We’re thrilled to announce a brand-new series on the Innovative Payments Pod! Over the next year, we’ll be diving into six thought-provoking books that challenge the way we think about payments, compliance, and the world around us. Whether you’re curious about ancient philosophy or cutting-edge technology, this series offers something for everyone in the payments community.

Here’s what’s coming:

January/February: The Republic by Plato – What can a 2,400-year-old text teach us about governance and justice in modern payment systems? A lot, as it turns out! We’ll explore the foundations of ethical decision-making and how they resonate with today’s compliance challenges.

March/April: The Alignment Problem by Brian Christian – Artificial intelligence is reshaping the payments landscape. Join us as we unpack the ethical dilemmas and opportunities AI presents, drawing lessons from this compelling exploration of how machines align (or don’t) with human values.

May/June: Antifragile by Nassim Nicholas Taleb – In a world of constant disruption, how do we build systems that don’t just survive but thrive in chaos? Taleb’s insights on resilience and adaptability offer vital lessons for payments professionals navigating uncertainty.

July/August: What Money Can’t Buy by Michael J. Sandel – Are there things money shouldn’t buy? This philosophical deep dive into the moral limits of markets challenges us to think critically about the role of payments and financial systems in society.

September/October: Personalized by Mark Abraham and David C. Edelman – Customer strategy in the age of AI takes center stage. Learn what’s next in personalization and how it impacts compliance, privacy, and the future of payments.

November/December: Money: A Story of Humanity by David McWilliams – Take a journey through the history of money and its profound impact on human civilization. This episode will close out the series with a big-picture reflection on where we’ve been and where we’re headed.

We can’t wait to bring you these insightful conversations! Whether you’re a payments professional, compliance expert, or simply a curious mind, this series will inspire new ways of thinking about the challenges and opportunities shaping our industry.

Follow the Innovative Payments Pod on your favorite podcast platform and join the conversation. If you have strong opinions about any of these books, we’d love to hear from you! Consider joining us as a guest on the podcast to share your insights. 

As we enter 2025, the payments industry finds itself at a pivotal juncture, shaped by shifting regulatory landscapes and evolving political priorities. With a new administration and the 119th Congress taking office, the Innovative Payments Association (IPA) is doubling down on its commitment to advocate for clear policies and promote innovation in financial services.

The recent Republican sweep of the White House and Congress has sparked debates about deregulation and reshaping financial oversight. Proposals to repeal existing regulations through the Congressional Review Act (CRA), calls to eliminate the Consumer Financial Protection Bureau (CFPB), and other deregulatory measures suggest significant changes may be on the horizon. However, industry leaders must temper their expectations. History shows that even in a politically aligned government, regulatory shifts are rarely straightforward or absolute.

While deregulatory measures such as revisiting the Open Banking Rule may gain momentum, their implementation faces procedural and legal challenges. Additionally, the CFPB, often seen as a target for reform, may remain a key player under the new administration. With its record of bipartisan enforcement actions and new authority to regulate big tech, the agency may adapt rather than disappear.

In this uncertain landscape, the payments community must maintain robust compliance and advocacy strategies. At the same time, leaders in Congress and the administration must recognize the vital role of financial technology in driving economic growth.

Unleashing the Potential of Payments Innovation

The payments industry has long been a cornerstone of financial inclusion, empowering millions of Americans with tools to manage their finances, save money, and achieve their goals. Yet inconsistent regulatory approaches have stifled the full potential of financial technology (fintech) products such as earned wage access, mobile wallets, and fintech debit accounts.

Despite challenges, the industry has achieved remarkable milestones. The FDIC’s latest report shows that 96% of American households are banked—the highest level in nearly 20 years—thanks in part to diverse fintech offerings. These innovations have brought more people into the mainstream financial system than ever before.

However, contradictory regulatory signals remain a barrier. For example, while the CFPB mandates data sharing between financial institutions and fintechs, it also warns consumers to approach fintech products with caution. Similarly, the FDIC proposes rules that could increase costs for these same products, undermining their accessibility and impact.

The payments industry supports reasonable, evidence-based regulation that balances consumer protection with innovation. To truly harness the promise of fintech, policymakers must move beyond political agendas and work collaboratively with the industry to establish clear, consistent, and practical guidelines.

