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Payments

There are many different ways to pay, including gift cards, prepaid cards, or even with your mobile phone. But you don’t get the same consumer protections with each payment choice. We’re working to expose bad practices and to enact strong protections no matter how you pay.

Subtopics of Payments


Publications

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Press Releases

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Blog Posts

  • Bitcoin Exchange Hack Highlights Virtual Currency Risks

    Not again?! It appears that another Bitcoin exchange has suffered a hack. Bitstamp apparently lost about 19,000 bitcoins, according to news reports  – that’s around $5 million – and is temporarily shutdown as of this writing (see screenshot for what we found when we went to Bitstamp’s website today). In light of this news, now Continue Reading

  • Zero Balance: What to Do If You Encounter Gift Card Problems

    After the holidays, people everywhere are eager to spend the gift cards they received from friends and family. However, some consumers may get a nasty shock in the checkout lane: the gift cards they expected to be loaded with cash turn out to be empty. Empty gift cards were a big problem in 2014; thankfully, Continue Reading

  • Thirty-Five Things in 12 Months: CFPB Working for You–2014 in Review

    As this year comes to a close, we wanted to take a moment to highlight some of the many actions the CFPB has taken to defend your rights as a consumer of financial services and products.  The CFPB has a tough job, as we all know, and they’ve done it well.  They are an indispensable Continue Reading

  • From Strip to Chip: New Payment Cards Are Coming

    Your payment cards may look different in 2015. Card issuers are rolling out cards with smart chip (also known as EMV) technology. The chips – little gold micro processors that are built into the card (see picture) – make payment cards more secure, but consumers will have to adapt in order to use them. The Continue Reading

  • Another Day, Another Data Breach

    What to Do If You Recently Shopped at Staples or bebe Have you shopped at bebe or Staples recently? If the answer is yes, your payment card information could be at risk. Both chains confirmed security breaches in which crooks are suspected of stealing customers’ payment card information. After data breaches such these, consumers are Continue Reading

  • CFPB Sues Sprint for Mobile “Cramming” Charges

    Sprint customers, rejoice:  if you’ve been getting annoying little charges on your mobile phone bill, for stuff you didn’t ask for, you may be getting relief.  Today, the Consumer Financial Protection Bureau (CFPB) announced that it’s suing Sprint for illegally billing wireless consumers tens of millions of dollars in unauthorized third-party charges. According to the Continue Reading

  • Tis the Season for Giving or Getting Gift Cards – What You Need to Know

    From a few dollars on a piece of plastic to hundreds of dollars sent via an email, text message or mobile app, gift cards are popular presents this time of year. So popular, in fact, that 85% of shoppers plan to give at least one gift card this year. But did you know that while Continue Reading

  • New Payment Cards Are Ahead

    SF’s District Attorney Launches a Program to Make Sure Everyone’s Ready San Francisco’s District Attorney George Gascón wants to make sure that consumers and businesses understand smart card (sometimes called EMV or chip) payment technology. Consumers are vulnerable to fraud because crooks have learned how to outwit traditional credit and debit card security systems, and steal Continue Reading

  • Consumer Reports Releases 2014 Prepaid Card Ratings

    Prepaid cards have rapidly become essential plastic. General purpose reloadable prepaid cards look and work like bank debit cards except no bank is required. Moreover, prepaid cards do not come with the federal consumer protections that consumers with bank debit cards enjoy. But consumers are choosing prepaid cards in ever growing numbers. Today, these cards are Continue Reading

  • AmEx Initiative Is Trying To Make Mobile Payments More Secure

    American Express today announced the creation of American Express Token Service, to help card issuers, retailers and others in payments to support tokenization, a more secure mobile payment technology. In payments, a token is a bunch of numbers that stand in for a consumer’s payment account information. When tokenization is in place, the token – Continue Reading

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