The U.K.’s Financial Conduct Authority (FCA) has fined Barclays £26 million ($31.6 million) for its treatment of consumer credit customers who fell into arrears on their loans or experienced other financial difficulties. The British watchdog agency imposed the fine on Barclays Bank UK plc, Barclays...
Compliance with financial regulations market-to-market around the globe is increasingly automated yet relies on the same human emotion that undergirds all forms of exchange: trust. In other words, banks and financial institutions (FIs) have an obligation to make sure you are who you claim to...
Open banking regulations and proposals have progressed worldwide in recent months. Lawmakers in China, Singapore and Thailand, for example, have all either upgraded or recently introduced new laws surrounding the sharing of consumer information. Agencies in the U.S., such as the Consumer Financial Protection Bureau...
The rise of telemedicine services is forcing a greater need to secure the data that is exchanged. In this month's Merchants Guide To Navigating Global Payment Regulations, Cary Breese, CEO of prescription delivery service NowRx, discusses the pandemic's impact on digital identity and privacy preferences...
The Office of the Comptroller of the Currency (OCC) has proposed personal banking regulations intended to level the playing field. The rule would guarantee that everyone would have equal access to banking services offered by national banks, federal savings associations, and federal branches and agencies...
A recent report released by the United Nations found that 132 out of 194 countries have now introduced data protection regulations of some kind, all varying in terms of what type of information they protect and the severity of their restrictions. These regulations are being...
Lingering economic uncertainty and growing fraud rates in multiple markets are prompting consumers to sharpen their focus on privacy and security. Eighty-one percent of consumers in one recent study said that trusting brands was a major factor in determining whether they would interact with them, for...
Eighty-seven percent of Americans believe data privacy is a basic right, so merchants can’t afford to miss the mark on safeguarding consumers’ information. Michael Reidbord, president of retail technology organization Fashion Tech Consortium, explains how merchants must juggle evolving regulations that address consumers’ privacy concerns.
More consumers are turning to digital channels to make daily purchases as the pandemic continues. Emerging data privacy and open banking rules meant to regulate these digital transactions are thus being put to the test as consumers familiarize themselves with — and question — the...
