Every industry is digitalizing, with banking more advanced than most. The goals are improved efficiency, better customer service, and higher revenues, but new technology is not without its risks....more
While on a plane last week, I read a great Wall Street Journal (WSJ) article called “How to Keep Your Mobile Banking Safe.” Although I question whether anyone can keep their online bank account completely safe, it was a good...more
We all remember Kronos—the malicious malware that was sold by Russian underground forums in 2014 for $7,000. If you bought it, you were promised updates and development of new modules. ...more
President Trump recently signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, which is already making waves in the financial sector for its repeal of certain Dodd-Frank provisions that were...more
China’s infamous shadow banking industry—an $8.5 trillion marketplace that’s sprung up in reaction to the government’s “campaign against financial leverage”—is back and bigger than ever these days....more
On March 10, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) published a Request for Information (2017 RFI) regarding the consumer credit card market. In accordance with Section 502(a) of the Credit Card...more
The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest. The request is intended to inform the CFPB’s biennial review of the credit card market...more
By a decision held on 25 January 2017 (C-375/15), the Court of Justice of the European Union (CJEU) clarified the question of information (in electronic format) that payment service providers (such as banks) convey to their...more
Content Services created a cloud of uncertainty on whether online banking can be used to "provide" prescribed information. The recent Advocate General opinion in the BAWAG case distinguished Content Services and took a more...more
EU: Regulatory Scrutiny of Online Hotel Booking Continues - The 13 July 2016 saw the Competition and Markets Authority (CMA) announce that it had sent a questionnaire to a large sample of hotels throughout the UK. As...more
Passwords are a pain to keep track of and it is well known that consumers use the same password for multiple platforms because none of us can remember multiple complex passwords. When a hacker obtains one password, they can...more
I am no doubt one of the few individuals in the world that does not have an online banking account. I just know too much. Although banks have some of the highest security measures of any industry, they are also prime targets...more
The Federal Communications Commission (FCC) recently issued citations to two companies charged with violating the Telephone Consumer Protection Act (TCPA) consent requirements for autodialed or prerecorded calls to wireless...more
Late last week, Lyft and First National Bank (FNB) were notified by the Federal Communications Commission (FCC) that they had violated the Telephone Consumer Protection Act (TCPA) when they required users to opt in to...more
On-line or electronic banking (“e-banking”) offers many well-known advantages to financial institutions engaged in banking and to their business customers. A significant risk of on-line bank accounts for both financial...more