Do you know what scams people fall for most often? Could you recognize a scam if someone were targeting you?

In the latest episode of the IPA Payments Pod, Melissa “Mel” Trumpower the Executive Director of BBB Institute for Marketplace Trust, discusses the findings from the Better Business Bureau’s Scam Tracker survey.

She talks about the most common types of frauds, how different types of scams target different demographics, and why losing money is not the only risk for people. The research includes information on the demographics of the victims and the vectors of approach. 

You can find links to the research and to the reporting tool at: Find and Report a Scam | Better Business Bureau (bbb.org)

This podcast was recorded on August 3, 2023. Things may have changed by the time you hear it. 
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You can find the podcast here, or wherever you get your podcasts. Please remember to subscribe, leave us a review, and share it with your colleagues to help others benefit from this information. 

In the latest episode of the IPA Payments Pod, Brian Tate, The IPA’s CEO, and Chris Stromberg, the director of government relations, discuss both federal and state bills that could shape the payments industry. 

They discuss a potential bill on earned wage access, legislation on how banks can work with cannabis businesses, and a bill in California to ban plastic gift cards. 

This podcast was recorded on October 12, 2023. Things may have changed by the time you hear it.  

You can find the podcast here, or wherever you get your podcasts. Please make sure to subscribe, leave us a review, and share it with colleagues who may be interested. 
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Also, check out our other episodes, including a recent discussion with on the oral arguments at the Supreme Court around the Consumer Financial Protection Bureau’s constitutionality, and an interview with the investigative division of the Department of Homeland Security. ​

Arguments over the future of the Consumer Financial Protection Bureau came to a head this week at the Supreme Court.
 
The Court heard oral arguments in Consumer Financial Protection Bureau V. Community Financial Services Association of America. At issue is whether or not the CPFB’s funding is Constitutional. 

The IPA’s CEO Brian Tate was there and heard the arguments live. In this special episode of the IPA Payments Pod, he joins the IPA’s government relations director, Chris Stromberg, to talk about the arguments made and what the possible outcomes are.  

You can find a transcript of the arguments here: 22-448 (supremecourt.gov).

This podcast was recorded on October 4, 2023. Things may have changed by the time you hear it. 
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You can find the podcast here, or wherever you get your podcasts. 

Technology has reshaped everything about banking, including one of its most basic products: deposits.

In the latest episode of the IPA Payments Pod, we discuss how Banking as a Service and fintechs have reshaped the landscape for consumer deposits, the regulatory response, and what this means for the risk profile of banks.

Joining us are Kiah Lau Haslett, Banking and Fintech Editor at Bank Director, Alex Johnson, Founder of Fintech Takes, Jason Mikula, Publisher of Fintech Business Weekly, and Brian Tate. President and CEO of the Innovative Payments Association.

This podcast was recorded on September 26, 2023. Things may have changed by the time you hear it.

You can find the podcast here or in your favorite podcast app. Make sure to subscribe, leave us a review, and share it with your colleagues.

​Mentions of Chicago and the FBI might conjure images of men in fedoras with Tommy Guns, but modern crime is much more electronic than it used to be. With that in mind, the IPA recently held a session with the Chicago Field Office of the FBI where agents spoke about the trends in crime and payments.

This was the fourth Field Office event in a series that started last fall in Atlanta. Since then, we have also held sessions in New York and Minneapolis with the goal of forging connections between the payments community and law enforcement. The IPA thanks Discover Global Network for being our host in Chicago, and we would like to thank the agents and analysts of the FBI and its Office of Private Sector for providing excellent content.

The IPA wanted to share some high-level takeaways from the series of meetings.

First, agents in multiple field offices reported that nearly every case has a cyber component, especially in financial crimes. Systems are hacked, money is laundered, and criminals are paid electronically. This is why payments providers need to keep cybersecurity programs up to date and ensure that they are monitoring for unusual activity.

Second, payments providers are up against tough opposition. Criminals are working together to get information on companies and their customers. They sell credentials, identities, and even hacking software to one another on the dark web. The other threat payments providers face is nation-state attacks, where governments work to hack into systems. Countries like Russia, China, and North Korea are putting their intelligence agencies to work to hack into companies around the world.

Third, people can be the greatest threat or resource for any organization. Employees at all levels need to be trained to practice safe cyber security habits and how to spot suspicious e-mails or phone calls. They also need to know how to verify requests for information or payment. Additionally, companies should have a plan in place for what to do if a hack does occur and ensure that employees know their roles in the defense before chaos ensues.

Finally, expertise needs to be shared. FBI agents and analysts are intelligent and well-trained, but they are not payments experts. Payments providers know their industry and security, but they are not experts in criminal investigations and arrests. Both sides need to work together to share their expertise so that crime can be prevented, mitigated, or prosecuted.
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Be on the lookout for more events and more information on these and other topics from the IPA.