Law and Regulation

Mitek Systems Inc., provider of remote deposit capture and fraud-prevention technology, says revenue for fiscal 2022 grew 20% to $143.9 million from fiscal 2021’s $119.8 million. Much of the growth came from more demand for the company’s fraud-control offerings. San Diego-based Mitek is a leading vendor of remote deposit technology. …

Mastercard Inc., working with Subaio, which offers a subscription management service for banks, launched a subscription control service to make it easier for consumers to identify and unsubscribe from recurring payments via banks’ apps and online access. The move comes after the Federal Trade Commission proposed a rule that would require sellers …

The Consumer Financial Protection Bureau said Tuesday it has fined payments provider ACI Worldwide Inc. $25 million for erroneously debiting from nearly 500,000 homeowners a total of $2.3 billion in mortgage payments through the automated clearing house network in 2021. The agency’s order also said ACI must “stop its unlawful …

JPMorgan Chase has extended its JPM Coin, a blockchain-based settlement token launched in 2019, to euro-denominated payments. More than $300 billion has been processed on the coin since its inception. Transact Campus, a payments provider specializing in colleges and universities, announced it has reached the 1-million mark for number of student mobile …

Criminals can purchase more than just stolen card account numbers on the so-called dark Web. A recent study by virtual private network provider NordVPN reveals that 51.5% of cards on the dark Web came with addresses, 39.8% came with phone numbers, and 28.7% came with an e-mail address. In addition, …

Members of the U.S. military are reporting problems with digital payments apps more frequently than the general population, and peer-to-peer payment apps account for more of those complaints than any other type of payments technology, according to data released Tuesday by the Consumer Financial Protection Bureau. The CFPB reported receiving, …

The new revenue opportunity associated with online gambling compels many payments companies to court gaming providers. Blackhawk Network, the prepaid card specialist, is the latest to do this with the expansion of its Game On card to Maryland, Kansas, and Wyoming. Game On cards enable consumers add funds to their …

ACI Worldwide Inc. has launched its Instant Pay real-time payment solution in Europe and the United Kingdom. The move comes against the backdrop of a regulatory push in Europe mandating that financial institutions across the Single Euro Payments Area (SEPA) countries in Europe offer instant payments under the SEPA Instant …

For decades, payments providers have sought to displace cash by attempting to move merchants toward card-based and digital payments, arguing that they are faster, more convenient, and more secure to accept than cash. Now they are finding that proponents of cash acceptance are pushing back. Late Thursday, legislation was reintroduced …

Cash App and Venmo, peer-to-peer payment services from Block Inc. and PayPal Holdings Inc., respectively, are under scrutiny from four U.S. senators over their fraud-protection efforts. In letters dated June 15 and sent to each company, the senators requested data on the volume of fraud reports the networks have received …