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NewsBriefs

This article contains summaries of news stories recently posted under Proposed bill would crack down
Breaking Industry News on our homepage. For links to these and other on crypto ATM scams
full news stories, please visit www.greensheet.com/breakingnews.php.
Senator Dick Durbin, D-Ill., introduced the Crypto ATM
Fraud Prevention Act to combat rising scams targeting
older Americans via cryptocurrency ATMs. Fraudsters
trick victims into depositing funds into crypto wallets
under false pretenses, such as fake jury duty fines. With
approximately 30,000 crypto ATMs nationwide, these
scams have become a growing concern. The FTC reported
that losses from crypto ATM fraud jumped from $12
million in 2020 to $114 million in 2023, with older adults
Numerous state AGs join actions being the primary victims.
to keep CFPB doors open
The proposed legislation would require ATM operators
A coalition of 22 state attorneys general filed amicus briefs to warn users of fraud risks, develop anti-fraud policies,
to oppose a potential closure of the Consumer Financial register machines with the U.S. Treasury Department
Protection Bureau (CFPB), warning of severe consequences and provide transaction traceability. Additionally,
for consumer protection and financial regulation. The it would implement consumer protections such as
attorneys general argued that shutting down the CFPB transaction limits, full refunds for fraudulent payments
would create a regulatory vacuum, allowing large banks and live verbal confirmations for large transactions. Sen.
and nonbank lenders to operate without oversight, Durbin emphasized the urgency of regulation in the
disadvantaging small community banks. The briefs were largely unregulated crypto industry and advocated for
filed in support of lawsuits by the City of Baltimore and transparency and safeguards to protect consumers from
the National Treasury Employees Union, seeking to halt financial exploitation.
the shutdown.
Tap to Phone transactions up 200%, Visa reports
The attorneys general highlighted the CFPB's crucial role
in enforcing the Dodd-Frank Act, which was enacted to Visa reported a 200 percent year-over-year increase in Tap
prevent the financial abuses that contributed to the 2008 to Phone transactions, highlighting its role in expanding
financial crisis. They also stressed the importance of the payment accessibility for businesses of all sizes. The
CFPB's consumer complaint system, which processes 25,000 largest adoption spikes were in the United States, U.K.
complaints weekly. Maryland Attorney General Anthony and Brazil, with overall usage growing by 234 percent. Tap
G. Brown emphasized that the CFPB protects consumers to Phone technology enables smartphones to function as
from deceptive financial practices, underscoring the broad POS terminals, making it particularly beneficial for small
support for keeping the agency operational. businesses and mobile sellers. Entrepreneurs like Ariel
Davis, who runs an upcycling studio in New York, praised
BNPL usage surges among younger the tool for eliminating the need for a traditional register
consumers, J.D. Power finds setup.

A J.D. Power study revealed that buy now, pay later (BNPL) Similarly, Reuthe's, a U.K. event venue, leveraged the
services saw record adoption in 2024, particularly among technology to streamline transactions across its large
Gen Y and Gen Z consumers. The study found that 42 property. Visa expanded tap functionalities with features
percent of these younger consumers used BNPL services, like Tap to Add Card, Tap to Confirm, and Tap to Send
compared to just 21 percent from older generations. For the and Request Money, to make digital transactions faster
first time, Gen Z consumers reported using BNPL more and more secure. Mastercard offers a similar feature, Tap
frequently than traditional credit cards during the holiday on Phone, exemplifying the growing competition in the
season. The trend is driven by competitive repayment contactless payment market.
terms and a preference for flexible financing options.
Customer satisfaction varied by provider, with American
Express's Plan It leading at 706 points, followed by Chase Also find us on Facebook,
(675) and Citi Flex Pay (663). Meanwhile, satisfaction with LinkedIn & Twitter for the
Zip and PayPal declined significantly, contributing to an
overall 13-point drop in industry-wide satisfaction. most up-to-date stories,
can’t miss events and newest
The study underscores the growing influence of younger industry announcements.
consumers in the BNPL market and highlights the
advantage traditional financial institutions hold in
offering trusted, secure and well-integrated BNPL options
compared to newer fintech firms.

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