PYMNTS

MAY 21, 2020

Active-duty service members are 76 percent more likely to report identity theft than most people, according to data from the Federal Trade Commission (FTC). The FTC reported in its newest Consumer Protection Data Spotlight that service members typically report misuse of their credit and debit card data. percent of the 3.2

Identity Theft

PYMNTS

MAY 19, 2020

More than 147,000 consumers who were scammed by I Works are getting full refunds totaling $12 million, the Federal Trade Commission (FTC) announced Monday (May 18). The FTC alleged the Utah-based company operated deceptive trial memberships and bogus government grant and money-making schemes in 2010.

FTC

Payments Source

NOVEMBER 22, 2016

has clarified its position on EMV debit card routing to address growing concern among merchants that the card brand's rules were forcing those transactions onto the Visa network rather than allowing merchants to choose among less expensive options.

Debit Card

PYMNTS

JULY 27, 2016

Victims of an illegal credit card billing scam have started receiving checks from the Federal Trade Commission. The FTC said it has begun mailing checks, amounting to $9.7 According to the FTC , the average check will be about $30 and is the result of a lawsuit the FTC filed against the company in 1999. billion.

FTC

PYMNTS

JUNE 16, 2017

The Federal Trade Commission announced Thursday (June 15) that NetSpend, the operator of a debit card, is providing refunds to settle charges that people couldn’t access their money in their NetSpend accounts. The FTC noted NetSpend will mail a refund check within 30 days after the customer makes the request.

FTC

PYMNTS

JUNE 25, 2020

One popular target for cybercrime is debit and credit cards as the pandemic leaves customers uncertain about their financial futures. The Federal Trade Commission (FTC) has reported 61,898 pandemic-related complaints since the outbreak began, totaling $45.1 million in losses and a median loss of $459 per incident.

Financial Crimes

PYMNTS

APRIL 15, 2019

The FTC clarified in a further post : “The company also claimed that people could pay their loans off early without penalty, but some consumers reported receiving the run-around. The Federal Trade Commission announced on Monday (April 15) a $3.85 Under terms of the settlement, Avant cannot engage in any similar conduct, and must pay $3.85

FTC

PYMNTS

NOVEMBER 14, 2019

In today’s top news, DoorDash keeps growing and Visa and Mastercard face big questions over their debit card programs. FTC Probing Visa, Mastercard About Debit Card Practices. Three billion credit and debit cards. And investors seek late-stage investments. Investors from the U.S.

Debit Card

Payments Source

JANUARY 14, 2020

The specific impetus for the Federal Trade Commission's inquiry into Visa and Mastercard's debit transaction routing processes is not entirely clear, but it likely stems from the effect that advanced payments technology has had on Durbin amendment compliance.

Federal Trade Commission

PYMNTS

JANUARY 30, 2020

This payment rail’s use is going strong in the United States, with debit card penetration reaching 78 percent in 2018. Consumers also show continued interest in debit even as they adopt newer payment instruments, and a 2019 report found that 61 percent of mobile wallet users linked debit cards.

Debit Card

PYMNTS

MAY 25, 2018

At the heart of retailers’ concern is that the move could prohibit them from routing their debit card transactions to lower-cost networks. In addition, the National Retail Federation (NRF) is planning to meet soon with federal regulators, including the Fed, the FTC and the Consumer Financial Protection Bureau (CFPB).

Consumer Financial Protection Bureau (CFPB)

PYMNTS

FEBRUARY 4, 2020

Multitudes of Americans woke up and wised up to the true nature of credit after the Great Recession, driving a surge in the use of debit cards. Older “ bridge millennials ” led the way when it comes to living within one’s means by showing a clear preference for debit products.

Debit Card

FICO

JANUARY 22, 2021

In this blog post I’ll do some quick level-setting with 2019 card fraud numbers, touch on what that looked like for 2020, and then share a round-up of several of the latest credit card fraud trends. Exactly how big credit card fraud is depends on where you look. Fraud Numbers Vary Widely.

Credit Cards

PYMNTS

MAY 2, 2016

Venmo may have managed to get itself into some trouble with the FTC – though how much, what for exactly and how worried parent company PayPal should be worried are a bit up in the air. Venmo’s FTC Troubles(?). We are cooperating with the FTC in connection with the CID.”. Walmart gift cards also work in-app.

Legal

PYMNTS

AUGUST 15, 2019

Instant Funds: Venmo added another option for instant money transfer into bank accounts, this time without debit cards. FTC Chairman Joe Simons said if breakups are needed, “you do it.”. As reported, Venmo has 40 million active users as of the first quarter of this year.

