Regulatory

FedNow Will Have a Hard Time Stopping Fraud

The way in which we process payments here in the U.S. market has undergone significant change over the years. That said, the Automated Clearinghouse (ACH) process itself has remained fairly static, at least up until now. That’s all set to change, with the Federal Reserve’s recent announcement of its FedNow service.

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OCC Cannot Grant Special Bank Charters to Fintech Companies

A federal judge in New York ruled that the Office of the Comptroller of the Currency (OCC) did not have the authority to issue special bank charters to non-bank fintech companies.

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Congress Could Require Facebook to Build More Open APIs Under New Bill

Over the past few months, lawmakers have taken aim at Big Tech, calling out companies like Facebook for anti-competitive behavior and sometimes threatening to break them up entirely.

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Behavioral Biometrics – Securing Digital Banking Without Compromising on User Experience

Digital banking has grown rapidly in recent years. Juniper Research forecasts that by 2021, one out of every two adults in the world will use a smartphone, tablet, PC or smartwatch to access financial services.

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Is Mobile Banking Safe? Here’s 5 Tips for Security

Introduction Mobile banking is a service that enables customers to complete several transactions such as making deposits, checking balances and paying bills. It also provides 24-hour access to customers who are looking to complete any banking tasks or reach customer service.

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Static Authentication Stands in the Way of Contactless Progress

When it comes to new payment technologies, it’s often difficult to know what consumers are thinking, and banks have a lot on their plates. Aligning a transformation strategy with the desires of consumers is an interesting chart to plot. One thing that’s clear is both banks and consumers have embraced contactless.

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Wake Up, US Federal Reserve! China Just Showed How Digital Currency Is Done

Recently, China’s central bank — People’s Bank of China (PBOC) — surprised the business and crypto world with its plan to launch a central bank-backed digital currency (CBDC). The news came after the announcement of Facebook’s Libra, creating a perception that China is playing catch-up.

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Uber Has Surveyed Some Drivers on Small Loans, Suggesting Financial Products Are Coming

Back in June Uber went on a hiring spree in New York, hiring at least 100 fintech-oriented tech workers to ostensibly look at creating products to increase loyalty and engagement among users and drivers, including things like banking. Cue a flurry of speculation.

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Venmo Privacy Settings Pose Risk to Users, Watchdogs Say

People who use Venmo to make payments are vulnerable to stalking, snooping, or hacking, due to the company’s default privacy settings, browser developer Mozilla and the digital rights group Electronic Frontier Foundation said Wednesday.

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Capital One Cryptojacking Suspect Indicted

Paige Thompson – a 33-year-old woman from Seattle and former software engineer who allegedly turned cyber mega-attacker – has been indicted for the huge Capital One data breach discovered last month.

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Libra Association’s Crypto Members Remain Unfazed by Regulatory Backlash

Since first being announced in June, Facebook’s proposed Libra cryptocurrency has drawn the ire of lawmakers and regulators worldwide. But, according to sources close the Libra Association, that was to be expected. “We always knew this was something that was going to be hard,” one such source told CoinDesk.

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When It Comes to Compliance, Will Regtech Do What Congress Won’t?

This story is the latest installment in Credit Union Journal’s ongoing special report on fintech, which will run throughout the month of August. Legislative gridlock could spur technology firms to help financial institutions overcome the regulatory burden.

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