The following is an excerpt from today’s Global Newsletter.

CFPB director Rohit Chopra was back in front of the senate banking committee Tuesday, where he brought his focus on fraud in the P2P payments space.

“They need to speed up with respect to services like Venmo, Zelle, and others,” Chopra told the committee. 

Factor in the explosion of existing and upstart companies leveraging plain old AI and its whiz-bang, attention-grabbing generative AI pup, and you have a recipe for a similar explosion in fraud… only at light speed. Once FedNow is active, blinking will take longer than money movement.

This scolding follows last week’s warning for those treating their accounts in payment transfer apps as savings… if you hold the money in the app, you’re not holding it in insured bank accounts.

Fraudsters are always the quickest to adopt and exploit new and emerging tech, and the speed of adoption grows with every launch.

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• Source: https://news.fintechnexus.com/global-newsletter-chopra-scolds-p2p-services-for-weak-fraud-fight/