Apple is warning consumers that fraudsters are using iTunes gift cards in a scam to trick victims into making payments over the phone. In a notice posted on its Website, Apple said the scam involves victims being called and then being pressured to transfer money over the phone to pay for a bogus claim of an unpaid bill or debt, or a relative who needs to be bailed out of jail.
Mastercard faces a £14 billion claim ($18.6 billion) in the U.K. over interchange fees in a case filed with the country’s Competition Appeal Tribunal. The claim comes two years after the European Union labeled the interchange charged by the payment card network as unfair. European interchange caps went into effect in December of 2015.
The Federal Financial Institutions Examination Council has revised the “Information Security” booklet of the agency’s FFIEC Information Technology Examination Handbook.
Visa is offering a glimpse into the future of commerce during the Toronto International Film Festival, running until Sept. 18. In its 20th year sponsoring the festival, Visa is offering festival-goers access to a first-of-its-kind Connected Screen, powered by Ingenico, along with an “immersive virtual shopping experience” that enables them to virtually try on and purchase clothing from a film’s wardrobe department.
Home Depot’s complaint asserts that Visa and Mastercard “unlawfully” fixed interchange fees at high levels.
Facebook has announced its Messenger bots can now accept payments natively, without redirecting users to external sites. The announcement was made by David Marcus, head of Facebook Messenger, at the TechCrunch Disrupt conference in San Francisco, as he unveiled the launch of the Messenger platform v1.2.
Guy Wakeley, Chief Executive Officer of Equiniti Group talks to Daily News at Sibos about the benefits of RegTech in an increasingly digital world.
As the one year anniversary of the U.S. payment networks’ EMV liability shift nears, new data released Sept. 12 from Mastercard shows that chip-enabled cards have helped reduce fraud costs for retailers and—despite some growing pains—are finally catching on with consumers.
The House Financial Services Committee will meet Sept. 13 to mark up a bill that would overturn major provisions of the Dodd-Frank Act. Initially proposed in June by Financial Services Committee Chairman Jeb Hensarling (R-Texas), the Financial CHOICE Act would strip significant authority away from the CFPB, renaming it the Consumer Financial Opportunity Commission and tasking the agency with the dual mission of protecting consumers and ensuring competitive markets.
In an effort to thwart advanced attacks by criminals, the PCI Security Standards Council has released updated specifications to protect cardholder data stored on mag stripe and EMV chip cards when used at ATMs, in-store and unattended payment terminals and mobile devices.
South Korean fintech firms plans to file a complaint with regulators over Apple’s refusal to open its API.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Barclays and Wave pioneer blockchain trade finance transaction What is a fintech day without blockchain? UK challenger banks: who’s who The list has been updated. US credit union consortium plots blockchain use Watch out R3. Smile and an […]
The CFPB on Sept. 8 announced a $100 million fine against Wells Fargo for what the agency called “widespread unlawful sales practices.” The agency said the fine is the largest such penalty it has ever issued.
What is FTR 2015 and how does it affect banks operating in the cross-border payments space? Marc Recker, Head of Market Management, Institutional Cash Management at Deutsche Bank, explores. The challenges and complexities of complying with anti-money laundering (AML) and counter terrorist financing (CFT) regulations are certainly not new in the financial industry. Over the past […]
A New York Department of Labor (DOL) rule that has been bitterly opposed by a major prepaid card association is being implemented anyway. The N.Y. DOL has issued its final rule regulating methods and payment of wages, including the use of payroll cards, in the state and includes no substantive changes from its second revised proposal in June.
Two of the leading mobile payments services made significant moves on Sept. 7, with Android Pay adding support for more payment cards in the U.S. and U.K. and launching on the mobile Web, while Apple announced it will bring Apple Pay to Japan in October.
Iran has won a slight reprieve in FinCEN’s latest advisory for anti-money laundering and countering terrorism measures.
Barclays said it will link its Pingit m-payments app to the CommBank app from the Australian bank, enabling customers to send payments via their phones, including between customers in the two countries.
The term “fintech” has long been tied to the idea of disrupting the existing financial services industry. Although that spirit remains, Discover sees a maturation of the market and a growing realization from investors and startups that there is a greater value in collaborating with the industry rather than trying to supplant it.
Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]
There’s a cultural misconception that security equals lockdown in the financial sector; disclosure runs counter to that perception. Banks are less inclined to share intimate details of attacks because they don’t want to damage market confidence and that makes cyber security a major challenge for the sector. Swift has recently sent a letter out to customers […]
A spate of email fraud schemes involving stolen consumer information and financial institutions being duped into conducting wire transfers has prompted the Financial Crimes Enforcement Network (FinCEN) to issue an advisory Sept. 6 in an effort to thwart the illegal activity.
Discovering the secrets of the universe may not be part of Sam Shrauger’s day job, but exploring what’s possible in payments is. As senior vice president of digital solutions at Visa Inc., Shrauger is responsible for making sure the payments network is leading the charge into new territory—whether that’s through Visa Checkout, contactless payments, wearables or whatever comes next.
A handheld card reader released last year has helped U.S. law enforcement agencies seize or recover about $10 million in fraudulent prepaid funds, according to the Dept. of Homeland Security.
As EMV faces rollout hurdles in the U.S., two major terminal makers, reporting adoption delays from smaller merchants, are paying the price.
PayPal has struck a deal with Mastercard, resulting in, among other terms, Mastercard being presented as an equal payment option within the PayPal Wallet, customers having the option to select Mastercard as their default payment method and Masterpass becoming a payment option for merchants of Braintree, a PayPal subsidiary.
Consumer adoption of mobile payments is on the upswing, according to a new report by First Annapolis Consulting, which found that 74 percent of respondents had made at least one mobile-based payment in the preceding 12 months—up significantly from just 40 percent a year earlier.
Mobile payments have reduced financial fraud in Nigeria, according to the 2016 Brookings Financial and Digital Inclusion Project Report.
A new mobile payments deal will enable Chinese tourists and students to use their WeChat mobile wallets in Australia.
Erste Bank Hungary is implementing ACI Worldwide’s UP Retail Payments solution, upgrading from the older versions of ACI’s solutions. The bank will also deploy ACI Proactive Risk Manager (a fraud management solution) and ACI Interchange (central monetary transaction manager) to calculate interchange fees. Erste and ACI have been working together since 2003. Tamás Foltányi, COO […]
Time flies, so we’ve devised a quick fix. Here’s a round-up of key events in the payments space. In China, Qilong and Shenzhen Qianhai Exce-card Technology (SQEC) have formed a strategic agreement to co-ordinate with banks to issue China Union Pay audio bank cards. The latter make sounds when the buttons on the cards are […]
Apple’s developers are previewing new Siri integrations for payments – such as asking it to send a secure payment without ever opening an app. The firm says with the introduction of SiriKit for developers, messaging apps can now tap into the “power” of Siri. Siri can be used to make a quick payment using Square […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Tier 1 US bank live with Temenos core and payments software Part of its American dream. Swift reveals more cyber thefts Private letter goes public. PhonePe and Yes Bank unveil India’s “first” UPI-based payments app Unified Payments Interface […]
A spike in bitcoin value after the U.K. voted to leave the European Union points to the digital currency being viewed as a safe haven for investors. But a recent bankruptcy case clouds the situation.
New Mexico becomes the latest state to enact a law that requires licenses for money transmitters. That means more bureaucracy. Here are some tips for meeting those requirements.
Too often, online merchants and their payment providers focus more on international orders than domestic transactions in the battle against fraud. But drilling down into ZIP codes and neighborhoods might be a wiser strategy.
Brevity is the goal of this. Here’s a round-up of events in the payments space to save you time. Let’s start off small… as in Small World FS. The London-based payment service provider reached a milestone with 50 million transactions processed on behalf of its customers. The firm’s been around for ten tears and says […]
Global payments provider Worldpay has teamed up with Consult Hyperion, MongoDB and Visa Europe Collab to host its first internet of things (IoT) hackathon in London in September. The event aims to foster innovation and encourage participants to apply technology to integrating payments. Two themes will flow through the 48-hour hackathon – the “Smart City” […]
SWIFT, a Belgium-based, bank-owned co-op and provider of financial messaging services, said this week that criminals attacked the technology infrastructure of member banks even as the group sought to tighten up security in the wake of an $81 million cyber theft of Bangladesh Bank, according to an Aug. 31 report from Reuters.
Prepaid card-related complaints to the CFPB ticked down in July, the bureau announced in its latest monthly consumer complaint report. The month saw 211 complaints about prepaid products, down 5 percent from 223 prepaid complaints in June and slightly below the monthly average of 215 since the CFPB began tracking prepaid complaints in July 2014.
