PayPal Settles $2M Cybersecurity Case Over Data Breach
PayPal has agreed to pay $2 million to settle charges by the New York State Department of Financial Services (NYDFS) over cybersecurity lapses that exposed customers’ Social Security numbers.
CFPB Seeks to Strengthen Consumer Protections in Digital Payments
The Consumer Financial Protection Bureau (CFPB) is exploring how existing privacy and consumer protection laws can be applied to emerging digital payment systems offered by Big Tech, stablecoins, and other cryptocurrencies.
PCI DSS 4.0.1 Highlights Phishing-Resistant MFA for Enhanced Security
The latest update to PCI DSS, version 4.0.1, introduces a critical focus on phishing-resistant authentication factors to combat evolving cyber threats. Yew Kuann Cheng, regional vice president for the Asia Pacific at the PCI Security Standards Council, emphasizes that businesses leveraging advanced anti-phishing technologies can more efficiently meet multi-factor authentication (MFA) requirements.
Frax Finance Unveils BlackRock-Backed Stablecoin for Next-Gen DeFi Infrastructure
Frax Finance has launched frxUSD, a rebranded version of its FRAX stablecoin, aiming to set new standards in decentralized finance (DeFi) and stablecoin transparency.
New Report Highlights Global Strategies for Combating Faster Payments Fraud
The U.S. Faster Payments Council (FPC) has unveiled its latest report, International Practices in Mitigating Faster Payments Fraud, sponsored by Nasdaq Verafin. This in-depth resource provides valuable insights into how leading international markets address fraud in faster payments, offering actionable strategies for enhancing fraud mitigation in the United States.
CFPB Sues Major Banks Over Zelle Fraud, Alleging Negligence and Consumer Harm
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against JPMorgan Chase, Bank of America, and Wells Fargo, accusing them of allowing fraud to proliferate on the peer-to-peer payments platform Zelle.
PSR Calls for Cross-Industry Collaboration to Combat APP Scams
A new report from the Payment Systems Regulator (PSR) reveals how fraudsters exploit major platforms, such as social media and online marketplaces, to scam consumers, leading to significant financial and emotional harm.
Ripple Secures NYDFS Approval for RLUSD Stablecoin Launch
Ripple has received approval from the New York Department of Financial Services (NYDFS) to launch its dollar-backed stablecoin, RLUSD.
