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Mobile

Consumers have long been able to make payments by phone and more recently, by mobile phone. The emergence and eventual widespread adoption of electronic payment methods has dramatically changed the payments landscape. Convenience should not give way to statutory and regulatory consumer protections.

Publications

Press Releases

Blog Posts

  • A Better Day for Mobile Pay? Google Wallet Adds FDIC Insurance

                  Good news for consumers who store funds directly in a Google Wallet: your funds are will soon be protected by Federal Deposit Insurance Corporation (FDIC) Insurance, according to press reports. In general terms, deposit insurance makes sure that consumers don’t lose money if the bank where their money Continue Reading

  • Your Wallet on Four Wheels?

    Could the ultimate mobile payment device be your car? Payments Source reports that financial technology providers, payment card networks, banks, car manufacturers and retailers are all thinking about ways to turn cars into wallets. For example, you could – maybe, someday – use your car to order a pizza from Pizza Hut and pay via Visa Checkout. Or Continue Reading

  • Alert: Facebook’s New P2P Terms of Service Say You’re On Your Own If Things Don’t Work Out

    In March, Facebook announced the launch of a payments feature for its Messenger application. It allows users to send each other money with just a message, just like this image from Facebook’s press release about this new service: In order for the transaction to go through, of course, you have to have money available to 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

  • 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

  • Mobile Financial Services Show Promise, But Consumers Need To Be Assured Of Protections, CU Says In Comments

    Mobile financial services may provide consumers lower-cost, more convenient ways to manage their money but lawmakers, industry and regulators need to step-up to ensure adequate consumer protections, we told the Consumer Financial Protection Bureau (CFPB) in response to the CFPB’s Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential Continue Reading

  • Outsmarting Thieves: Cutting Theft with a Smartphone Kill Switch  

    Smartphone thefts are out of control.  According to San Francisco’s District Attorney, such theft is a major problem in big cities—over fifty percent of the robberies committed in San Francisco, for example, are of mobile devices. How to remedy this? If you want to outsmart a thief, you have to think like one.  How do Continue Reading

  • A Selfie for Your Checks? What You Should Know about Remote Deposit Capture

    by guest blogger Caitlin Watkins  Too busy to go to the bank? Hate waiting in lines? I sure do. That’s why I tried Mobile Remote Deposit Capture (mRDC), which is basically like taking a selfie of all of your checks to be deposited straight to your bank account or prepaid card.  Awesome, right? Even the Continue Reading

  • Why The CFPB Is The Best Thing To Happen To Americans Since J.Law

    Jennifer Lawrence is pretty awesome, right? For several years now she’s excelled at playing characters that excite the American imagination- they’re young, vibrant, and struggle against difficult odds or crafty opponents.  The Consumer Finance Protection Bureau (CFPB) is also young, rather vibrant, and also goes to battle with powerful forces but, despite all this, the Continue Reading

  • Transaction Monitoring and Credit Monitoring in Light of the Target Breach

    Target has begun to offer security breach victims free credit monitoring for a year now that approximately 110 million Americans may have had their data compromised due to a security breach. We’ve advised consumers to conduct regular transaction monitoring to prevent fraud, and now some consumers have been asking us, “What’s the difference between transaction Continue Reading

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