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NewsBriefs
Following are excerpts from news stories recently posted under Breaking Industry PayPal sues CFPB over prepaid card rules
News on our home page. For links to these and other full news stories, please visit
www.greensheet.com/breakingnews.php?flag=previous_breaking_news. PayPal is asking a federal court to deep six the
Consumer Financial Protection Bureau's prepaid
card rule. In a lawsuit filed in U.S. District Court
for the District of Columbia on Dec.11, 2019, PayPal
asserted that the prepaid rule is riddled with
flaws.
Chief among those flaws are required disclosures
that violate the company's constitutional rights,
the payments company claimed. PayPal has taken
Simplified P2PE may broaden merchant adoption issue with requirements that consumers using
its Venmo digital wallet be provided a "short
An updated PCI Point-to-Point Encryption (P2PE) Standard will form" disclosure that references fees for ATM
simplify P2PE procedures, according to the PCI Security Standards balance inquiries, customer service, electronic
Council (PCI SSC). Positioned as part of the council's broader effort withdrawals and other activities.
to evolve standards and validation programs, PCI P2PE version 3.0
is designed to appeal to diverse payments industry stakeholders, New year to ring in new fraud, experts warn
workplace environments, technologies and methodologies, PCI
SSC representatives stated. Troy Leach, PCI SSC senior vice Security analysts are advising companies to harden
president, emphasized the council's commitment to making its their security postures in the new year. Fraudsters
security standards, programs and resources accessible to a wider and fintechs are innovating, borrowing from each
audience. other's playbooks to weaponize solutions that
alternately compromise or protect data.
Forensic investigators have seen increasingly
dynamic and sophisticated strains of malware,
ransomware and money laundering attacks. These
new attack vectors require an equally strong and
We’re More Than an Authorization proportional response from cybersecurity firms,
experts noted.
We’re The Best Solution For You and Your Merchants
Cracking down on free trials
The card brands are cracking down on free
trial subscriptions. Mastercard disclosed new
rules requiring businesses to obtain cardholder
approval before they bill those customers for
recurring deliveries of products or services after
a free trial period ends. Visa devised similar rules
RETAIL/POS DEVELOPERS
to take effect in April 2020. The changes aim to
eCOMMERCE streamline processes for subscriptions that feature
a free trial or introductory offer, to improve
transparency on billing terms and support easier
cancellation for customers.
Color blind gain access to digital banking
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