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CFPB sues JPMorgan, BofA and Wells Fargo over Zelle fraud

/payments

CFPB sues JPMorgan, BofA and Wells Fargo over Zelle fraud

The Consumer Financial Protection Bureau has filed a lawsuit against JPMorgan Chase, Bank of America and Wells Fargo, accusing them of allowing fraud to "fester" on P2P payments platform Zelle.

Google files lawsuit over CFPB supervisory order

/payments

Google files lawsuit over CFPB supervisory order

Google is prepared to take the US Consumer Financial Protection Bureau to court over plans to establish supervisory authority over Google Payment Corp.

Synapse fallout: partner banks face lawsuit

/retail

Synapse fallout: partner banks face lawsuit

The fallout from the collapse of Synapse continues, with several partner banks facing a lawsuit alleging mishandling of customer funds, and one of those banks insisting that end user funds it once held were moved by the BaaS platform before it went bankrupt.

Bitfinex hacker who stole 120,000 bitcoins gets five years in prison

/crypto

Bitfinex hacker who stole 120,000 bitcoins gets five years in prison

The man behind a hack on Bitfinex that saw nearly 120,000 stolen from the cryptocurrency exchange has been sentenced to five years in prison.

AFP: Fraud is the biggest painpoint for accounts payables automation

/wholesale

AFP: Fraud is the biggest painpoint for accounts payables automation

Kicking off the first day of AFP, the conference for finance and treasury professionals held in Nashville, Tennessee this year, Mike Watercott, CTP, working capital consultant, US Bank, led a discussion on striking the balance in payments with Andy Sullivan, vice president of channel sales, Bottomline and Cynthia MacGeagh, treasury manager, Clayton Homes.

TD Bank fined $3bn after money laundering guilty plea

/regulation

TD Bank fined $3bn after money laundering guilty plea

TD Bank has agreed to pay $3 billion in penalties after pleading guilty to violating US anti-money laundering federal laws.

FTX gets green light to repay billions to customers

/crypto

FTX gets green light to repay billions to customers

Customers of failed crypto exchange FTX will receive up to $16.5 billion under a bankruptcy plan approved by a US judge.

EIB announces plan to boost funding for European fintechs

/startups

EIB announces plan to boost funding for European fintechs

The European Investment Bank (EIB) has proposed a series of measures designed to strengthen funding for fintechs and startups within Europe.

Fintech Australia backs government's scam prevention plan

/security

Fintech Australia backs government's scam prevention plan

The industry group for Australia's startup sector, Fintech Australia, has given its support for the government's proposals to implement scam obligations for financial services firms.

Big tech and banks fall out over compensation for fraud victims

/crime

Big tech and banks fall out over compensation for fraud victims

A war of words has broken out between banks and big tech firms over who should be primarily responsible for reimbursing victims of fraud.

MoneyGram 'shocked' by UK Post Office move to end relationship

/security

MoneyGram 'shocked' by UK Post Office move to end relationship

US money transfer giant MoneyGram has responded to the UK Post Office's decision to terminate a long-term relationship between the two following a cyber security incident.

Man pleads guilty to illegally operating crypto ATM network

/crypto

Man pleads guilty to illegally operating crypto ATM network

In a UK first, a man has pleaded guilty to illegally operating a network of crypto ATMs without FCA registration.

FCA and BoE open digital securities sandbox

/regulation

FCA and BoE open digital securities sandbox

The UK's two main financial regulators, the Bank of England (BoE) and the Financial Conduct Authority (FCA), have announced the opening of its Digital Securities Sandbox (DSS).

Ireland to grant National Cyber Security Centre emergency powers

/security

Ireland to grant National Cyber Security Centre emergency powers

Proposed legislation is set to give Ireland's cybersecurity agency the power to monitor all of the country's internet traffic when there is a "pressing national security threat".

Bank of England to form AI consortium

/ai

Bank of England to form AI consortium

The Bank of England (BoE) is calling on financial services firms to join its artificial intelligence (AI) consortium designed to oversee the use of the technology within the sector.

Firms struggling to find RoI for AI projects

/ai

Firms struggling to find RoI for AI projects

More than half of the companies investing in artificial intelligence (AI) projects have been unable to extract any tangible benefit, according to recently published research.

Caroline Ellison gets two-year prison sentence for part in FTX fraud

/people

Caroline Ellison gets two-year prison sentence for part in FTX fraud

Caroline Ellison, the former girlfriend of FTX co-founder Sam Bankman-Fried, has been sentenced to two years in prison for her part in the crypto exchange's collapse.

US Justice Department sues Visa over debit card market monopoly

/payments

US Justice Department sues Visa over debit card market monopoly

The US Justice Department has sued Visa, accusing the payments giant of illegally monopolising debit network markets.

Lithuanian fintech kevin declared insolvent

/payments

Lithuanian fintech kevin declared insolvent

Payments startup kevin has been declared insolvent by a Lithuanian court

UK Government moves to clarify crypto's legal status

/crypto

UK Government moves to clarify crypto's legal status

The UK's new Labour government is introducing a bill that will ensure that Bitcoin and other digital assets can be considered personal property, boosting legal protection for owners.

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