping point."
By Dan Ennis • March 03, 2021 -
Square launches long-awaited industrial bank
The FDIC gave the fintech conditional approval for an ILC charter nearly a year ago. Now the company can originate small-business loans rather than doing so through its previous partner, Celtic Bank.
By Dan Ennis • March 02, 2021 -
Gemini Exchange moves into credit cards, yield-bearing programs
Crypto exchange’s push is the latest in the growing list of blockchain players adding banking-like benefits.
By Ted Jackson • March 01, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Walmart's fintech startup poaches 2 Goldman executives
The retailer looks to use its scale in the retail space "to deliver tech-driven financial experiences tailored to Walmart's customers and associates."
By Dan Ennis • March 01, 2021 -
Anna Hrushka/Payments Dive
Fed says 'operational error' caused payment system outage
The Federal Reserve's electronic payments network lets nearly 9,300 financial institutions send billions of dollars daily through the U.S. financial system.
By Anna Hrushka • Feb. 26, 2021 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
Tether, crypto exchange Bitfinex to pay $18.5M to settle NY probe
Tether will give officials quarterly reports on its reserves and end trading with the state's residents in an agreement that ends a two-year investigation into allegations it hid the loss of $850 million in client and corporate money.
By Dan Ennis • Feb. 24, 2021 -
Adeline Kon for Cybersecurity Dive/Payments Dive
How can data manipulation impact the bottom line?
Factoring disinformation into a threat model can allow a company to combat lies and protect its reputation.
By Samantha Schwartz • Feb. 17, 2021 -
Why Global Payments went multicloud
Large companies venture down the multicloud path to support different business arms.
By Katie Malone • Feb. 11, 2021 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
BNY Mellon commits to holding, transferring and issuing crypto
The New York-based bank said Thursday it is developing a client-facing prototype for a multi-asset digital custody and administration platform set to roll out this year.
By Dan Ennis • Feb. 11, 2021 -
Gemini launches crypto-based savings product offering up to 7.4% yield
Gemini said it can pay such high rates because it lends to institutional borrowers through a partner, but that puts it largely outside the regulatory sphere — leaving customers assuming considerably more risk.
By Dan Ennis • Feb. 03, 2021 -
Rangel, David. [photograph]. Retrieved from https://unsplash.com/photos/4m7gmLNr3M0.
Report: Cyberattacks cost financial firms $4.7M on average last year
Weak endpoints and a lack of policy enforcement are imposing extra costs on companies as home-based workers remain vulnerable.
By David Jones • Jan. 28, 2021 -
Courtesy of American Express
American Express expands small business perks as it reportedly falls under federal investigation
As the credit card issuer caters to merchants migrating online, multiple agencies are scrutinizing its sales practices.
By Tatiana Walk-Morris • Jan. 08, 2021 -
Fotolia
Credit action helped payments company FLEETCOR withstand COVID-19
The company reined in the amount companies could float, limiting its exposure amid the uncertainty.
By Robert Freedman • Nov. 15, 2020 -
PayPal launches crypto payment platform
The payments company will convert consumers' Bitcoin, Ethereum, Bitcoin Cash and Litecoin holdings into fiat currencies when they check out. That cuts the risk merchants assume from any volatility in cryptos' value.
By Dan Ennis • UPDATED: March 30, 2021 at 11:32 a.m. -
Courtesy of Afterpay
Afterpay partners with retailers for in-store payments
Shoppers nationwide can use a virtual, contactless card stored in their digital wallet to pay for in-store purchases in installments.
By Tatiana Walk-Morris • Oct. 19, 2020 -
Bank of America enters the small-dollar loan fray
Balance Assist, which will launch in January, will offer loans of up to $500 — to be repaid in three installments over 90 days — for a flat $5 fee to customers who have held Bank of America checking accounts for a year or more.
By Dan Ennis • Oct. 09, 2020 -
Courtesy of Ally Financial
Ally partners with Mastercard's Vyze to enter retail point-of-sale lending
The bank will offer installment loans on retail purchases between $500 and $40,000 with interest rates ranging from 9.99% to 26.99%. Monthly fixed-rate installment loans will range from six to 60 months, the company said.
By Dan Ennis • Aug. 26, 2020
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