Rodger C. Scoggin, CISSP-ISSAP CCSP

Consumer Financial Protection Bureau (CFPB) subjecting large payment apps to the same supervision and regulation as banks, what specific areas will the CFPB monitor, and how might payment apps respond to these new regulations? Areas the CFPB Will Monitor: Privacy and Surveillance: The CFPB will ensure that large payment apps comply with regulations  regarding data collection and sharing. Consumers must be able to opt-out of certain data practices and be informed about how their data is used. Errors and Fraud: The CFPB will monitor how payment apps handle transaction disputes and fraud. Apps must manage disputes internally rather than shifting them to banks or credit card companies. Debanking: The CFPB will oversee how payment apps handle account closures and freezes. Ensuring that consumers do not face unexpected disruptions in their ability to make or receive payments is a priority. How Payment Apps Might Respond: Compliance Enhancements: Payment apps will have to pul their socks and invest in improving their compliance frameworks to meet the new regulatory requirements. This includes better data privacy measures, robust fraud detection systems, and efficient dispute resolution processes. Operational Adjustments: Companies may need to adjust their operational procedures to handle disputes internally and avoid relying on external financial institutions. This could involve upgrading their customer service capabilities and dispute management systems. Lobbying and Legal Challenges: Big Tech companies might lobby against the new regulations, arguing that they are overly burdensome or unnecessary. Legal challenges could also arise, potentially delaying the implementation of the rules. In my opinion this approach can be implemented by the regional and local regulatory bodies such as #Central #banks The regional  and local regulators could adapt similar regulatory measures to oversee large payment apps in the region. Establishing a Regulatory Framework: Developing a comprehensive regulatory framework specifically for payment apps. Defining clear guidelines and standards for data security, consumer protection, and compliance. Creating a Dedicated Oversight Body: Establishing a dedicated department within the governing body to monitor and regulate payment apps. Implementing Compliance Requirements: Requiring payment apps to adhere to AML, KYC, and other financial regulations. Mandating regular audits and reporting to ensure compliance. Promoting Transparency and Consumer Rights: Ensuring payment apps provide transparent information to consumers about their services. Protecting consumer rights by enforcing fair practices and efficient dispute resolution mechanisms. By adopting these measures, the local regulator can ensure that payment apps operate in a secure, transparent, and consumer-friendly manner, similar to the objectives of the CFPB. #CFPB Central Bank of Oman Mala'a #payments #privacy #Surveillance #Debanking #Compliance

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Merchants - Ever had a call from your payment processor's Risk Management team because you have too many chargebacks? And...... they are holding your funds! We made a video to help you deal with this unpleasant situation! Watch - https://lnkd.in/gSvqvXxW - Watch #paymentprocessing #riskmanagement #chargebacks

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Direct-to-consumer fintechs are growing rapidly, and if credit unions don’t adapt, market share could slip away. That’s why Shastic’s platform is built to empower institutions like yours—offering tools to streamline lending, improve member experiences, and enhance competitiveness without sacrificing personal connection. Keep your edge—Ask how we can help your credit union thrive. https://hubs.ly/Q02W-p0M0 #AI #RPA #Banking #CreditUnion #Lending #AIWorkflowAutomation #WorkflowAutomation #Efficiency #Loan #Fintech #PeopleHelpingPeople

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Bitfinex Hacker Sentenced to 5 Years, Guilty of Laundering $10.5 Billion in Bitcoin Ilya Lichtenstein, who pleaded guilty to the 2016 hack of cryptocurrency stock exchange Bitfinex, has been sentenced to five years in prison, the U.S. Department of Justice (DoJ) announced Thursday. Lichtenstein was charged for his involvement in a money laundering scheme that led to the theft of nearly 120,000 bitcoins (valued at over $10.5 billion at current prices) from the crypto exchange. Heather Rhiannon Morgan, his wife, also pleaded guilty to the same crimes last year. They were both arrested in February 2022. Morgan is scheduled to be sentenced on November 18. "Lichtenstein, 35, hacked into Bitfinex's network in 2016, using advanced hacking tools and techniques," the DoJ said in a press statement. "Once inside the network, Lichtenstein fraudulently authorized more than 2,000 transactions transferring 119,754 bitcoin from Bitfinex to a cryptocurrency wallet in Lichtenstein's control." Stay Connected to Sidharth Sharma, CPA, CISA, CISM, CFE, CDPSE for content related to Cyber Security. #CyberSecurity #JPMC #Technology #InfoSec #DataProtection #DataPrivacy #ThreatIntelligence #CyberThreats #NetworkSecurity #CyberDefense #SecurityAwareness #ITSecurity #SecuritySolutions #CyberResilience #DigitalSecurity #SecurityBestPractices #CyberRisk #SecurityOperations 

