PAYMENTS NEWS
The CFPB Sues Early Warning, BofA, Chase, And Wells Over Zelle Fraud
Dec 20, 2024
The Consumer Financial Protection Bureau early Friday said it has sued Early Warning Services LLC as well as Bank of America, JPMorgan Chase, and Wells Fargo, alleging the Zelle person-to-person payments network failed to protect consumers against fraud. The banks are three of the seven financial institutions that own Early Warning, the company that operates Zelle.
Fraud-fighting numberless credit cards look for a market
Dec 20, 2024
Some banks and fintechs are adopting numberless cards to curb fraud, but for others, it remains a hard sell.
CFPB targets card industry over the devaluation of rewards
Dec 20, 2024
The Consumer Financial Protection Bureau is again targeting the credit card industry as the Biden administration comes to a close, arguing Wednesday that issuers may be violating federal laws if they devalue the rewards earned by cardholders or make them hard to redeem.
Merchants maneuver as Visa enforces surcharge program
Dec 20, 2024
As the card network giant enforces its surcharge rules, merchants react to different experiences in the market and adjust.
CFPB swats at retail credit cards
Dec 20, 2024
The federal agency warned companies issuing credit cards about illegal tactics, specifically calling out promotions that turn into “bait-and-switch” offers.
Chargeback fraud surges, Sift reports
Dec 20, 2024
Sift, an AI-driven fraud prevention platform, has published its Q4 2024 Digital Trust Index, highlighting a substantial increase in first-party fraud and chargebacks.
QR Codes Are Everywhere — But Are They Safe for Payments?
Dec 20, 2024
QR codes have become a common feature in retail, marketing and payment systems, changing the way businesses engage with consumers while offering convenience and efficiency.
FTC announces final rule banning junk fees on tickets and hotels
Dec 20, 2024
Consumers are one step closer to saying goodbye to more hidden junk fees for good.
AI, Biometrics Fuel Emerging Payment Trends in Opposite Ways
Dec 20, 2024
Despite the buzz surrounding both the promise and risks of artificial intelligence, its impact is likely to remain limited over the next few years. While companies rush to develop uses for AI, they are less enthusiastic about the costs associated with biometrics—even though the technology is much closer to delivering more immediate benefits to payment processors.
CFPB scrutinizes the role of credit cards in sports gambling
Dec 18, 2024
For years, the use of cash advances on credit cards in Kansas closely tracked the pattern in the neighboring state of Missouri. Then in September 2022, around the start of the NFL season, the states' trends diverged.
The ABA’s Letter to the Fed Is the Latest Salvo in the Battle Over Debit Card Interchange
Dec 13, 2024
The American Bankers Association on Thursday issued a long and detailed letter it has sent to the Federal Reserve Board to argue its case against a Fed proposal that would reduce a longstanding cap on the interchange banks can earn on debit card transactions. The ABA’s action follows an analysis indicating nearly 80% of the more than 400 comments regarding the proposal oppose it.
Business Infrastructure Under Siege as Cybercriminals Target Data Transfer Points
Dec 13, 2024
With the news Monday (Dec. 9) that cybercriminals, alleged to be from the ransomware group Termite, are exploiting a security flaw that affects Cleo’s LexiCom, VLTransfer and Harmony enterprise file transfer tools, securing critical business infrastructure that handles sensitive data has become an urgent need.
Tariffs may be an inflation worry but so are credit card processing fees, some say
Dec 11, 2024
While many Americans worry about tariffs potentially boosting inflation, merchants continue to warn of a cost increase that's already certain: credit card swipe fees.
CFPB Loses Bid to Reinstate Cap on Credit Card Late Fees
Dec 9, 2024
A federal judge has upheld an order blocking a cap on credit card late fees.
Google Sues CFPB, Calling Supervisory Designation Order ‘Government Overreach’
Dec 9, 2024
The Consumer Financial Protection Bureau (CFPB) ordered federal supervision of Google on Friday (Dec. 6) after a contested designation.
Update: Real-Time Payments Reach New Milestones Across the US and Beyond
Dec 6, 2024
Real-time payments took center stage in 2024, with groundbreaking milestones reshaping how money moves worldwide. From the United States expanding its payment networks to new systems debuting in other regions, the year has been a turning point for faster, more accessible transactions. What follows are some key highlights from the year.
American Express Must Face Class Action Lawsuit, US Judge Rules
Dec 5, 2024
Rhode Island federal judge has ruled that American Express will not be able to block a class action lawsuit filed by small merchants, who allege that the company overcharged them for credit and debit card transaction fees in violation of U.S. antitrust law.
FedNow racks up nearly $246M in annual expenses
Dec 4, 2024
The Federal Reserve projects the real-time payment system’s costs will climb slightly next year, from the $245.5 million it expects to spend this year.
Mastercard and Consumer Advocate Agree to Settle British Swipe Fee Lawsuit
Dec 4, 2024
Mastercard and a consumer advocate reportedly reached an agreement in principle to settle a long-running British lawsuit regarding card fees.
Trump picks Gail Slater to head Justice Department's antitrust division
Dec 4, 2024
U.S. President-elect Donald Trump on Wednesday tapped Gail Slater, an antitrust veteran and economic adviser for JD Vance, to lead the Department of Justice's antitrust division and take charge of a full docket of blockbuster monopoly cases against companies including Google opens new tab, Visa opens new tab, and Apple opens new tab.