Law and Regulation

The risk exposure to businesses from synthetic identity fraud totaled $3.2 billion during the first half of 2024—an all-time high, and up from $3 billion during the same period a year ago, says TransUnions’s “H2 2024 Update” to its State of Omnichannel Fraud Report. Criminals actively used synthetic identities to …

Plaintiffs in the lawsuit seeking to overturn the Illinois Interchange Fee Prohibition Act filed a motion late Friday requesting the court deny a request from several merchant organizations to join the Illinois Attorney General as defendants in the suit. At the heart of the plaintiffs’ argument is that the Illinois …

More than a year after the launch of real-time payments by the Federal Reserve, financial institutions of all sizes are adopting the service. Some mid-size and smaller institutions are also looking ahead to related issues, including the looming ISO20022 standard for financial messaging. The latest example emerged Thursday with an …

Mastercard Inc. and Citi announced they are working on a service to offer cross-border payments to Mastercard debit cards in 14 markets, including the United States. Cardholders in these markets will be able to receive payments from Citi clients in near-instant transaction times. Citi is using Mastercard Move, the card brand’s …

With the national spotlight now shining on the Illinois Interchange Fee Prohibition Act, questions are being raised regarding merchants’ ability to comply with the law. The biggest challenge facing merchants will be separating tax and tips on credit or debit card transactions submitted to their card processor so they can …

Illinois Senator Dick Durbin is refuting claims by plaintiffs in the Illinois interchange lawsuit that federal banking laws, such as the Durbin Amendment, supersede state laws. The latest back-and-forth is part of an unfolding lawsuit challenging the Illinois Interchange Fee Prohibition Act. In an amicus brief filed late Friday, Durbin …

The national legal battle over an Illinois interchange law continues to broaden in scope. Several national organizations representing merchants are expected to file amicus briefs with the United States District Court for the Northern District of Illinois Friday in support of the Illinois Interchange Fee Prohibition Act. The briefs are …

With the Federal Reserve’s FedNow service having debuted in July last year and The Clearing House Payments Co.’s  RTP network in operation since 2017, just how soon can the U.S. payments industry expect widespread, routine exchange of real-time transactions? Answers to that question are beginning to emerge. According to a …

The battle over the Illinois Interchange Fee Prohibition Act has taken a huge new turn. Early Thursday, the Illinois Attorney General’s Office filed a motion with the United States District Court for the Northern District of Illinois’s Eastern Division challenging an Amicus brief from the Office of the Comptroller of …

Beginning next summer, PayPal Holdings Inc. will begin sharing more personalized shopper information with merchants, as outlined in its recently updated PayPal Privacy Statement. Data such as products, preferences, sizes, and styles will be shared with merchants to “help improve your shopping experience and make it more personalized for you,” …