IPA’s Vision for 2025

The Innovative Payments Association is ready to play a central role in shaping the future of payments. Through strategic advocacy, education, and collaboration with stakeholders, the IPA aims to:
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• Advocate for policies that promote competition, innovation, and consumer protection.
• Encourage the adoption of a national regulatory framework that supports fintech growth.
• Provide resources and insights to help members navigate the evolving political and regulatory landscape.
  
  

Now is the time to unleash the potential of financial technology to improve lives and support economic growth. By working together, policymakers, regulators, and the payments community can build a stronger, more inclusive financial system that benefits all Americans.

As technology evolves, so do the tactics used by scammers. Unfortunately, seniors often find themselves targeted by fraudsters who exploit their trust and unfamiliarity with emerging payment systems. The consequences of these scams can be devastating, both financially and emotionally.

It’s crucial for seniors, their families, and caregivers to understand the risks and learn how to safeguard against them.

Common Payment Scams Targeting Seniors

• Phishing Emails and Texts: Scammers impersonate legitimate organizations, such as banks or payment apps, asking seniors to provide personal information or payment details. These messages often create a sense of urgency, warning of account closures or suspicious activity.
• Tech Support Scams: Fraudsters pose as representatives from well-known tech companies, claiming that a senior’s device or account has been compromised. They convince victims to grant remote access or make payments for “fixes” that are unnecessary or fraudulent.
• Grandparent Scams: These scams prey on seniors’ love for their family. Scammers pose as grandchildren in distress, urgently requesting money for emergencies like bail, medical expenses, or travel mishaps.
• Sweepstakes and Lottery Scams: Seniors are informed they’ve won a prize but need to pay fees or taxes upfront to claim it. In reality, there’s no prize—just a fraudster collecting their money.
• Medicare and Healthcare: Scams Scammers pretend to be Medicare representatives to extract personal information or payment details, often by promising unnecessary medical services or equipment.

How to Stay Safe

Awareness is the first line of defense against these scams. Here are key steps seniors can take to protect themselves:

• Verify Requests: Always double-check unsolicited communications, especially those requesting personal or financial information. Contact the organization directly using official contact details.
• Use Strong Passwords: Secure online accounts with unique, complex passwords and enable multi-factor authentication whenever possible.
• Be Skeptical of Urgency: Scammers often pressure victims to act quickly. Take time to verify the legitimacy of a request before taking any action.
• Educate Yourself on New Payment Systems: Familiarize yourself with how digital wallets, peer-to-peer payment apps, and other systems work. Understanding these tools reduces the risk of falling for scams.
• Report Suspicious Activity: If you suspect fraud, report it to your bank, payment provider, and law enforcement immediately. Early reporting can minimize losses and help authorities track down scammers.

A Community Effort

Family members, caregivers, and community organizations play an essential role in preventing elder fraud. Regular conversations about financial safety and staying informed about new scam tactics can make a significant difference.

Join Our Webinar on Elder Fraud

The IPA is proud to partner with the Benjamin Rose Institute on Aging for a vital member-only discussion:
"A Multi-faceted Approach for Working with Older Adults who have Experienced Fraud and/or Scams"

• Date: Tuesday, January 23, 2025
• Time: 3:00 PM ET
• Register Now

Learn about effective strategies, real-world case examples, and actionable steps to prevent financial exploitation of older adults from industry experts, including Dr. Jessica Bibbo, Courtney Reynolds, and Ianto "Tony" Hill.

Additional Resources

If you’ve been the victim of a scam or want to help protect others, there are numerous resources available to assist:

• Visit the IPA’s scam resources page for guidance and tools: https://www.ipa.org/scamresources.html
• Report scams to the FBI’s Internet Crime Complaint Center (IC3) here: https://www.ic3.gov/

The information provided on these webpages does not, and is not intended to, constitute legal advice. Instead, it is for general informational purposes only.

Remember, victims of fraud are just that – victims. Scammers use sophisticated methods to exploit vulnerabilities, but with the right resources and support, recovery is possible. Take action today to protect yourself and others from financial harm.