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- U.S. Senators Sherrod Brown (D-Ohio), Jack Reed (D-R.I.), Bob Menendez (D-N.J.), and Elizabeth Warren (D-Mass.) on Thursday sent letters to Block Inc.’s Cash App and to PayPal pointing to “reports of widespread fraud and scams” on Cash App and Venmo and requesting data on the volume of reports of fraud the networks have received from customers and on related matters. PayPal owns Venmo. The inquiry follows a similar investigation launched last year by some of the same Senators and related to alleged scams on Zelle, a rival P2P payments network.
- Peer-to-peer payments operator Zelle initiated an awareness campaign in conjunction with the National Council on Aging to help Zelle users avoid scams.
- ParkMobile will offer parking payments and services through its mobile app for drivers attending events at the National Western Complex in Denver. Of ParkMobile’s 50 million users, 1.6 million are in Colorado.
- Authorized push-payment scams are the number-one source of fraud globally, with nearly 27% of respondents saying they had been victimized by the fraud, according to the “2023 Prime Time for Real-Time” report from ACI Worldwide Inc. APP frauds induce users to authorize a payment to an account controlled by fraudsters.
- Crypto-payments platform Ripple has agreed to work with Columbia’s central bank, the Banco de la Republica, on pilots involving Ripple’s CBDC Platform. CBDCs are central-bank digital currencies.
- Bitcoin-based payments network Strike has expanded its 6-month-old “Send Globally” remittance service to cover Mexico. The service now enables transfers to more than a dozen countries.
- Adyen NV took first place in the “Overall API Assessment” awards, according to the annual “Best of Breed API Report” from payments-research firm TSG. The runner-up is CSG Forte. Candidates for the awards may or may not include TSG clients, according to the firm.
- In his first interview since taking over as chief executive of Global Payments Inc., Cameron Bready told “Squawk on the Street” that business-to-business payments are “the next frontier” for payments digitization. Bready last month succeeded Jeff Sloan, who had served as CEO for nine years.
- Financial services provider CheckAlt named J. Patrick Law its chief operating officer. Law previously was operations chief of Fiserv Inc.’s banking division.
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