The multi-year lawsuit alleging regulatory pressure to close payday lender bank accounts has been dismissed, according to the Office of the Comptroller of the Currency. Advance America et al. decided to dismiss the OCC from its lawsuit, alleging that federal banking regulators pressured banks to terminate payday lender bank accounts. This action puts an end to the 2014 lawsuit that...
Though more people than ever continue to pay with debit and credit cards, as well as digital wallets, several factors look like it will be a long time before the United States goes anywhere near cashless. The Numbers Say A lot, But They’re Not Enough Recently released research released by Square Inc. titled, “Is the Cashless Society All Hype?” shows...
Mass-transit systems and the support of the biggest issuers are fueling the movement of pay with contactless cards a part of everyday life. All stakeholders believe this will trigger to greater adoption of contactless payment options overall. The theory has been reinforced by Visa’s announcement that users of the 20 million contactless credit cards issued by JPMorgan Chase & Co....
As payment systems break down walls, providing greater access to larger pools of merchants, cybercriminals find weaknesses and seize on opportunities to infiltrate. Since fraudsters continue to evolve and become more sophisticated, payment facilitators need to pay attention so they can protect themselves. Get to know the latest high-risk trends that payment facilitators face. The Biggest Treats More than 1.4...
Trafficking and smuggling counterfeit and pirated goods is a lucrative business hurting America, its companies, and citizens, according to a May 2019 report from the Financial Accountability and Corporate Transparency Coalition (FACT Coalition). The illegal activity continues to remain profitable and thrive because those running the criminal enterprises operate in secret with anonymous entities that help them launder their fake...
Payment processing firm, Allied Wallet, its owner, and two other officers recently settled charges that they participated in many schemes in which they knowingly processed fake transactions to customers’ accounts. Allied Wallet, its owner and CEO, Ahmad Khawaja, its chief operating officer, Mohammad Diab, and its former vice president of operations, Amy Rountree, agreed to settle the Federal Trade Commission’s...
In another move to protect itself from potential liability and financial punishments, Alphabet’s Google recently changed its content policy on its app store, banning apps on that facilitate the sale of marijuana or related products. The move was necessary because the laws concerning marijuana use and sale vary considerably among states and on the federal level. This approach allows app...
The operators of a worldwide negative option scam admitted to deceptively promoting “risk-free” trials and then, charging the consumers full price for the items and enrolling them in long-term, automatically-renewed product plans without their consent. A court order resolving the Federal Trade Commission’s complaint requires the defendants to no longer engage in this type of scam and pay more than...
In the digital age, data is an essential aspect of any enterprise. It’s a crucial factor in determining the success of any business. By using the most advanced analytics tools, organizations use data analysis to come up with their business strategies. With all this in mind, e-commerce businesses have to take great care when processing data entry, as online retail...
Though some believe blockchain technology can rescue businesses from chargebacks and ecommerce fraud, it may not completely solve the problem. True and friendly fraud hurt all businesses, especially mobile and online merchants. Unauthorized use of credit cards triggers cardholders to implement chargebacks, resulting expensive refunds and other penalties for businesses. As blockchain technology evolves, merchants can expect it to reduce...
