Advertisement

Square Receives Cease and Desist Order in Illinois 

March 3, 2013

Mobile card-acceptance pioneer Square has been sent packing—perhaps temporarily—by the state of Illinois. Late last week, it was revealed that the San Francisco-based startup received a cease-and-desist order from the Illinois Department of Financial and Professional Regulation claiming it was in violation of the state’s Transmitters of Money Act.

According to the order, Square never has been licensed as a money transmitter in the state of Illinois and could be fined $1,000 per violation and $1,000 per day that the company is in violation of the act.

While it is not clear whether Square qualifies as a money transmitter—despite Illinois’ stance—the company does appear in the directory of California money transmitters, which indicates the mobile payments company sought and received a money transmitter license in the Golden State.

Square said in a statement that it has been working with the state on the issue “for several months and [is] addressing their concerns.”


  • Fraud on the Move: A CNP Expo Session Spotlight - April 27, 2015
    Fraud on the Move: A CNP Expo Session Spotlight

    During a panel discussion at the 2015 CNP Expo, Western Union, Petco, CyberSource and Kount, will share all the ways mobile fraud is different than e-commerce fraud, specific mobile fraud schemes to watch out for and ways they have successfully prevented mobile fraud.

  • CNP Expo Sponsor Snapshot: Ethoca - April 27, 2015
    CNP Expo Sponsor Snapshot: Ethoca

    As the official Anti-Fraud Sponsor at the 2015 CNP Expo, Ethoca is looking forward to the excellent opportunity to talk directly with a wide range of online merchants across multiple categories and discuss how to assist them with their unique fraud mitigation needs.


Advertisement


  • Report: Financial Professionals Favor Chip-and-PIN - April 20, 2015
    Report: Financial Professionals Favor Chip-

and-PIN

    Despite the fact it ignores card-not-present fraud entirely, most financial professionals agree the migration to EMV technology at the point of sale will help them in their fight against fraud, according to a new report from the Association for Financial Professionals (AFP).

  • Retailers, Banks Skirmish Over EMV Deadline - April 6, 2015
    Retailers, Banks Skirmish Over EMV Deadline

    In a letter to card networks and major credit-card issuers last week, the Food Marketing Institute (FMI), a trade group representing thousands of supermarkets and pharmacies, asked that they consider delaying the Oct. 1 deadline to implement EMV capability at their point of sale.

  • Is This Seat Token? A CNP Expo Session Spotlight - April 6, 2015
    Is This Seat Token? A CNP Expo Session Spotlight

    At a hotly anticipated session of the CNP Expo this May, a panel of experts will discuss how tokenization works, important dates surrounding card-network mandates and how some merchants are using tokenization right now as a strategy for PCI compliance and to encourage repeat customers.

  • Samsung Launches Samsung Pay - March 5, 2015
    Samsung Launches Samsung Pay

    Samsung this week launched its in-store mobile payment solution that looks and sounds a lot like Apple Pay, but its inclusion of technology from its new acquisition LoopPay may give it the edge in the short term.

  • Report: West Virginia Hospitable for CNP Fraudsters - March 2, 2015
    Report: West Virginia Hospitable 

for CNP Fraudsters

    In a state-by-state comparison in the U.S., a new report found West Virginia topped the list for the highest percentage of residents who had been victimized by fraud and for the state with the most fake IP addresses used by fraudsters to perpetrate card-not-present fraud.

  • Uber Confirms Driver Database Hacked - March 2, 2015
    Uber Confirms Driver Database Hacked

    On Friday, Uber acknowledged a data security breach that affected 50,000 of its drivers and said in it had become aware of the breach in September of 2014 and that the intrusion itself occurred on May 13, 2014.

Advertisement

 

 

Sign Up Today Free

Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email:

* Category:

Company:

 
Captcha
Answer:

 

 

CNP Archive

Researching companies or people in the CNP industry? Search our past coverage for targeted news and information.

Search here