The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.

Payments Access, Choice, and Governance

Apr 14, 2021, 10:22 AM
Title : Payments Access, Choice, and Governance
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Categories : Payments
Payments Access

Letters and Testimonies

Apr 9, 2021, 14:13 PM
Title : Letters and Testimonies
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Categories : ICBA Education
Letters and Testimony

Payments Strategy Guide

Apr 7, 2021, 11:55 AM
Title : Payments Strategy Guide
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Categories : Payments
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Credit Card and Debit Cards, Card Regulation, and Other Related Topics

Mar 31, 2021, 15:44 PM
Title : Credit Card and Debit Cards, Card Regulation, and Other Related Topics
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Categories : ICBA Education
Online Training
Related pages : Online Training

Payments News

‘Pig butchering’ scams have nabbed $75B: study

March 01, 2024

A new academic paper found “pig butchering” scams—in which victims invest increasing sums in supposedly legitimate virtual currency enterprises before being conned out of their money—claimed $75 billion since January 2020.

About the Study: As reported by Bloomberg, University of Texas researchers found $15 billion had come from five exchanges typically used by victims in Western countries, including Coinbase. The study also found that the scammers typically converted their collected funds into the Tether stablecoin.

FinCEN Alert: The Financial Crimes Enforcement Network last year issued an alert on the practice that explains the scam, provides red flags to help financial institutions identify and report related suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act.

ICBA Advocacy: In a recent letter to FinCEN, ICBA noted that bad actors who engage in “pig butchering” scams increasingly use crypto mixers to obscure key details in crypto transactions. It called on FinCEN to do more to combat mixer-enabled crime, including considering the roles played by the wider crypto ecosystem, especially decentralized finance exchanges.