Compliance

The Tennessee company said an unauthorized party gained access to dozens of accounts and obtained less than $1 million from some of those accounts.

While a merchant may choose to run a program incorrectly, it is our responsibility as professionals to fully understand what the rules are and communicate the impact if they are not followed, says Clearent's Phil Ricci.

The collapse of Thodex and Vebitcoin has triggered a manhunt for one of the exchange founders, led to dozens of arrests and inflicted untold losses on ordinary Turks.

The Reserve Bank of India restricted American Express Banking and Diners Club from adding new local customers, citing non-compliance with data-storage rules.

The agency will hold an exercise this summer related to emerging fraud risks and one board member suggested Congress should once again consider allowing the NCUA to oversee third-party vendors — a measure that would cost the regulator roughly $2 million a year.

The pandemic has caused dramatic changes in all industries, which adds extra stress on payment companies, says PXP Financial's John Bell.

Private businesses are beginning to embrace the Reserve Bank of India's plan to create competition in the country's retail digital payment space, seeking new licenses to develop alternatives to the state-owned National Payments Corp. of India system.

The shutdown of the U.K. company's Pingit app demonstrates why even the most tech-savvy banks should collaborate with fintechs rather than go it alone.

The company agreed to pay a $750,000 to address claims it steered consumers into high-cost loans from affiliated lenders. It will also reimburse consumers $646,000 in fees.

The agency first sought feedback in February 2020 on how it could update its logo, but the process was suspended two months later amid the COVID-19 pandemic.