Tagged: consumer protection

August 31, 2022 @ 10:00 am By Omar Faridi  |  

The FBI [Federal Bureau of Investigation] is warning investors that cybercriminals are “increasingly exploiting vulnerabilities in decentralized finance (DeFi) platforms to steal cryptocurrency, causing investors to lose money.” The FBI has “observed cybercriminals exploiting vulnerabilities in the smart contracts governing DeFi platforms to steal investors’… Read More

June 14, 2022 @ 11:25 am By Omar Faridi  |  

SurePay, the Confirmation of Payee provider, announced that it has supported Virgin Money with the implementation of its UK Confirmation of Payee solution in order to protect consumers against fraudulent activities and misdirected payments. Confirmation of Payee is a way of giving users more assurance… Read More

April 1, 2022 @ 8:07 am By Omar Faridi  |  

Millions of UK bank account holders are “putting themselves at a much greater risk” of fraud by ignoring warnings provided by the Confirmation of Payee (CoP) service. This, according to research by Lloyds Bank. When sending funds online to someone that hasn’t been paid before,… Read More

March 2, 2022 @ 3:02 pm By Omar Faridi  |  

The team at HMBradley reveals that they recently detected a cyberattack on their systems. In this type of attack, often referred to as a “credential stuffing attack”, the perpetrator attempts “to gain access to a customer’s account using login credentials illegally obtained from another source.”… Read More

January 18, 2022 @ 2:29 pm By Omar Faridi  |  

Yieldstreet explains that they aim to provide a diverse range of “unique” private market investment opportunities that offer “potentially attractive benefits” to investor portfolios. But before a particular offering makes it onto the Yieldstreet platform, it needs to go through a “stringent” multi-step vetting process,… Read More

January 14, 2022 @ 8:56 am By Omar Faridi  |  

UK-headquartered digital bank Monzo reveals that they’re opening up their Open Banking-powered gambling block to “all Open Banking providers, following a pilot last year with Truelayer.” As mentioned in the update from Monzo, this extension will let all licensed UK Open Banking firms to “integrate… Read More

September 16, 2021 @ 6:22 pm By Omar Faridi  |  

The Infocomm Media Development Authority (IMDA), Monetary Authority of Singapore (MAS), and Singapore Police Force (SPF) recently revealed that malicious actors overseas had been able to divert and use SMS one-time passwords (OTPs) to carry out fraudulent credit card transfers impacting 75 banking clients based… Read More

June 2, 2021 @ 12:36 am By Omar Faridi  |  

TrueAccord, a Fintech that aims to transform debt collection into “a pathway toward financial health,” recently revealed that Ohad Samet, CEO and Co-founder of TrueAccord Group, has been named to the inaugural debt collection advisory committee of the California Department of Financial Protection and Innovation… Read More

May 31, 2021 @ 10:17 am By Omar Faridi  |  

Major banking institutions in the UK like Barclays have decided to block or prevent their clients from transferring money to virtual currency exchanges. Digital banking Fintechs such as Monzo and Starling Bank have also been cracking down on crypto-related entities and transactions they may be… Read More

May 24, 2021 @ 10:01 pm By Omar Faridi  |  

The Central Bank of Kuwait has issued a statement on crypto assets and their risks. Kuwait‘s reserve bank says that it aims to enhance financial awareness and intends to encourage the Kuwaiti banking sector to adopt socially responsible business practices. The Central Bank of Kuwait… Read More

May 21, 2021 @ 10:12 pm By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) will be postponing the implementation of strong customer authentication (SCA) rules by another 6 months in order to minimize disruption for individual consumers and merchants. First scheduled for release in September 2019, the SCA guidelines – which require a… Read More

May 21, 2021 @ 8:25 am By Omar Faridi  |  

Norges Bank has released its Financial Infrastructure Report 2021 and Norges Bank Papers 2/2021, titled “Retail payment services 2020.” Norges Bank notes that there have been significantly fewer disruptions in the Norwegian financial infrastructure during the past few years, and the infrastructure has been working… Read More

May 18, 2021 @ 9:37 pm By Omar Faridi  |  

SmartSearch, an anti-money laundering (AML) solution provider, has reportedly entered the non-regulated market with the launch of a product that’s a part of its business growth strategy. The Ilkley, West Yorkshire-based Regtech firm reports that it recorded its most successful year to date in 2020…. Read More

May 18, 2021 @ 8:09 pm By Omar Faridi  |  

Buy Now, Pay Later (BNPL) services are becoming increasingly popular across the globe. The BNPL market is valued at around £2.7 billion in the United Kingdom. Although postponing payments might appear to be useful for security and in many instances provides other benefits depending on… Read More

May 14, 2021 @ 10:16 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) has shared plans for a new Consumer Duty, which will aim to provide a greater level of consumer protection for retail financial markets for companies to follow. UK companies are currently required to adhere to FCA guidelines and various… Read More

March 20, 2021 @ 10:22 am By Omar Faridi  |  

Peter Van Valkenburgh, the Director of Research at Coin Center, a leading non-profit entity focused on the latest policy issues facing digital currencies, notes that his organization will be using the additional time provided by FinCEN to submit another comment in “ongoing surveillance rulemaking.” Coin… Read More

March 6, 2021 @ 7:10 pm By Omar Faridi  |  

China’s regulatory authorities have reportedly been telling local banking institutions to “trim” their loan books during 2021 to guard against potential risks resulting from bubbles in domestic capital markets. This, according to an update from Reuters which cited sources familiar with the matter (on March… Read More

February 7, 2021 @ 10:53 am By Omar Faridi  |  

European online lender October recently alerted consumers about the money muling fraud. The company explained what usually takes place when bad actors carry out these fraudulent activities and shares tips to avoid getting scammed. October notes that if you’re being offered “opportunities” to make easy… Read More

February 3, 2021 @ 9:03 pm By Omar Faridi  |  

NPR’s Ailsa Chang recently covered the US Securities and Exchange Commission’s (SEC) expected role in conducting an investigation into the Reddit / social media takeover of Wall Street. SEC Acting Chair Allison Herren Lee commented on the agency’s role in looking into the matter. The… Read More

January 22, 2021 @ 8:52 pm By Omar Faridi  |  

Los Angeles based Verifi, a company that claims it has been leading the dispute management and payment protection sector for sellers and issuers since 2005, notes that when their platform was first launched, the term “Fintech” was “just gaining traction.” Matt Katz, CEO at Verifi,… Read More