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Thu
21
Nov
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Digital Wallets to Face Oversight Under New CFPB Rule

by Dennis Faas on November, 21 2024 at 05:11PM EST

Silicon Valley tech giants and financial technology companies that collectively process over 13 billion financial transactions annually will now face enhanced government oversight. On Thursday, the U.S. Consumer Financial Protection Bureau (CFPB) ... finalized a new rule aimed at subjecting digital wallets and payment apps to the same scrutiny as traditional banks. This move is designed to safeguard consumer data, prevent fraud, and address unauthorized account closures. (Source: reuters.com ) Why the New Rule Matters Digital payment platforms like Apple Wallet, Google Pay, and Venmo have become ... (view more)

Fri
07
Sep
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BitFloor Faces Disaster, Hackers Pull Huge Heist

by John Lister on September, 7 2012 at 08:09AM EDT

Bitcoin currency exchange BitFloor is in big trouble after a security blunder resulted in the theft of $250,000. The heist at the BitFloor "exchange" came after operators did the online equivalent of leaving the keys in the door. Bitcoin is a ... virtual currency that isn't controlled by a government and therefore isn't subject to any seizure of funds. With no government backing, Bitcoin has value only so long as enough people agree to use it. Unlike most currencies, Bitcoin exists only online, with no physical currency (like coins or bills). Each Bitcoin exists solely as a unique identification ... (view more)

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