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NewsBriefs

This article contains excerpts from news stories recently posted New federal data privacy standard proposed
under Breaking Industry News on our homepage. For links to these
and other full news stories, please visit www.greensheet.com/break- The United States has no comprehensive federal law
ingnews.php. governing consumer data privacy. Some members of
Congress want to change that. Rep. Suzan Delbene,
D-Wash., introduced legislation to create a federal
consumer data privacy standard, which would supersede
the current patchwork of state data privacy laws and
give the Federal Trade Commission rulemaking and
enforcement powers. Thirty-four other Democrats in the
House signed on as co-sponsors.
Interchange rate hikes on hold for another year
When Sen. Dick Durbin, D-Ill., speaks, the card brands No similar legislation has been introduced in the Senate.
listen. That's the inference from reports that Visa and The Information Transparency and Personal Data Control
Act aims to establish protections for all types of personal
Mastercard are delaying planned hikes in the interchange
rates until April 2022. information businesses collect on consumers, including
financial, health, genetic, biometric, geolocation, sexual
orientation, citizen and immigration status, Social Security
"Visa is committed to maintaining stability in our Numbers, and religious beliefs.
payments system and will not make any future rate
changes in the U.S. for another year while the economy 5G deployments spur economic optimism
recovers," the company said in a statement to the Bloomberg
news service. "Mindful that some merchants are still Phased deployments of 5G-enabled devices and networks
facing unprecedented circumstances, we are delaying are fueling hope of better processing speeds, according
our previously announced interchange adjustments," to new studies by Accenture and HighSpeedInternet.
Mastercard said in a statement to Bloomberg. Visa and com. As 5G connectivity improves in the United States
Mastercard typically adjust interchange rates once or and Europe, manufacturing, automotive, healthcare and
twice a year—in April and October. agriculture will benefit as 5G creates new jobs in these
sectors, Accenture analysts suggested.
The Accenture report, titled 5G accelerates
REIMAGINE THE ART OF USAEPAY.COM economic growth, and published in
February 2021, stated that the multiplier
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TRANSACTION effects of 5G will be felt in every
industry as new jobs create more new
jobs. "5G has the potential to create or
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transform up to 16 million jobs across all
sectors of the economy, which includes
full-time, part-time and temporary jobs,"
Accenture researchers wrote.
Digital fraud balloons due to COVID
The COVID-19 pandemic may have
forced some to press the pause button on
business as usual, but not fraudsters. A
pair of reports out of TransUnion reveals
a significant uptick in digital fraud
perpetrated against businesses, globally,
as well as a surge in pandemic-related
fraud schemes targeting consumers.
TransUnion’s latest quarterly analysis
of global online fraud trends found that
since the pandemic was declared in
March 2020, suspected fraudulent digital
transaction attempts against businesses
worldwide have grown by 46 percent.

In the United States, the increase was
a less-striking 22 percent. Industries
seeing the most notable upticks in
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