CFPB's New Rule Empowers Consumers with Greater Control Over Financial Data and Better Service Options
The CFPB’s new ruling aims to empower consumers by making it easier to switch to providers offering better rates and services, thereby enhancing competition in loans and improving customer service across payments, credit, and banking markets. CFPB Director Rohit Chopra emphasized that many Americans are stuck with financial products that have poor rates and service, and the new provisions will give consumers more control over their financial choices. The ruling allows consumers to access and share data linked to various financial products, such as bank accounts, credit cards, and payment apps, without incurring fees. This data includes transaction history, account balances, bill information, and basic account verification details.
The rule also ensures that third parties collecting consumer data can only use it for the specific products requested by consumers, preventing misuse for unrelated purposes like targeted advertising. According to Chopra, the final rule on Personal Financial Data Rights is a step towards creating a competitive, safe, and reliable 'open banking' system in the U.S. Compliance will be rolled out gradually, with larger financial firms required to meet the rule by April 2026, while smaller institutions have until April 2030 to comply.
Blockchain Security Standards Council Appoints Inaugural Board
The Blockchain Security Standards Council (BSSC) has announced the appointment of its first board of directors, featuring key leaders from its founding member organizations. This milestone marks a crucial step in BSSC's mission to establish globally recognized security standards for blockchain technology, aiming to create a safer and more resilient ecosystem.
Online Fraud Losses Set to Skyrocket: $44 Billion in 2024 to $107 Billion by 2029, Study Finds
A recent study from Juniper Research has revealed alarming growth in the projected losses due to online fraud, highlighting a significant challenge for businesses and consumers alike.
Stanchion Payments joins PCI Security Standards Council
Source: Stanchion Payments
Stanchion, a global PayTech company and a pioneer of Payment Fabric Technology, announced today that it has joined the PCI Security Standards Council (PCI SSC) as a new Associate Participating Organisation.
Cryptocurrency Scams Account for Half of Fraud Losses
Cryptocurrency-related complaints made up just 10% of all financial fraud reports to the FBI last year, with 69,000 complaints. However, these cases accounted for a staggering 50% of the total financial losses.
Over a third of fraud attempts targeting financial institutions now use AI
Source: Signicat
Signicat, the European leader in digital identity and fraud prevention solutions, today announces a new report on the growing threat of AI-driven identity fraud in partnership with independent consultancy Consult Hyperion.
Mastercard Aims for 100% E-Commerce Tokenisation in Europe by 2030
Mastercard has set an ambitious goal to achieve 100% e-commerce tokenisation in Europe by 2030. This initiative aims to phase out manual card entry, making online shopping safer and more accessible for consumers and merchants alike.
Chase for Business survey reveals tech inspiration driving SMEs
Source: Chase
Leading financial services provider for small businesses, Chase for Business survey revealed it’s findings indicating continued optimism among small business owners and their growing willingness to invest in digital solutions.
