Risk: Page 5
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Square apologizes for last week’s outage
Block’s mea culpa for outages last week at its merchant unit, as well as its peer-to-peer business Cash App, acknowledged “this situation was made more difficult by our communication.”
By Caitlin Mullen • Sept. 14, 2023 -
Discover shares pricing error findings with regulators
Discover executives met with regulators on the issue Monday, and the company expects further discussion, CFO John Greene said.
By Caitlin Mullen • Sept. 13, 2023 -
Trendline
Payments industry seeks to keep pace with fraudsters
As losses from fraud in payments have climbed, companies are seeking new tools to combat illicit schemes.
By Payments Latest staff -
Visa tracks spike in retail, e-commerce fraud
Fraudsters developed sophisticated techniques to evade safeguards and steal payment credentials, the card network said in its biannual report.
By Tatiana Walk-Morris • Sept. 13, 2023 -
Affirm extends bridge to regulators
“I think a fair amount of our competitors believe that they’ll either talk their way out of [regulatory attention] or hide,” Affirm CEO Max Levchin said.
By Caitlin Mullen • Sept. 11, 2023 -
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By Roenen Ben-Ami, Justt co-founder • Sept. 11, 2023 -
Discover expands board with former regulator
The card issuer added a former FDIC regional director to its board as it grapples with regulatory scrutiny.
By Caitlin Mullen • Sept. 6, 2023 -
Klarna narrows first-half loss
The Swedish BNPL company, which was last profitable in 2018, recorded a small profit for one month during the second quarter.
By Caitlin Mullen • Aug. 31, 2023 -
Zip posts loss under new leadership
After overhauling the business to stem cash burn and turn a profit, BNPL firm Zip’s annual loss narrowed over last year.
By Caitlin Mullen • Aug. 30, 2023 -
Affirm gears up for student loan restart
With payments set to resume in October, the buy now, pay later provider is factoring consumers’ student loan balances into its underwriting decisions.
By Caitlin Mullen • Aug. 29, 2023 -
Q&A
BNPL risks raise questions for Consumer Reports
BNPL’s ubiquity and growing use for everyday purchases should grab regulators’ attention, said Consumer Reports’s senior policy counsel.
By Caitlin Mullen • Aug. 21, 2023 -
Discover ‘acting with urgency’ on Hochschild replacement
Interim CEO John Owen also said the company has hired about 200 compliance officers in recent months as Discover bolsters regulatory and risk management efforts.
By Caitlin Mullen • Aug. 17, 2023 -
Splitit targets areas BNPL rivals have ‘underserved’: CEO
The installment payments company aims to more than double its B2B merchant sales volume by mid-next year, CEO Nandan Sheth said.
By Caitlin Mullen • Aug. 14, 2023 -
New Fed unit to supervise crypto, nonbank partnerships
The central bank clarified that any state bank it supervises must get the regulator’s green light before issuing, holding or transacting in dollar tokens, such as stablecoins, to facilitate payments.
By Anna Hrushka • Aug. 9, 2023 -
Credit card debt tops $1 trillion
Second-quarter credit card balances saw “the most pronounced worsening in performance” compared to other categories such as housing and student loan debt, the New York Fed said.
By Tatiana Walk-Morris • Aug. 9, 2023 -
Column
What a shooter’s payment choice reveals — or doesn’t
Whether or not the payment type behind an active shooter’s purchase of a gun means anything may be revealed in patterns.
By Lynne Marek • Aug. 8, 2023 -
Senate ‘making good progress’ on pot banking bill, Schumer says
There may be bipartisan agreement on SAFE Banking’s goal to help the cannabis industry enter the banking fold, but lawmakers are reportedly haggling over some of the bill’s details.
By Anna Hrushka • Aug. 2, 2023 -
Will payments M&A pick up after slow start?
Despite a flurry of payments acquisitions recently, deal activity was slow in the first half of the year and some factors are still suppressing M&A.
By Caitlin Mullen • July 24, 2023 -
Q&A
Clair CEO welcomes on-demand pay regulation
Clair CEO Nico Simko weighed in on whether EWA is a payday loan and how the company offers fee-free wage access.
By James Pothen • July 20, 2023 -
Discover facing FDIC probe
The company also disclosed during its 2Q earnings report that a pricing issue affected merchants and merchant acquirers, some of whom will get refunds.
By Caitlin Mullen • July 20, 2023 -
Synchrony braces for late fee rule
The CEO of the private label card issuer expects a final rule on the CFPB’s proposed credit card late fee cap later this year, and litigation could follow, he said.
By Caitlin Mullen • July 18, 2023 -
FIS, GTCR craft Worldpay escape hatch
In its recent sale of an ownership stake in Worldpay, FIS agreed that the new joint venture with GTCR could be put up for sale a handful of years after they close the deal.
By Lynne Marek • July 13, 2023 -
Bank of America fined $250M over fake accounts, junk fees
Regulators say Bank of America opened credit card accounts without customers’ consent and misled consumers about rewards for card applications.
By Anna Hrushka • July 11, 2023 -
Criminals stole $20M from Revolut via payment loophole: report
Differences in the firm’s U.S. and European systems meant the neobank would use its own money to erroneously refund certain declined payments, the Financial Times reported.
By Anna Hrushka • July 11, 2023 -
Debit plagued by security concerns: survey
Just 40% of consumers feel confident in the security and safety of their debit cards, J.D. Power said.
By Caitlin Mullen • July 5, 2023 -
Payments Latest
Will BNPL pass the test?
The buy now, pay later trend faces a starkly different environment than the one in which it gained traction. Regulation looms, the economy has worsened and investors are demanding profits. It’s all a test of BNPL’s long-term footing.
By Caitlin Mullen • June 27, 2023