The CFPB’s new ruling aims to empower consumers by making it easier to switch to providers offering better rates and services, thereby enhancing competition in loans and improving customer service across payments, credit, and banking markets. CFPB Director Rohit Chopra emphasized that many Americans are stuck with financial products that have poor rates and service, and the new provisions will give consumers more control over their financial choices. The ruling allows consumers to access and share data linked to various financial products, such as bank accounts, credit cards, and payment apps, without incurring fees. This data includes transaction history, account balances, bill information, and basic account verification details.

The rule also ensures that third parties collecting consumer data can only use it for the specific products requested by consumers, preventing misuse for unrelated purposes like targeted advertising. According to Chopra, the final rule on Personal Financial Data Rights is a step towards creating a competitive, safe, and reliable 'open banking' system in the U.S. Compliance will be rolled out gradually, with larger financial firms required to meet the rule by April 2026, while smaller institutions have until April 2030 to comply.

Cryptocurrency-related complaints made up just 10% of all financial fraud reports to the FBI last year, with 69,000 complaints. However, these cases accounted for a staggering 50% of the total financial losses.

Payment companies have received a warning from the Bank of England regarding the necessity to enhance their readiness for upcoming 'operational resilience' standards set to be implemented next year.

The Blockchain Security Standards Council (BSSC) has announced the appointment of its first board of directors, featuring key leaders from its founding member organizations. This milestone marks a crucial step in BSSC's mission to establish globally recognized security standards for blockchain technology, aiming to create a safer and more resilient ecosystem.

Source: Signicat

Signicat, the European leader in digital identity and fraud prevention solutions, today announces a new report on the growing threat of AI-driven identity fraud in partnership with independent consultancy Consult Hyperion.

Source: Revolut

Revolut, the global financial app with more than 40 million customers worldwide, has today announced the release of its first Financial Crime and Consumer Security Report, containing exclusive scam and fraud insights.

A recent study from Juniper Research has revealed alarming growth in the projected losses due to online fraud, highlighting a significant challenge for businesses and consumers alike.

Mastercard has set an ambitious goal to achieve 100% e-commerce tokenisation in Europe by 2030. This initiative aims to phase out manual card entry, making online shopping safer and more accessible for consumers and merchants alike.

A consortium of seven central banks has partnered with the Bank for International Settlements (BIS) to delve into the potential of tokenization for facilitating cross-border payments.

Source: Stanchion Payments

Stanchion, a global PayTech company and a pioneer of Payment Fabric Technology, announced today that it has joined the PCI Security Standards Council (PCI SSC) as a new Associate Participating Organisation.

Source: Chase

Leading financial services provider for small businesses, Chase for Business survey revealed it’s findings indicating continued optimism among small business owners and their growing willingness to invest in digital solutions.

Source: FIS

Global financial technology leader FIS (NYSE: FIS) has today announced that its SecurLOCK card fraud management solution is poised to deliver an increase in accurately identified and prevented fraudulent card transactions utilizing a new collaboration with FIS Fintech Accelerator alumnus Stratyfy.