Customers Financial News

Coinbase's CB Payments Limited (CBPL) business does not offer crypto transactions but acts as a gateway for customers to make trades via other businesses within the group.In 2020, amid concerns about the unit's financial crime control framework, it entered a voluntary requirement that prevented it from taking on new high-risk customers.Despite this, says the FCA, CBPL onboarded or provided e-money services to 13,416 high-risk customers. Nearly a third of these customers deposited $24.9 million, which was used to make withdrawals and then make crypto transactions via other Coinbase entities, totalling approximately $226 million.The FCA says the breaches were the result of CBPL’s lack of due skill, care and diligence in the design, testing, implementation and monitoring of the controls put in place to ensure that the voluntary requirement was effective.Therese Chambers, joint executive director, enforcement and market oversight, FCA, says: "The money laundering risks associated with crypto are obvious and firms must take them seriously.

Privacy Commissioner of Canada has opened an investigation into allegations that some Loblaw customers have been unable to delete their PC Optimum accounts.The office has received several such complaints, spokesman Vito Pilieci said in an email Tuesday.He said the office can’t comment further due to the active investigation.Loblaw spokeswoman Catherine Thomas said in an email Tuesday that the company has processes to respond to account deletion requests in a timely manner, and that it will fully co-operate with the privacy commissioner’s office.In an email to one complainant viewed by The Canadian Press, an investigator for the commissioner’s office said they have received “a high number of complaints” regarding attempts to cancel PC Optimum accounts.Several complainants allege they have tried several times to delete their accounts, and that Loblaw has been unresponsive to their queries, the investigator wrote.Loblaw did not respond to a request for comment Wednesday regarding the specifics in the email.The PC Optimum loyalty program has more than 16 million active users, according to Loblaw’s 2023 annual report.The Office of the Privacy Commissioner oversees compliance with the Personal Information Protection and Electronic Documents Act (PIPEDA) as well as the Privacy Act.According to their website, PIPEDA “sets the ground rules for how private-sector organizations collect, use, and disclose personal information in the course of for-profit, commercial activities across Canada.”Personal information under PIPEDA includes details such as a person’s name, age, income or ID number.

Cred is launching a new offering called Cred Money for users to manage bank accounts.

Cybersecurity firm CrowdStrike says a “significant number” of the millions of computers that crashed on Friday, causing global disruptions, are back in operation as its customers and regulators await a more detailed explanation of what went wrong

Kotak Mahindra Bank, the country's fourth-biggest private lender by market value, said its margins and unsecured loan business are affected by the Reserve Bank of India's (RBI) embargo, but it has made progress in deepening relationships with Kotak 811 customers and enhanced offers to credit card customers. Ashok Vaswani, MD, conveyed this message to the analysts soon after declaring the first quarter results. He indicated that the RBI has not given any timeline on when the ban, imposed in the last week of April on onboarding customers digitally and issuing credit cards, would be lifted. «We have been assured that look, it's not as if we are going to wait till you finish every single thing before we lift the embargo,» he said. The bank has shown strong commitment by adding resources, and the RBI is aware of it, added Vaswani.

Axis Bank which has completed migration of Citibank customers to its systems on Monday faced glitches during the process. Several erstwhile Citi customers took to social media to complaint that they were unable to access their accounts on the Axis platform while a few others said they were unable to login to the Axis app despite spending hours to complete the registration. “Extremely poor support for Citi card holders migrated to Axis bank, not able to login to Axis bank by the ID provided, neither Citibank website login available,” one user Sandeep Sansanwal complained on microblogging site X (formerly Twitter). Another user named Ayan Samdar posted on X, “thanking for ruining the Citibank experience. Posting this 47 mins into hold for customer care. Internet banking doesn’t work. Wrong details migrated. Where is the redressal?.”

With around 350,000 homes and businesses still without power in the Houston area almost a week after Hurricane Beryl hit Texas, Gov. Greg Abbott says he’s demanding an investigation into the response of the utility that serves the Houston area

The data of nearly all customers of the telecommunications giant AT&T was downloaded to a third-party platform in a 2022 security breach in a year already rife with massive cyberattacks

An executive from Houston’s biggest utility says about 500,000 customers whose power was knocked out by Hurricane Beryl will still be without power next week

PepsiCo reported higher-than-expected earnings in the second quarter but acknowledged that after raising prices every quarter for more than two years, customers are not buying as many of its snacks and drinks

Do Americans want plant-based options at fast-food restaurants

There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.

The city of Detroit is taking steps to ban gas stations from locking people inside the store

Failed crypto exchange FTX is seeking creditors vote on a liquidation plan, to wind-down payments in order to compensate customers.

Failed bitcoin exchange Mt. Gox will finally begin returning bitcoin (BTCUSD) to customers in July 2024, almost a decade after a massive hack forced it into bankruptcy.

Fallen cryptocurrency exchange FTX says that nearly all of its customers will receive the money back that they are owed, two years after its spectacular implosion, and some will get more than that.

Amazon is preparing a major revamp for its Alexa service. The new version will contain a more sophisticated AI that can have conversations, according to people with knowledge of the company's plans. According to Reuters, there will be two service tiers, with Amazon considering charging $5 a month for the upgraded version.

CABIA President Tom Manzo joined 'Fox & Friends' to discuss how the minimum wage increase has impacted the fast food industry as thousands are forced out of work. 

Ledgers of the failed fintech middleman Synapse show that nearly all the deposits held for customers of the banking app Yotta went missing weeks ago, according to one of the lenders involved.

Change Healthcare is starting to notify hospitals, insurers and other customers that they may have had patient information exposed in a massive cyberattack

A widespread power outage has hit Puerto Rico and left more than 340,000 customers without electricity after two of the U.S. territory’s power plants shut down