Several Russian banks were recently denied services by Visa and MasterCard, and now the general public is concerned about the country’s financial situation, according to RIA Novosti. The Russian Central Bank has now invited the country’s banks and payment platforms to help find a new...
The Consumer Financial Protection Bureau (CFPB) on April 9 ordered Bank of America Corp. (BofA) to provide an estimated $727 million in relief to roughly 1.4 million consumers it says were harmed by deceptive marketing related to controversial credit card add-on products. BofA also illegally...
A program run between 115 Japanese supermarkets and convenience stores to share biometric customer face data has drawn criticism for offering a wide variety of possible customers’ rights abuses. The shop-lifting prevention system operated by a Nagoya-based software development company, scans and stores customer face data...
Currently 46-states have passed data-breach legislation and New Mexico is heading toward being the 47th. State legislators in the Southwestern state are currently considering HB 224, which would mandate that organizations notify individuals whose data has been compromised as the result of a breach within 10...
Australia’s Security and Investment Commission (ASIC) has recently publicized concerns that businesses are overcharging for credit card transactions because policing such behavior has slipped between the cracks between two regulatory bodies. Airlines, utilities taxi companies and other low-competition marketplaces are where the overcharges are most...
Speaking before a Congressional panel yesterday, U.S. Attorney General Eric Holder told the assembled that bitcoin, and other virtual currencies like it, represent new risks when it comes to money laundering and other criminal pastimes. “More than ever before, the department’s law-enforcement work today must...
Embattled bitcoin exchange CEO Mark Karpeles has been ordered by a federal judge to appear in Dallas on April 17 to explain how his company lost at least $400 million worth of customer deposits. He is unlikely to show, since the majority of legal experts agree that...
A bill is making its way through the California state legislature that would make companies like Target liable for damages after successful cyber-attacks against their system expose customer data. Currently banks and credit card companies are on the hook for customer financial losses as a...
Yet another state, Louisiana, is looking to convert plastic back to paper, at least when it comes to how tax refunds are distributed. Under a bill approved by the state’s House Ways and Mean Committee on March 31, taxpayers who do not specify a specific...
