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.

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.

Google has filed a lawsuit against the US Consumer Financial Protection Bureau (CFPB) to contest its supervisory authority over Google Payment Corp.

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.

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.

Losses from Authorized Push Payment (APP) scams are projected to reach $7.6 billion by 2028 across six major real-time payment markets, including the U.S., U.K., and Brazil, according to ACI Worldwide’s latest Scamscope report.

Frax Finance has launched frxUSD, a rebranded version of its FRAX stablecoin, aiming to set new standards in decentralized finance (DeFi) and stablecoin transparency.

Ripple has received approval from the New York Department of Financial Services (NYDFS) to launch its dollar-backed stablecoin, RLUSD.

Source: Mastercard

As part of its efforts to empower the digital transformation, drive economic diversification and empower innovation in Saudi Arabia, and under the patronage of The Saudi Central Bank (SAMA), the local establishment of Mastercard Gateway widens the technology company’s footprint in the region and underlines Mastercard’s commitment to contributing its expertise as a trusted technology partner and enabler of Saudi Arabia’s digital economy and future goals.

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.

The Regulated Settlement Network (RSN) proof-of-concept (PoC) demonstrated the transformative potential of shared ledger technology for upgrading multi-asset and cross-network transaction settlements in the US financial system.

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.