New Section 1071 Rules Put Banks Under the Compliance Microscope
Federal regulators have targeted unfair lending practices for more than a decade, with the fallout from the 2008 financial crisis prompting the introduction of numerous new rules designed to protect consumers from predatory lenders. Now, these regulators are shifting their focus from consumer-facing loans to small business loans—specifically, those issued to businesses with under $5 […]
Cybersecurity Exec Sounds Alarm About PayPal “No-Phish” Phishing Scam
The chief information security officer at cybersecurity company Fortiguard has raised concerns after encountering a new type of “no-phish” phishing threat using legitimate PayPal mechanisms. In a blog post, Carl Windsor reported receiving an email that appeared to be from PayPal, complete with a valid sender address. The email requested money through the platform’s money […]
The First EU Instant Payment Deadline Arrives
January 9 marks the deadline for all payment service providers (PSPs) in the eurozone to be able to receive instant payments, as mandated by the Instant Payments Regulation (IPR) adopted in March 2024. PSPs have until the end of the year to be able to send instant payments as well. It’s the latest step in […]
Want AI-Powered Payments? First, You Need a Payouts Orchestration Strategy
Employees have been loud and clear: they want fast, personalized payments. They expect on-demand access to earned wages, the flexibility to choose their pay frequency, and customized payment methods, including options like prepaid cards or mobile wallets. Payment options are so important, they can be a factor in whether or not an employee will take […]
CFPB Sues Experian Over Inadequate Resolution of Customer Disputes
The Consumer Financial Protection Bureau (CFPB) has sued credit bureau Experian, citing instances where the organization failed to adequately address inaccuracies in credit reporting. Experian, TransUnion, and Equifax are the three main credit reporting agencies in the U.S. responsible for maintaining the files used to gauge a consumer’s creditworthiness. In Experian’s case, the CFPB found […]
Prepaid Gift Cards Are Increasingly Being Used for Everyday Essentials
Gift cards continue to be a popular present, with more consumers increasingly using them to buy everyday essentials, leaving fewer unused and forgotten in the back of a drawer. A new survey from CivicScience found that the most popular use of holiday gift cards was spending on essentials, such as gas and groceries—rising from 36% […]
How Credit Card Surcharging Can Benefit Healthcare Providers
The most familiar example of surcharging might be the cash-or-credit pricing at gas stations, but more businesses are following that lead. While it’s becoming common for customers to pay for the right to use a credit card at restaurants and retailers, credit card surcharging hasn’t been a common practice in the healthcare industry. In a […]
BRISKPE Launches Cross-Border Payments Platform for Small Businesses
Amid the surging demand for cross-border payments, India’s BRISKPE has launched a platform designed to provide global reach for even the smallest businesses. The platform is geared to address the needs of marketplace sellers, gig economy workers, exporters, and other micro, small, and medium-sized enterprises (MSMEs). Payment issues have long been a persistent concern for […]
CFPB Eliminates Medical Debt from Credit Reports
The Consumer Financial Protection Bureau (CFPB) has finalized a rule banning medical bills from being considered on credit reports. This decision is expected to remove roughly $49 billion in medical debt from the credit reports of about 15 million Americans—at least for now. Research conducted by CFPB has found that medical debts have little correlation […]
Fraudsters on the Line: The Rise of Call Spoofing in the Financial Industry
Today, we carry devices with us wherever we go, making us highly vulnerable to imposter scams, call spoofing, and data breaches. With the rise of artificial intelligence, threat actors can now commit fraud by mimicking a person’s voice over the phone. This troubling trend is affecting both consumers and businesses, with financial institutions being especially […]