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The acquisition of TradePMR is a timely move for Robinhood as it gives the online brokerage access to the fast-growing financial advice sector and a more diversified revenue stream. Trading commissions are not coming back, and custody offers an easy way to connect with advisors and their affluent clients, many of whom are also self-directed investors. The upshot: Robinhood is smartly hedging its bets as it shifts from a purely consumer-facing, transaction-centric model to an advice-based business, one that is also B2B. #onlinebrokerage #selfdirected #investors #wealthmanagement #digital #mergersandacquisitions #custody #revenue #growth #B2B #sales #UX #advice #B2C #innovation #stocktrading #crypto #RIA #IBD #investments Danny Martin Jessica Stegmaier Linda Venezio Luke Albertalli Susumu, Steven Suzuki Wally Okby Lisa Brignoni Asher, CFA Amanda Pasicznyk Whitney Sale Lindsay Aenchbacher David Albertazzi Datos Insights

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A major breach at the National Public Data exposed 2.9 billion records: https://lnkd.in/e922x4n8 Your SSN could be among the compromised data. Verify whether your SSN was stolen using these sites: → npdbreach.com → npd.pentester.com Wondering what to do if your SSN was leaked? 1 - Protect your Social Security account: Create an account to prevent misuse. 2 - Monitor your credit reports: Keep an eye out for unfamiliar activity. 3 - Use credit monitoring services: Get alerts for unusual activity. 4 - Contact the FTC: They help you recover. 5 - Notify the IRS: Block fraudulent tax filings. Avoid sharing your SSN on public websites!! Your name and zip code should be enough to check the status. Lastly, always verify the source of requests for your information. How else could personal data get stolen? → Phishing emails → Ransomware attacks → Weak passwords So, stay vigilant!

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NCUA ... how long can regulatory agencies remain ambivalent (fighting) #Bitcoin-banking and avoid being complicit in jeopardizing the wealth and balance sheets of collaborative FIs, irreversibly, in comparison to other institutions!? #money #dollar #balancesheet #wealth #financialliteracy #inflation #debt #BTC #Bitcoin #ETFs #Local #economy #creditunions

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Exciting collaboration news between FDX members PNC and Plaid! Through this agreement, PNC customers can securely permission access to their accounts via Plaid-powered apps. 🤝 PNC's use of its Akoya-provided API allows for all data recipients, including Plaid, to get connected fast, while also enabling customers to reliably control what financial data they are permissioning without having to share their login credentials with third parties. #FDX #OpenBanking #DataSecurity #APIs #FinancialServices

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Bitcoin Fog Founder Sentenced to 12 Years for Cryptocurrency Money Laundering The 36-year-old founder of the Bitcoin Fog cryptocurrency mixer has been sentenced to 12 years and six months in prison for facilitating money laundering activities between 2011 and 2021. Roman Sterlingov, a dual Russian-Swedish national, pleaded guilty to charges of money laundering and operating an unlicensed money-transmitting business earlier this March. The U.S. Department of Justice (DoJ) described Bitcoin Fog as the darknet's longest-running cryptocurrency mixer, allowing cybercriminals to conceal the source of their cryptocurrency proceeds. "Over the course of its decade-long operation, Bitcoin Fog gained notoriety as a go-to money laundering service for criminals seeking to hide their illicit proceeds from law enforcement and processed transactions involving over 1.2 million bitcoin, valued at approximately $400 million at the time the transactions occurred," the DoJ said. Stay Connected to Sidharth Sharma, CPA, CISA, CISM, CFE, CDPSE for content related to Cyber Security. #CyberSecurity #JPMC #Technology #InfoSec #DataProtection #DataPrivacy #ThreatIntelligence #CyberThreats #NetworkSecurity #CyberDefense #SecurityAwareness #ITSecurity #SecuritySolutions #CyberResilience #DigitalSecurity #SecurityBestPractices #CyberRisk #SecurityOperations 

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As a Juris Masters student at Florida State University College of Law we focus on various compliance areas, one being compliance failures. Today was a big one much like HSBC in 2012. Financial institutions must learn from TD Bank’s failures in compliance which has been highlighted in today’s 99 page FinCEN Consent Order release. Inadequate resources, weak governance, and poor transaction monitoring (SARs reporting) contributed to significant risks and ultimately regulatory penalties. To prevent future compliance lapses, financial organizations must: 1. Invest in AML resources and technology. 2. Strengthen governance to ensure proactive oversight. 3. Enhance transaction monitoring systems. 4. Improve customer due diligence and SARs reporting. 5. Ensure robust training and ownership coverage related to ALM and SARs reporting These actions are key 🔑 in safeguarding against financial crimes and maintaining compliance with regulations such as the Bank Secrecy Act. #Compliance #AML #RiskManagement #FinCEN #FinancialCrimePrevention

