Products and Services
Banks are reporting a ten-fold surge in digital scams, cybersecurity firm BioCatch says
Key Points U.S. and Canadian banks reported a ten-fold surge in digital scams this year as criminals flock to techniques that rely on duping customers into sending them money, according to cybersecurity firm BioCatch. The sharp rise in reported scams comes as banks have put in place more controls to prevent account takeovers and other […]
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Apple and Goldman Sachs ordered to pay over $89 million for Apple card failures
Apple CEO Tim Cook introduces the Apple Card during a launch event at Apple headquarters in Cupertino, California, on March 25, 2019. Noah Berger | AFP | Getty Images The Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card […]
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Justice Department, FTC warn consumers of fraud, price gouging risks ahead of Hurricane Milton
People buy items ahead of Hurricane Milton expected landfall in Bradenton, Florida on October 9, 2024. Miguel J. Rodriguez Carrillo | AFP | Getty Images As Hurricane Milton approached landfall in western Florida on Wednesday, the Biden administration warned consumers and businesses of the heightened risk of potential fraud, price gouging and collusion that accompanies […]
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Google ordered to open Android app store in Epic Games trial
Character actors from the Epic Games Fortnite video game dance during the E3 Electronic Entertainment Expo in Los Angeles, on June 12, 2019. Kyle Grillot | Bloomberg | Getty Images A U.S. judge issued a permanent injunction on Monday that will force Google to offer alternatives to its Google Play store for downloading apps on […]
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Digital bank Revolut slams Meta over approach to scams, says tech giant should compensate victims
Key Points A day after Meta announced a partnership with U.K. banks NatWest and Metro Bank on a data-sharing framework to help them prevent customers from falling prey to fraud schemes, Revolut said that the tech company was not doing enough. The fintech firm said that Meta and other social media platforms should do their […]
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Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams
JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, D.C., on Dec. 6, 2023. Evelyn Hockstein | Reuters Buried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight […]
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FTC cracks down on DoNot Pay, others for ‘deceptive AI claims and schemes’
FTC Chairwoman Lina Khan testifies during the House Appropriations Subcommittee on Financial Services and General Government hearing titled “Fiscal Year 2025 Request for the Federal Trade Commission,” in Rayburn Building on Wednesday, May 15, 2024. Tom Williams | Cq-roll Call, Inc. | Getty Images The Federal Trade Commission on Wednesday announced a crackdown on what […]
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Trump’s 10% credit card interest cap could hurt borrowers, experts say: ‘Access to credit would dry up’
Republican presidential nominee, former U.S. President Donald Trump arrives for a campaign event, his first since a man carrying a rifle was arrested Sunday near where Trump was playing golf at his club in Florida, in the Dort Financial Center on September 17, 2024 in Flint, Michigan. Scott Olson | Getty Images Former President Donald […]
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FTC sues drug middlemen for allegedly inflating insulin prices
The Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while “artificially” inflating costs for patients. The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group’s Optum Rx, CVS Health’s Caremark and Cigna’s Express Scripts. All are […]
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Navient reaches $120 million settlement with CFPB for misleading student loan borrowers
Sopa Images | Lightrocket | Getty Images Navient has reached a $120 million settlement with the Consumer Financial Protection Bureau over its practices with student loan borrowers, the company tells CNBC. The CFPB sued Navient in 2017 for misleading borrowers and providing them with bad information, causing many to pay more than they needed to. As part […]
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