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Wise Fined US$2.5M by US Regulators for Misleading Customers

Fintech News

million in penalties by US regulators due to a series of illegal actions, including misleading advertising regarding its fees. Regulators additionally determined that Wise did not refund remittance fees within the legally required timeframe when payments failed to arrive on time. Wise has been ordered to pay nearly US$2.5

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2024 Payment Methods Report: Overview, Insights, and Statistics

Clearly Payments

Central Bank Digital Currencies (CBDCs) Overview : Central Bank Digital Currencies (CBDCs) are digital forms of a country’s national currency, issued and regulated by the central bank. Unlike cryptocurrencies, CBDCs are state-backed and pegged to the value of the national currency, aiming to provide a secure and stable digital payment option.

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Visa, FIS boost value-added card services

Payments Dive

Deep Dive Opinion Library Events Press Releases Topics Sign up Search Sign up Search Retail Banking Restaurants Regulations & Policy Risk Technology B2B An article from Dive Brief Visa, FIS boost value-added card services The companies say they aim to strengthen tech tools available for smaller financial institutions in issuing cards.

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Concerns Arise About Flawed Liability Regime as EU Council Progresses in Upgrading Payment Framework

The Fintech Times

Once agreed by the Council of the EU and the European Parliament, the proposals will create a new payment services regulation and amend the existing payment services directive ( PSD2 ) to create a more modern framework in this field. The new proposals aim to put a comprehensive anti-fraud framework in place.

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CRDB Bank Migrates Acquiring and Issuing Systems to BPC SmartVisa Platform

The Fintech Times

Migrating to SmartVista platform has enabled CRDB Bank to consolidate its multi-country ecosystem under one microservices architecture, boosting operational efficiency while aligning with the national regulations and the international scheme certifications.

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The state of fraud in 2024: Key mid-year takeaways

The Payments Association

Lost and stolen card fraud also increased by 4% , driven by traditional low-tech theft methods like distraction thefts and shoulder surfing, where criminals observe PINs at ATMs or point-of-sale terminals. This ability to bypass robust security measures highlights the persistent ingenuity of criminals in finding new vulnerabilities.

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Chargebacks: A Survival Guide

Cardfellow

Abide by Card Association Regulations Follow the terms of service set by the card brands. The individual codes are: 10.1: EMV Liability Shift Counterfeit Fraud 10.2: EMV Liability Shift Non-Counterfeit Fraud 10.3: Other Fraud – Card Present Environment 10.4: Other Fraud – Card Absent Environment 10.5: Card Recovery Bulletin 11.2: