The Consumer Financial Protection Bureau last week ordered Citibank and its subsidiaries to pay about $700 million in relief to eligible consumers and a $35 million civil penalty for, in essence, scamming consumers into paying for unwanted credit card add-on products and services. This is the 10th a...
Mortgage servicers got a bad name during the subprime mortgage crisis, but despite that reputation damage, and despite new laws designed to get them on the straight and narrow, they're still up to their tricks, the Consumer Financial Protection Bureau has found. Between January and April, many servi...
A proposed national data breach reporting law, aimed primarily at protecting consumer privacy, headlined several initiatives the Obama administration announced Monday. The Personal Data Notification & Protection Act clarifies the obligations of companies when there's been a data breach. It inclu...
A group of some 150 companies last week moved closer to eliminating the bane of many an online user: the password. The FIDO Alliance, which counts among its members Microsoft, PayPal, Google, Bank of America, Visa and MasterCard, released version 1.0 of its open specifications for strong authenticat...
The Google-supported FIDO Alliance this week achieved a key milestone in its mission to end the use of passwords by releasing version 1.0 of its namesake open standard. "Today, we celebrate an achievement that will define the point at which the old world order of passwords and PINs started to wither...
Shortly after Apple Pay's Monday launch, some eager early users were unsettled to see duplicate charges on their accounts. Apple Pay lets iPhone 6 or iPhone 6 Plus users store credit card information on their devices and then pay for products using tap-to-pay terminals in stores, or via apps when sh...
Apple's unveiling last week of its Apple Pay NFC mobile payments system has triggered a clash between banks and the retail industry. Apple has lined up support from banks and credit card companies, but Best Buy and Walmart have said they will not support Apple Pay, according to reports. Instead, the...
Consumers seem to be softening their hate-hate relationship with the banking industry, according to a new report released Tuesday by the American Customer Satisfaction Index. In fact, customer satisfaction with financial services in general -- a category that includes banks, credit unions, health in...
Netflix beat expectations with Q3 revenue of $1.11 billion -- up from the $905 million it reported in the same quarter a year ago. At first, investors seemed energized -- they sent the stock soaring to a daily high of $389.16 on Tuesday. It was another boost for a company that has already been one o...
Much the way PayPal is working to extend its reach into the bricks-and-mortar world, so Amazon.com is looking farther afield across the rest of the Web. The online purveyor this week launched Login and Pay with Amazon, a new program that allows online businesses to set up login and payment credentia...
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