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BIG NEWS in the banking and digital assets world. I and the rest of the DaLand team are proud to have been working with clients like St. Cloud Financial Credit Union, for the past two years, as they've innovated and been trailblazers of a similar path and strategic solutions for local financial institutions to compete in this exact moment. DaLand and its owners are investing into turnkey solutions to cover the flank of community banking institutions with turnkey solutions for custodying/vaulting digital assets and plugging the core of your banking operations into the future of money! Streaming money is going mainstream, and DaLand LLC can help your local institution recapture capital and expand product relationships with individuals and institutions in your local economy! #money #dollar #innovation #digital #economy #custody #banking

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US sanctions crypto exchanges used by Russian ransomware gangs The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned Cryptex and PM2BTC, two cryptocurrency exchanges that laundered funds from Russian ransomware gangs and other cybercrime groups. Cryptex (which used the cryptex[.]net domain) reportedly provides financial services to cybercriminals and laundered over $51 million in funds linked to ransomware attacks. "Cryptex is also associated with over $720 million in transactions to services frequently used by Russia-based ransomware actors and cybercriminals, including fraud shops, mixing services, exchanges lacking KYC programs, and OFAC-designated virtual currency exchange Garantex," the Treasury said. Stay Connected to Sidharth Sharma, CPA, CISA, CISM, CFE, CDPSE for content related to Cyber Security. #CyberSecurity #JPMC #Technology #InfoSec #DataProtection #DataPrivacy #ThreatIntelligence #CyberThreats #NetworkSecurity #CyberDefense #SecurityAwareness #ITSecurity #SecuritySolutions #CyberResilience #DigitalSecurity #SecurityBestPractices #CyberRisk #SecurityOperations 

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With DaLand LLC and CODE Engine's Coin2Core functionality your #bank or #creditunion can instantly remain relevant and plugged into the future of money too! Like St. Cloud Financial Credit Union: https://lnkd.in/gAdW_m95 #bitcoin #btc #money #wallets #financialservices #deposits #economy #crypto #digitalassets

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A Texas Federal Court just granted a nationwide preliminary injunction for Beneficial Ownership Information Reporting. Stay ahead of the curve and understand how this development affects your business. Let's discuss the implications and ensure you're prepared for what's next. 

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🚨 Phishing Alert for M Financial Group Member Firms 🚨 As of October 9, 2024, there is an active phishing campaign targeting executives in the financial services industry. Fraudulent emails are being sent from the fake domain gateway-finra[.]com, impersonating FINRA employees. These emails urgently request sensitive information and threaten fines if not responded to within 48 hours. ⚠️ Be aware: These emails are NOT from FINRA. Their goal is to steal sensitive data, so remain vigilant. 🔐 What you should do: • Verify the sender and domain before taking any action, especially when emails demand urgent responses or involve financial penalties. • Delete any suspicious emails immediately. • Notify your IT or cybersecurity team if you suspect a phishing attempt and consider blocking suspicious domains for added protection. Stay safe, and ensure your team is aware of this threat! #PhishingAlert #CyberSecurity #FINRA #StayVigilant #InfoSecurity

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The Mono Creditworthiness API is useful for credit businesses who need a faster and more data-informed way to securely evaluate borrowers’ ability to afford and repay specific loan amounts. If your business is looking to build with the Mono Creditworthiness API, in this video, we shared how this endpoint can help you make quicker affordability assessments, shorten loan approval times, and improve repayment rates. 🚀

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The CFPB is raising the alarm about gaps in state consumer data privacy laws that exempt financial institutions, urging lenders to align with both state and federal rules. Are current protections under federal laws like the GLBA enough, or stronger state-level safeguards needed? #DataPrivacy #CFPB https://lnkd.in/gjS-h9WX

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It's staggering how one small gimmick, the Credit Privacy Number (CPN), has turned into a massive contributor to synthetic identity fraud in the U.S., responsible for billions in losses across multiple industries. Initially marketed as a way to protect privacy, CPNs are now fueling synthetic identity fraud on a scale never seen before. What’s more alarming is that many individuals who use CPNs don’t even realize they’re committing a crime, as these fraudulent numbers are often promoted within social circles or online communities, masking their illegal nature. The numbers don’t lie—synthetic identities contributed to an estimated $3.2 billion in lending exposure in first half of 2024 alone, with a potential rise to $23 billion annually by 2030. The lesson here? Fraud is evolving, and so must we! Fintechs, banks, networks and regulators need to collaborate closely and deploy robust verification systems and tools that detect these synthetic profiles early during consumer journey. #SyntheticIdentity #IdentityFraud #DataSecurity #FraudPrevention #MastercardEmployee

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What are the ISO 20022 Top 5 Facts?

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