USDA Signs on to FIDO to Deter Phishing Attempts
For various reasons, the U.S. Department of Agriculture faces challenges in issuing personal identity verification (PIV) cards to all its workers, despite these credentials being essential for accessing government systems. This presented a problem in combating fraudulent attempts to breach these systems—until USDA developed a pilot program featuring FIDO, or Fast Identity Online. The issue […]
Ally’s Credit Card Business: After Three Strikes, Are They Out?
Ally Financial is reportedly looking to get out of the credit card business—again. According to Bloomberg, Ally Financial, formerly known as GMAC, is looking for a buyer for the credit card division it acquired in 2021 from Fair Square Financial. Fair Square’s prime offering was the Ollo Card, “a sub-prime card by every measure,” according […]
Why the CFPB Needed to Curb Data Brokers’ Access to Financial Data
While credit bureaus collect detailed information about individuals’ personal and financial lives, they are legally restricted in how they use it, limiting its application to specific permissible purposes such as evaluating someone’s eligibility for credit or employment. In contrast, the data brokerage industry has operated with no such constraints—until now. Currently, would-be identity thieves and […]
Prepaid-Powered Loyalty Programs Drive Customer Engagement for Merchants
Prepaid cards are in the midst of a dramatic transformation. With the incorporation of digital wallets, contactless payments, and artificial intelligence, prepaid cards have quickly become one of the most popular payment tools. In a recent PaymentsJournal podcast, Mani Farhang, Vice President of Product at Fiserv Gift Solutions, and Jordan Hirschfield, Director of Prepaid at […]