Venmo

FICO

JANUARY 19, 2022

Credit Card Fraud: It’s Still A Thing (And As Big As Ever). TJ Horan wrote: Exactly how big credit card fraud is depends on where you look. Federal Trade Commission (FTC) is an important resource, taking in reports from consumers about problems they experience in the marketplace.

Financial Crimes

FICO

NOVEMBER 30, 2022

Another colleague of mine, TJ Horan, recently wrote a post about the growth of scams and the potential for regulation and noted that: Data from the FTC shows that to date in 2022, consumers report losing $703 million from bank transfers and payments, $90.6 million from debit card payments, and $82.2

Scams

PYMNTS

MAY 6, 2019

Listening intently, the executive team, now very much consumed by negotiations with the FTC and every other regulator in the world about how to be better stewards of consumer data, tells the team they have their blessing. Instead, it leverages the debit cards people already have in their wallets to get instant access to money.

Online and Mobile Banking

FICO

MARCH 30, 2023

In Norway, 98% of the country has a debit card and less than 5% of transactions happen in cash. Here in the US, a recent report from the Federal Trade Commission (FTC) noted that consumers reported $3.8 In the UK more than 23 million people used basically no cash in 2022.

Scams

FICO

NOVEMBER 7, 2022

Data from the FTC shows that to date in 2022, consumers report losing $703 million from bank transfers and payments, $90.6 million from debit card payments, and $82.2 All Parties Agree that Scams are Bad, But Not on Who Is Liable. Neither the banks nor the regulators disagree about the scope of the problem.

Scams

Seon

JUNE 1, 2023

According to the FTC via Statista, 2022 saw the loss of $178 million due to check fraud – ranking it even higher than payment app and payment service-based fraud at $163m. You will likely see an example of a foil hologram if you look at the back of your debit card. They have a shiny surface that gives the illusion of a 3D image.

Checks

BNG Payments

JANUARY 7, 2022

This technology consists of security chips in credit cards, debit cards, and prepaid cards that store far more detailed information than a magnetic stripe card and are extremely hard to clone. Truncation is an FTC-required strategy where the credit card information shown on receipts is limited.

Credit Cards

PYMNTS

JANUARY 8, 2018

We’re excited to team up with Credit Karma Tax as the exclusive prepaid debit card option for refund disbursements and help filers get some of their refund dollars even faster with the Earlybird Advance.”. The funds for the Earlybird Advance come care of MetaBank, a federally chartered savings bank of Meta Financial Group, Inc.

Tax Refunds

Payments Source

DECEMBER 20, 2016

The Federal Reserve and Federal Trade Commission investigated Visa for debit practices, a move that enhances competition in the marketplace for merchants.

Federal Trade Commission

PYMNTS

AUGUST 22, 2016

It’s hard to find POS terminals that will take a government-subsidized debit card in local villages in India, where more than 60 percent of the country’s citizens live. It’s what the FTC does and has done a great job with for decades. When Ticketmaster was sued over “hefty processing fees,” the plaintiff’s attorney got $16.5

Checks

CB Insights

OCTOBER 10, 2017

The first time you logged into Mint, you could pull all of your financial transactions from your bank, including your credit and debit cards — and you wouldn’t need to spend an hour meticulously tagging each one to see your spending habits. Much of Mint’s early success can be tied to a very simple product innovation.

Finance

PYMNTS

DECEMBER 21, 2018

Instead, if the bill is approved, digital tokens would most likely be supervised by the Federal Trade Commission ( FTC ) or the Commodity Futures Trading Commission (CFTC). ” In addition, a Sydney-based startup has launched a crypto debit card that can be used at any business or ATM across Australia.

Regs

PYMNTS

APRIL 30, 2018

LendingClub was hit with a lawsuit by the Federal Trade Commission (FTC) last week over claims of “deceptive” practices. The FTC complaint alleges that LendingClub’s advertisements of “no hidden fees” is in conflict with reports from consumers who received loan proceeds minus those hidden fees that were, well, hidden in the fine print.

FinTech

PYMNTS

MAY 23, 2016

2015, MCX’s “anchor member,” Walmart, launched Walmart Pay , a QR code-based mobile payments app that leverages Walmart.com credentials, which include network branded credit and debit cards. Then, in perhaps the most overt sign of its finishing blow, in late Dec. And that was just one of a few letters Sen. 1, 2016.

EMV

PYMNTS

JULY 9, 2018

Spurred on by a generation of cord cutters who decided it was better to cut and run instead of paying for 85 channels of programming to get the 16 channels that an ex-FTC commissioner once remarked consumers cared most about, content providers are unbundling their services to compete with streaming services like Netflix and Amazon Prime.

Online and Mobile Banking