AML Compliance

Visa and USAID Partner to Expand Digital Government Systems and Financial Inclusion

Leave a Comment / AML Compliance, Fintech /

Visa and USAID have announced a strategic collaboration aimed at increasing access to digital government systems and enhancing financial inclusion in developing regions. This partnership will combine Visa’s payments expertise with USAID’s development mission to help governments adopt digital platforms that connect citizens to essential government services. The joint initiative aligns with USAID’s Digital Policy […]

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Buy Now, Pay Safer – FCA Cracks Down on Debt Danger

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Millions of consumers in the UK who use Buy-Now, Pay-Later (BNPL) services will soon benefit from stronger financial protections. The UK government has announced plans to bring BNPL providers under the supervision of the Financial Conduct Authority (FCA) and apply critical consumer safeguards previously absent in this booming sector. The Need for Regulation BNPL services,

Buy Now, Pay Safer – FCA Cracks Down on Debt Danger Read More »

Mastercard Enhances Online Identity Verification Services for Cardholders

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Mastercard announces the pilot launch of its Identity Attribute Verification service across several European markets, reinforcing its commitment to fostering trust within the digital economy. This innovative service allows businesses to authenticate customer identity attributes in a secure and efficient manner. For years, Mastercard has been at the forefront of assisting merchants and financial institutions

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Payment Firms Fight to Keep Documents Secret; The Public’s Right to Know Hangs in the Balance

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The ongoing legal dispute between Payone GmbH and a former employee-turned-whistleblower highlights concerns about the use of NON-DISCLOSURE AGREEMENTS in preventing disclosures of illegal activity. The potential unsealing of documents in a forthcoming November 2024 court appeal could offer a rare look into the dynamics of NDA negotiations and the challenges faced by individuals in

Payment Firms Fight to Keep Documents Secret; The Public’s Right to Know Hangs in the Balance Read More »

Visa Faces Antitrust Lawsuit As DOJ Alleges Debit Card Dominance Stifles Competition and Impacts Consumer Prices

Leave a Comment / AML Compliance, Employment, Fintech, General, Payments, Retail, Wellbeing /

The US Department of Justice has taken a step against Visa, filing an antitrust lawsuit that accuses the payments behemoth of leveraging its market power to stifle competition and inflate consumer prices. The heart of the DOJ’s argument is that Visa’s dominance in the debit card market, where it controls over 60% of transactions, enables

Visa Faces Antitrust Lawsuit As DOJ Alleges Debit Card Dominance Stifles Competition and Impacts Consumer Prices Read More »

How Will the CFPB’s Rule 1033 Impact Retailers Outside the U.S.?

Leave a Comment / AML Compliance, Digital, Fintech, General, Payments, Retail /

The Consumer Financial Protection Bureau’s proposed rule 1033 on consumer financial data rights, is set to reshape the landscape of open banking in the United States. While the rule’s primary focus is on empowering American consumers with greater control over their financial data, its implications extend to businesses worldwide, particularly those engaged in e-commerce and

How Will the CFPB’s Rule 1033 Impact Retailers Outside the U.S.? Read More »

Adyen Reports Steady Growth in H1 2024, Driven by Omnichannel Commerce and Global Expansion

Leave a Comment / AML Compliance, Digital, Fintech, Payments, Retail /

Adyen, the Amsterdam-based payments company, reported its financial results for the first half of 2024, showing solid growth across key metrics amid ongoing global economic challenges. The company’s net revenue increased by 24% year-on-year to €913.4 million, supported by the expansion of its omnichannel commerce offerings and continued market penetration. In its latest communication to

Adyen Reports Steady Growth in H1 2024, Driven by Omnichannel Commerce and Global Expansion Read More »

What is Quishing? The Parking Payment Nightmare

Leave a Comment / AML Compliance, Digital, Fintech, Payments /

The convenience of digital payments has ushered in a new era of speed and efficiency, but it has also opened the door to cybercrime. The latest manifestation of this trend is the insidious practice of “quishing,” a term coined to describe the use of fraudulent QR codes to deceive unsuspecting motorists into divulging sensitive financial

What is Quishing? The Parking Payment Nightmare Read More »

Worldline H1 Results: Amidst Payone Job Cuts and Whistleblower’s Legal Battle, Worldline Enjoys New Contracts with Luxair, EnerCharge, Ampeco, and IWG

Leave a Comment / AML Compliance, General /

Worldline, the European payment services powerhouse, recently unveiled its H1 2024 results, revealing a complex tapestry of financial gains and strategic challenges. While the company reported a 2.1% organic growth in revenue, reaching €2,289 million, the underlying narrative is one of adaptation and resilience in the face of economic headwinds. Merchant Services, a key driver

Worldline H1 Results: Amidst Payone Job Cuts and Whistleblower’s Legal Battle, Worldline Enjoys New Contracts with Luxair, EnerCharge, Ampeco, and IWG Read More »

Revolut Secures UK Banking Licence

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Revolut, a leading global fintech company with over nine million customers in the UK and 45 million worldwide, has received its UK banking licence from the Prudential Regulation Authority (PRA). This development marks a significant milestone in Revolut’s expansion into the UK banking sector. Upon receiving the licence, Revolut has entered the ‘mobilisation’ stage, also

Revolut Secures UK Banking Licence Read More »

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Post-Brexit: data protection
Card processor sends sensitive data to wrong address
24 August 2022

Worldline SA subsidiary Payone GmbH has been accused of breaching data protection rules after it sent sensitive employee payroll information to the wrong address by accident. The Worldline Group holdS a 60% stake in the Frankfurt based company who have a small UK market presence.

In June 2021, one of Payone GmbH’s ex UK employees (the data subject) received a “potential data breach notification” from the firm advising him that his salary, National Insurance data, nationality (Special Category Data) was amongst various bits of information sent to an incorrect home address.

This included personal information such as the former employees name, age and address.  It also included details such as the date of birth and the amount of annual work bonus he received in his bank account amongst other identifiable data.

Payone GmbH confirmed that this document was sent out in error following an employee making a mistake when re-entering data processed by their third-party payroll provider.  The error arose when the employee was fulfilling an Article 15 GDPR request. The error was spotted by the data subject when he noticed in an email version of the document that the postal address was incorrect. An attempt to notify Payone GmbH of the error went in vain as the document was already irretrievably despatched.

The data subject was alarmed with the incident which exposed him to the possibility of fraudulent activity, amidst reasonable fears his data could end up on the dark web and used by criminals.  Habitually resident in the UK he complained to the Information Commissioner’s Office (ICO) in June 2021. He similarly raised the concern in Germany via The Hessian Commissioner for Data Protection and Freedom of Information (HBDI).

The ICO reprimanded Payone GmbH for the error in their final decision letter.
Similarly, the HBDI cited a violation of Article 5(f) of the General Data Protection Regulation (GDPR) relating to integrity and confidentiality.

The ICO stated in their July 2021 findings that Payone GmbH, “should take steps to ensure that all personal data records are accurate and up to date. Holding inaccurate information, such as addresses, does increase the risk of personal data breaches and poses risks to the security of information”.

The HBDI confirmed in their October 2021 findings that Payone GmbH had taken remedial action. They concluded that a monetary fine would not be imposed on Payone GmbH as they had taken technical and organisational steps in response to the data breach. Data subjects could now request their data in an autonomous portal.

The GDPR, which came into effect in 2018, gave the Information Commissioner’s Office greater powers to tackle data breaches. The new ‘UK GDPR’ charts its own course after Brexit whilst seeking to maintain EU GDPR adequacy.  In extreme scenarios, organisations face penalties of up to £20m or 4 per cent of their global worldwide turnover, whichever is more.

In the years prior to GDPR, the ICO fines were capped at £500,000.

The data subject said: “I am just glad I spotted it; they were going to resend the document again to another wrong address. Prior to Brexit the process would have been commenced via the ICO who in turn would liaise with the HBDI on the data subjects’ behalf; but I found myself communicating with both authorities separately which was an additional step but in the end was surprisingly
effective. Unfortunately, Payone GmbH again sent my incorrect address to the
Workers Pension Trust in January 2022, and documents yet again went to the wrong address. In my opinion they have not learned from the first time and my complaint is sitting with the ICO yet again”.

The former employee is pursuing a remedy under Article 82 UK GDPR via
the Court’s of England & Wales.

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