News & Events

The Consumer Financial Protection Bureau has charged Block with using weak security protocols for its peer-to-peer payments app, Cash App, and ordered the company to refund and pay consumers up to $120 million, also to pay a penalty of $55 million into the CFPB’s victims relief fund. While the company is required by law to investigate and resolve disputes about unauthorized transactions, Block's investigations were described as woefully incomplete. It directed users who had suffered financial losses as a result of fraud to ask their bank to attempt to reverse transactions, which Block would subsequently deny.

The Consumer Financial Protection Bureau has fined Equifax for ignoring consumer documents and evidence submitted with disputes, and for allowing previously deleted inaccuracies to be reinserted into credit reports and other errors. Equifax must pay a $15 million civil money penalty, which will be deposited into the CFPB’s victims relief fund.

New York State Department of Financial Services Superintendent Adrienne A. Harris has announced that PayPal will pay a $2 million penalty to New York State for violations of DFS’s Cybersecurity Regulation. An investigation determined PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks. These failures led to sensitive customer information, including social security numbers (SSNs), being left unredacted and easily accessible to cybercriminals.

Synchrony, the largest issuer of private label credit cards in the US, has teamed with Pet Paradise to finance pet care with Synchrony's existing CareCredit health and wellness credit card. Pet Paradise has 60 locations in the US where services range from dog training to extended boarding stays and day camp.

FreedomPay, a technology provider for ecommerce, has partnered with Mastercard, to create a global payment gateway for businesses to connect with acquirers worldwide. FreedomPay has a presence in North America, Europe and Latin America. By joining with Mastercard it can provide access to 230+ acquirers and acceptance of a range of local and global payment methods.

Shazam, a provider of financial services to community banks and credit unions in the US, has launched Dispute Partner Plus to help clients debit card disputes and related regulatory requirements. The product provides full visibility of documents and claims throughout the dispute process, while also automating Regulation E record keeping. Accountholders can contact their local financial institution or Shazam directly. Cardholder communication occurs throughout the claim process