Regulatory

Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds

Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds

The Financial Crimes Enforcement Network, a U.S. Treasury Department bureau focusing on combating illicit finance, alerted financial institutions to an increase in Covid-19-related scams in an advisory this week.

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First Data Will Pay $40 Million in FTC Deal Over Consumer Scams

First Data Will Pay $40 Million in FTC Deal Over Consumer Scams

First Data Merchant Services LLC and a former executive agreed to pay more than $40 million to settle a claim by the Federal Trade Commission that the company processed payments and laundered credit card transactions for scams targeting hundreds of thousands of consumers.

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Get Ready for the ‘Global Reset’ in Payments Spurred by Covid-19

Get Ready for the ‘Global Reset’ in Payments Spurred by Covid-19

The world’s response to Covid-19 already has accelerated trends underway in the payments business, and pandemic-spurred innovations will continue after the contagion eases, according to three senior industry executives said Tuesday.

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Small Business Rescue Earned Banks $10 Billion in Fees

Small Business Rescue Earned Banks $10 Billion in Fees

Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR.

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How Automation Helps Thwart Internal and External AP Fraud

How Automation Helps Thwart Internal and External AP Fraud

Accounts payable (AP) fraud is a major threat to businesses, with 82 percent of approximately 600 corporate treasury and financial employee respondents reporting their companies were subject to payments fraud attempts in 2018. Forty-three percent said their organizations lost money as a direct result of such attacks.

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Facebook Is Scaling Back Its Digital Currency Project Libra as It Tries to Win Regulatory Approval

Facebook Is Scaling Back Its Digital Currency Project Libra as It Tries to Win Regulatory Approval

Drew Angerer/Getty Images Facebook is scaling back its cryptocurrency project Libra. The ambitious plan to build a new transnational digital currency faced a wave of criticism and regulatory scrutiny. On Thursday, it announced it would be linked to individual currencies and have additional oversight by watchdogs.

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Fed Lifts Wells Fargo Asset Cap Restriction to Help SMBs Affected by Virus

Fed Lifts Wells Fargo Asset Cap Restriction to Help SMBs Affected by Virus

Editor’s Note: This story has been updated to incorporate an April 8 announcement by the Federal Reserve Board.

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COVID-19 Has Unleashed a New Low in Financial Crime

COVID-19 Has Unleashed a New Low in Financial Crime

We are likely entering a prolonged period of heightened vulnerability to fraud and other financial crime due to criminal activity exploiting COVID-19 fears and the strain on workforces at banks and other financial institutions (FIs).

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Card Networks to Postpone Interchange Adjustments

Card Networks to Postpone Interchange Adjustments

The payment card networks plan to postpone until July changes in their interchange schedules that they had planned to take effect in April, Digital Transactions News has learned.

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Fintechs Urge Congress to Designate Them as Small Business Lenders as Part of the Coronavirus Stimulus Package

Fintechs Urge Congress to Designate Them as Small Business Lenders as Part of the Coronavirus Stimulus Package

Fintechs want to play a part in helping SMBs as part of the stimulus package. Getty As U.S. Congress works to inject what is expected to be more than 1 trillion into the U.S. economy, the nation’s online lenders and fintechs want to ensure they are part of the solution.

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Same Day ACH Dollar Limit Increases From USD 25k to USD 100k

Same Day ACH Dollar Limit Increases From USD 25k to USD 100k

A s a result of the new limit extension, Nacha expects Same Day ACH to be ‘even more useful to businesses and consumers’. Furthermore, business-to-business (B2B) payments are expected to reap some of the biggest benefits. Other common uses for Same Day ACH include Direct Deposit payments for insurance claims and disaster assistance.

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Square Wins FDIC and Utah Approvals for Its ILC, Sparking Heated Banking Opposition

Square Wins FDIC and Utah Approvals for Its ILC, Sparking Heated Banking Opposition

The federal government and the state of Utah this week cleared the way for a controversial industrial loan corporation to be set up by Square Inc. that could help the payments company cement ties with its merchant base.

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