Finextra Research: Latest fintech news, analysis, interviews, features and opinion by industry experts

US authorities push interchange negotiation bill

US lawmakers are seeking to pass legislation that would give retailers a seat at the negotiating table with banks and credit card companies over interchange fee levels.

05 June 2009

News/Legal

Western Union wins ruling in dispute with Arizona over wire transfer seizures

US money transfer outfit Western Union has hailed a Supreme Court judgement that Arizona exceeded its authority in attempting to seize wire transfers sent from other states to locations in Mexico.

04 June 2009

News/Legal

Plus and London Stock Exchange settle AIM dispute

Plus Markets has dropped its legal action over restrictions on trading in stocks listed on the junior AIM market, after reaching an out-of-court settlement with the London Stock Exchange.

29 May 2009

News/Legal

Judge backs Experian over LifeLock's 'unfair business practices'

A US judge has ruled that LifeLock - which operates an ID theft prevention service - has been employing unfair business practices by placing fraud alerts on customer credit files it maintains.

28 May 2009

News/Legal

Bank teller corruption link to multi-million dollar NY cheque fraud scam

New York prosecutors have indicted 18 people for operating an identity theft and bank fraud scheme that saw counterfeit cheques used to steal at least $1.4 million from hundreds of victims.

28 May 2009

News/Legal

Savvis faces bank lawsuit over CardSystems data breach

Merrick Bank has launched a multi-million dollar lawsuit against Savvis, accusing the vendor of erroneously telling it that CardSystems Solutions complied with Visa and MasterCard security regulations less than a year before the payment processor's systems were hacked, compromising up to 40 million credit card accounts.

26 May 2009

News/Legal

Fraudster bank worker's code cracked by scout handbook

A bank worker who tried to steal £1.2 million using customer details nabbed from his employer's computer system, was caught after police used a scouting handbook to crack his code, a court has heard.

22 May 2009

News/Legal

NZ couple on the lam after Westpac mistakenly gives them NZ$10m

New Zealand police and Interpol are hunting a couple who are believed to have fled the country after Westpac mistakenly deposited NZ$10 million into their bank account.

21 May 2009

News/Legal

Barclays worker jailed for stealing £455,000 from Lloyds chairman

A Barclays worker has been sentenced to three years in prison for helping to steal £455,000 from the account of Victor Blank, chairman of rival bank Lloyds.

20 May 2009

News/Legal

New York ATM skimming gang steals $500,000

New York police are on the hunt for a gang of thieves accused of using ATM skimming technology to steal account details and PIN numbers before withdrawing over $500,000.

13 May 2009

News/Legal

Heartland to fight MasterCard data breach fine

Heartland Payment Systems says a fine of over $6 million imposed on it by MasterCard in relation to the massive data breach it suffered last year is illegal and will be contested.

12 May 2009

News/Legal

Diebold pays $25m to settle SEC charges as Q1 profit tumbles

Diebold has agreed to pay $25 million to settle a Securities and Exchange Commission (SEC) fraud investigation into how the US cash machine manufacturer recognises its revenue.

05 May 2009

News/Legal

Fed bank IT worker charged with ID theft and fraud

A former IT worker at the Federal Reserve Bank of New York (FRB-NY) and his brother have been arrested for allegedly stealing the personal information of bank employees and using it to obtain loans.

27 April 2009

News/Legal

Investment banker and husband sentenced for stealing £61,000 from ATM

An investment banker and her husband have been handed suspended jail sentences after admitting stealing £61,400 from a faulty HSBC cash machine in Essex.

22 April 2009

News/Legal

BoA, MasterCard, Visa sued over e-commerce payments patents

Actus, a recently formed US holding company, is suing 20 companies, including Bank of America, MasterCard, Obopay and Visa, accusing them of infringing four patents related to an electronic payments system for e-commerce.

17 April 2009

News/Legal

Goldman in legal battle with hell-raising blogger

A US man who writes a critical blog about Goldman Sachs has filed a lawsuit against the investment bank after it threatened legal action over his use of the goldmansachs666.com domain name.

15 April 2009

News/Legal

London card cloning gang accused of stealing £3.5m

A gang of five fraudsters who ran a global credit card cloning ring out of a London flat stole £3.5 million in just a few days, a court heard yesterday.

07 April 2009

News/Legal

Canadian government re-introduces ID theft legislation

The Canadian government has re-introduced what it calls "tough" legislation designed to combat identity theft, which is estimated to cost the country over $2 billion a year.

01 April 2009

News/Legal

Israeli hacker suspected of $10m theft

Ehud Tenenbaum, a notorious Israeli hacker arrested in Canada last year in relation to the theft of around $1.5 million, is now suspected of breaking into the systems of four US institutions as part of a global "cashout" conspiracy that resulted in the loss of at least $10 million.

26 March 2009

News/Legal

Heartland threatens rivals over PCI compliance claims

Heartland Payment Systems is threatening legal action against competitors it says are misleading merchant customers with claims they will be penalised for doing business with the processor after it was struck off Visa's list of Payment Card Industry Data Security Standard (PCI DSS) compliant service providers.

25 March 2009