April, 2021

• 30 April

  A $1 Million Cap for Same-Day ACH

  

  Nacha last month announced it will raise its dollar limit on same-day transactions 10-fold to $1 million, starting in March 2022. The move, which will come only two years after the governing body for the automated clearing house network raised the cap to $100,000 from the original $25,000 limit, comes …
• 1 April

  Payments 3.0: What Happened to the Underbanked?

  

  About 24 million American households have dropped out of the payments scene since 2017. The group once known as “underbanked” Americans has disappeared. To understand where they went, a bit of history is in order. In 2009, the Federal Deposit Insurance Corp. began doing surveys of American households every two …
• 1 April

  Security Notes: Red Alert: False Cyber Identities Are Beating Our Defenses

  

  Individual hackers, organized cyber criminals, and spying nations are all part of a colossal drive to exploit recent developments in artificial intelligence. Why? To create an alternative universe populated by fake characters that are indistinguishable from real human beings with a real name, a real face, and a real bank …
• 1 April

  Behind ID Theft’s Somber Toll

  

  Some 47% of U.S. adults have reported identity theft over the past two years, while the fraud’s toll ballooned to $712.4 billion in 2020, up 42% from 2019, according to a report released in March by Aite Group, a Boston-based research and consulting firm, and sponsored by Giact, an Allen, …

February, 2021

• 28 February

  Payments 3.0: A Hot Potato for the Fed

  

  People who cover financial services got all excited when JPMorgan Chase chairman and chief executive Jamie Dimon said a bad word (which the transcript politely says is “indiscernible”) in describing his feelings, during the company’s fourth-quarter earnings call, about technology companies getting into banking. But in the midst of the …
• 28 February

  Security Notes: Post-Covid Payment Security Hangs on Getting Identity Right

  

  The horrible global pandemic has created a massive shift towards e-commerce, and the fraudsters could not be happier.  Online, the only difference between a legitimate transaction and a fraudulent one is the possession of a small piece of data which the bona fide trader holds, and the fraudster presumably does …
• 28 February

  The Card Giants Go All in for Crypto

  

  The two big card networks have made no bones about their interest in supporting cryptocurrency transactions, and last month both made major moves in that direction. The actions came as the value of the leading virtual currency, Bitcoin. has soared to record highs in recent months. The bigger move came …

January, 2021

• 29 January

  Payments 3.0: The Regulators Will Strike Back

  

  PayPal has won the first round in what is likely to be a long fight with regulators. On Dec. 30, Judge Richard Leon, of the U.S. District Court for the District of Columbia, handed down a summary judgment in the case of PayPal Inc. vs. the Consumer Financial Protection Bureau. …
• 29 January

  Security Notes: How to Defeat Ransomware

  

  Stolen data presents a burden to the thief. He needs to bring it to market, find a buyer, and compete with other hackers. Ransomware gains, by contrast, are paid in a lump sum by the victim, the money is Bitcoin-protected, and any other data crime can be executed on top …
• 29 January

  Walmart Launches a Fintech

  

  Unlike many fintech startups, Walmart’s Inc.’s new financial company is expected to be a formidable player right out of the gate. The retail giant unveiled plans last month to partner with Ribbit Capital to create a fintech that will provide what Walmart describes as “modern, innovative, and affordable financial solutions.” …