Breaking Industry News
Breaking News articles for October 2023
APP fraud is real, UK regulators warn
Tuesday, October 31, 2023
Fraudsters are escalating attacks against authorized push payments (APP), according to a new study published Oct. 31, 2023, by the UK’s Payment Systems Regulator. Attacks are increasing in volume and complexity, regulators noted, as criminals exploit faster payment methods to gain unlawful access to transactions and account holder data.
Trade associations push for business-friendly policies
Friday, October 27, 2023
Recent developments at the Equipment Leasing and Finance Association and the Electronic Transactions Association reflect the high-profile role of industry trade associations in shaping public policy.
Fed wants further cuts in debit interchange
Thursday, October 26, 2023
The Federal Reserve Board wants to slash the cap on POS debit card payments by more than 30 percent, beginning in 2025. At an Oct. 25, 2023, meeting, the Fed Board also proposed that going forward, the cap get adjusted every two years without the benefit of public comment.
PIRG accuses Mastercard of selling cardholder data
Tuesday, October 24, 2023
A group of consumer advocacy and privacy organizations is taking Mastercard to task for harvesting and selling cardholder information. In a letter sent last month to Mastercard CEO Michael Miebach the group, spearheaded by U.S. PIRG, asked the card giant to stop selling cardholder to data third parties that have nothing to do with authorizing and settling card payments.
CFPB sets tone for U.S. open banking
Monday, October 23, 2023
The Consumer Financial Protection Bureau proposed new privacy guidelines on Oct. 19, 2023, signaling its growing interest in open banking practices. The Personal Financial Data Rights rule reactivates Section 1033 of the Dodd-Frank Act, a dormant rule pertaining to consumer access to personal data at financial institutions. The proposed guidance is designed to give consumers greater control over their financial lives and personal data, stated CFPB Director Rohit Chopra.
FIDO study exposes rampant phishing threats
Friday, October 20, 2023
Biometrics, passkeys and stronger authentication methods are gaining worldwide adoption, according to a new study by the FIDO Alliance. The third annual Online Authentication Barometer was unveiled on Oct. 16, 2023, at Authenticate 2023, FIDO's annual conference, held Oct. 16 to 18, at the Omni La Costa Resort in Carlsbad, California.
Same-day processing a boon for the ACH
Thursday, October 19, 2023
The ACH system, which for decades has been trying to attract business-to-business transactions, seems to be hitting its stride. The latest transaction data out of NACHA shows continued growth in B2B payments across the network, as well as ongoing adoption of same-day ACH.
Deloitte predicts jolly holiday season
Wednesday, October 18, 2023
While the Federal Reserve continues to work toward bring down inflation, it seems consumers have adjusted to higher prices and are gearing up for a record-breaking holiday shopping season. That's what a new report from the consulting firm Deloitte LLP suggests.
New study exposes fraud’s false narratives
Tuesday, October 17, 2023
Forgeries, deep fakes and generative AI models are blurring the lines between reality and fiction, according to a new study by AU10TIX. Published Oct. 17, 2023, the company’s Q2 2023 Global Identity Fraud Report segments emerging threats by industry and region, building a case for advanced biometrics and multilayered strategies to defend against organized crime.
BaaS holds promise for retailers, community banks, experts say
Friday, October 13, 2023
The Banking-as-a-Service (BaaS) Association, formed in April 2023 by Texas-based Bankers Helping Bankers, reflects growing interest in card issuing and depository services among community banks, fintechs, independent software vendors and consumer brands worldwide.
Apple opens door, a crack, to PayPal
Monday, October 09, 2023
Apple's policy of keeping potential competitors out of its digital wallets may be fraying around the edges. PayPal revealed that customers can now add PayPal and Venmo credit and debit cards to their Apple Wallets.
PTW soars to new heights in 2023
Friday, October 06, 2023
The 2023 PayTech Women Leadership Summit, held Oct. 3 and 4, 2023 at the Grand Hyatt Atlanta in Buckhead, Georgia, attracted over 600 payments, fintech and financial services professionals. Themed "amplify your voice" and sponsored by FIS, the sold-out event began waitlisting attendees months ahead of opening day, according to PayTech Women representatives.
PayPal sued over anti-steering rules
Friday, October 06, 2023
PayPal has been hit with a class-action lawsuit, alleging that it stifles competition through anti-steering rules that restrict consumer payment choices and drive-up costs.
Fintechs promote collaboration as UK elections loom
Thursday, October 05, 2023
As previously reported by The Green Sheet on Aug. 1, 2023, in "Advocates talk, regulators listen," financial services advocates are working with legislators on both sides of the Atlantic in an effort to stabilize business-friendly practices in times of political and economic uncertainties.
Challenges ahead for year-end holiday sales, survey finds
Wednesday, October 04, 2023
A recent study by Creditsafe, a global credit monitoring and risk management firm, found that many brands and retailers could face difficulties in achieving their holiday sales targets, with 46 percent of respondents either lacking sufficient cash to finance holiday orders or being unsure of their financial capacity.
Payments revenues setting records
Monday, October 02, 2023
Despite economic uncertainties across the globe, payments, especially electronic payments, remains a dynamic business. A new report from the McKinsey & Co. revealed that global payments revenues grew by double digits in 2022, marking the second straight year of double-digit growth.
