By Adrianne Appel2025-01-17T17:43:00
Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau (CFPB) said Thursday.
Banks, credit unions, and other financial institutions are subject to oversight by federal agencies, to ensure they follow rules intended to prevent fraud and lead to fairness for customers, investors, and competitors.
Payment apps have surged in popularity and, until recently, received little oversight because agencies weren’t clear whether and how existing rules could be applied to these novel entities. Payment apps now process over 13 billion transactions annually.
2024-11-08T19:40:00Z By Aaron Nicodemus
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
2022-08-15T18:43:00Z By Jake Plenderleith, International Compliance Association
Just as fraud grew during the Covid-19 pandemic, so will it now flourish with prices at historic highs. The question is just how widespread this fraud surge will prove to be and what can be done to help prevent it.
2022-04-07T16:26:00Z By Kyle Brasseur
Approximately 8.2 million U.S. customers of Cash App Investing have been notified of a data breach carried out by a former employee of the mobile payment service provider.
2025-09-03T17:43:00Z By Adrianne Appel
The Federal Trade Commission (FTC) proposed an enforcement action against Disney for allegedly collecting personal information about children, and then threw salt in the wound by calling the company out in an alert emailed to an untold number of businesses.
2025-08-29T17:48:00Z By Ruth Prickett
The U.K. will start cracking down on companies under the new Failure to Prevent Fraud law on Sept. 1, with the Crown Prosecution Service and Serious Fraud Office ready to enforce it.
2025-08-28T18:44:00Z By Adrianne Appel
The Trump administration has intensified its fight with California as the DOJ launched an investigation into whether the state’s environmental agency is violating federal law by pursuing racial equity.
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