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NewsBriefs

CFPB chief asks Congress to clip bureau's wings false advertising, legal analysts have
noted. As regulators struggle to find
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, a place for cryptocurrencies in the
wants Congress to clip the CFPB's wings. In a recent message to Congress, financial ecosystem, complainants
Mulvaney requested several changes to the 2010 Dodd-Frank Wall Street Reform have filed 13 actions against ICOs in
and Consumer Protection Act, the law that created the consumer watchdog federal and state courts. While two of
agency. Among them: require congressional approval of any major rulemaking the cases were summarily dismissed,
by the CFPB, fund the bureau through congressional appropriations rather the remainder are pending.
than the Federal Reserve's coffers and make the bureau's director accountable
to the president. Trustwave data points to
shifting cyber threats
ETA Transact, a hub for sales empowerment
As cybersecurity defenses continue to
Continuing their tradition of delivering the most comprehensive, rewarding evolve, organized criminal elements
experience possible, organizers of the Electronic Transactions Association's seek new ways to exploit systems.
annual Transact conference which occurred April 17 to 19, 2018, expanded After analyzing billions of logged se-
session content and exhibit zones to zero in on payment innovations that curity and compromise events across
will drive sales channel growth for years to come. "We started 30 years ago 21 countries, hundreds of hands-on
as the sales channel trade association, so to the extent that ISVs and software data breach investigations and in-
companies and payfacs are new players in the payments sales channel, we want ternal research, Trustwave Holdings
to make sure to engage them and give them guidance on how to do payments Inc. released a comprehensive analy-
and foster partnerships where we can," said Jason Oxman, CEO of the ETA. sis in its 2018 Trustwave Global Security
Litigation tarnishes ICOs Report. Marking the annual security
study's 10th year, the 105-page report
A recent spike in initial coin offerings (ICOs) has been met with an equally revealed fewer physical POS system
fierce wave of lawsuits, with complaints ranging from unfair competition to attacks. Yet retail (16.7 percent of
breach incidents) and payment card
data (targeted in 40 percent of breach-
es) remain top targets for cybercrimi-
nals.
Juniper study finds growth,
diversity in mobile wallets
In a statistical analysis published
April 4, 2018, Juniper Research iden-
tified payment and money transfer
transactions as leading factors in
mobile wallet adoption worldwide.
Mobile Wallets: Service Provider Analy-
sis, Market Opportunities & Forecasts
2018-2022 noted third-party wallet
providers and financial institutions
are responding to these trends by
embedding payments and banking
functions within single, unified ap-
plication frameworks.

Goodbye to signatures at POS
Signing for credit card purchases at
the POS may soon become a thing of
the past. In separate announcements
over the last six months, American
Express, Discover, Visa and Mas-
tercard all said they were scrapping
requirements that merchants obtain
cardholder signatures for in-store
credit and debit card purchases effec-
tive April 13, 2018.

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